Nigeria, Oct. 31 -- Oando Plc reported an increase of 164 per cent in profit after tax from N76 billion to N210 billion in the first nine months of the year, according to its unaudited financial statements issued on Thursday.

Stronger production volumes and operational efficiency drove the performance, the energy company stated in an earnings release.

Oando's crude oil and gas production expanded by 59 per cent year on year, averaging 38,121 barrels of oil equivalent per day.

The growth was largely driven by the consolidation of the Nigerian Agip Oil Company (NAOC) joint venture interest and improved asset uptime across its operated portfolio.

Oando last year acquired NAOC, the onshore unit of Eni, which joined a couple of big IOCs op...