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Indigenous Nigerian energy group Oando has reported increased turnover and profits for the first half of 2017, compared with the same period last year

Turnover increased by 26 per cent,at N267.1bn compared to N212.3bn for H1 2016. Gross profit was up by 76 per cent at N33.4bn for H1 2017, compared to N19bn i nthe same period last year. Post-tax profit increased by 117 per cent to N26.9bn, compared to N4.6bn.

Oando’s downstream operations were more successful in the first of the year than the upstream operations.

Downstream, Oando reported a 72 per cent improvement in revenues with more than 7Mb crude oil exported and 600,000MT of refined petroleum products imported in the first hald of 2017. This represented a respective increase of 20 per cent and 96 per cent.

Upstream, production in the first half of 2017 decreased by 20 per cent to 7.2MMboe, an average of 39,950 boe/d, compared to 8.2 MMboe, an average of 44,892 boe/d, in the first half of 2016.

Oando’s H1 performance took place against a backdrop of better production levels, aided by a containment of Niger Delta unrest and resumption of activity on the Trans Forcados Pipeline.

Wale Tinubu, Group Chief Executive, Oando said: “Within the prevalent crude pricing regime, we remain committed to optimising our overall production base, seeking unique profit-driven opportunities to further partner with IOCs, while firming up our balance sheet to provide greater shareholder value.”