The Managing Director of Oando Energy Resources Nigeria Limited, Dr. Ainojie Irune, says the local oil producing company, has increased its crude oil production output by almost 50 per cent in three months.
Dr. Irune said that the achievement was due to the acquisition of Nigerian Agip Oil Company from Eni, by the company earlier this year.
Speaking at the meeting with its Joint Venture partners, the Nigerian National Petroleum Corporation Limited (NNPCL) in Abuja, Dr. Irune expressed his gratitude for NNPCL’s support and used the opportunity to provide critical updates on the developments since Oando’s acquisition in August 2024.
The statement issued by Oando on Sunday said, “Just by way of an update, in less than 100 days, since acquisition, we have been able to increase our production outputs by almost 50 per cent. This could not have been achieved without your support. We’ve been able to improve the integration of both legacy companies, again led by not just Oando, but NNPC, bringing the JV that used to exist in three parts into two, seamlessly.”
“We are excited about the future of this partnership. With the support of NNPC, we aim to increase production to over 100,000 barrels of oil per day and 1.3-1.4 billion cubic feet of gas per day within the next three years,” Irune added.
The GCEO of NNPCL, Mr. Mele Kyari, in his response, congratulated Oando on its recent acquisition of Nigerian Agip Oil Company from Eni.
“We believe that taking over the interests from Eni in this joint venture is a positive development for our industry and country. It signifies Indigenous companies’ ability to play a bigger role in big assets and align with the national aspiration in the energy industry.
“We see this development as a massive step on the path to realising that national goal. We will work with Oando intently to ensure that we do two things, as you have highlighted: increase oil production and also increase gas production,” Kyari said.
He also echoed Irune’s sentiments, emphasising the importance of the partnership and the potential for further growth.
GIK/APA