The Chief Executive Officer of Oando Plc, Wale Tinubu, has stated that increase in militant activities and sabotage in Niger Delta dragged hydrocarbon production down in 2021.
Hydrocarbon production, which comprises of gasoline, kerosene, lamp oil and furniture oil, dropped to 16,227 barrels of oil equivalent per day (boe/day) in 2021, falling below the 26,881 boe/day recorded the preceding year.
This is according to the financial records released on Tuesday, following years of non-disclosure due to court battles and regulatory face off with the Securities and Exchange Commission (SEC) that prevented release of earnings reports.
