Oando Plc, a major player in the oil industry, has announced that it has significantly boosted its crude oil production by nearly 50% in just three months. This increase in production comes after the company acquired the Nigerian Agip Oil Company from the Italian energy firm Eni earlier this year.
Dr. Ainojie Irune, the Managing Director of Oando Energy Resources Nigeria Limited, shared this exciting news during a recent meeting with key partners from the Nigerian National Petroleum Corporation Limited (NNPCL) in Abuja. This important meeting was led by Mele Kyari, the Group Chief Executive Officer of NNPC Limited, and included other high-ranking executives from both companies.
In August, Oando completed the purchase of a full 100% stake in the Nigerian Agip Oil Company for a deal valued at $783 million. During the meeting, Dr. Irune expressed his appreciation for the support from NNPCL and provided updates on the progress made since the acquisition in August 2024. He mentioned, “In less than 100 days since we took over, we have managed to increase our production by almost 50%. This achievement would not have been possible without your support. We have also worked on merging the operations of the two companies, simplifying our joint venture from three parts into two, which has made things run more smoothly.”
Dr. Irune emphasized Oando’s commitment to not only increasing oil production but also improving how efficiently they operate. He expressed optimism about the future of their partnership with NNPC, stating that they aim to ramp up production to over 100,000 barrels of oil per day and around 1.3 to 1.4 billion cubic feet of gas per day within the next three years.
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In response, Mele Kyari congratulated Oando on its successful acquisition of Nigerian Agip Oil Company from Eni. He noted that this takeover is a positive development for the oil industry in Nigeria, highlighting the growing role of local companies in managing significant assets and aligning with the country’s energy goals.
Kyari remarked that this development is a significant step towards achieving national objectives in the energy sector. He assured that NNPC would work closely with Oando to focus on two main goals: increasing oil production and boosting gas production.
Both leaders expressed confidence in the partnership, with Kyari stating that he believes Oando has the capability to lead the joint venture towards success in both the short and long term.
Dr. Irune also pointed out the importance of teamwork in addressing the various challenges facing the oil industry, which go beyond just financial issues but also include security, community relations, and production integrity. He concluded by saying that while the challenges are significant, they are not impossible to overcome. With dedication and collaboration from all involved, they can build a sustainable oil industry and contribute positively to the economy.
