Oando Energy Resources Nigeria Limited has reported a nearly 50% increase in crude oil production within three months, following its acquisition of Nigerian Agip Oil Company from Eni earlier this year.
During a meeting with joint venture partner Nigerian National Petroleum Corporation Limited (NNPCL) in Abuja, Oando’s Managing Director, Dr. Ainojie Irune, credited the remarkable growth to seamless integration and strong collaboration between the two entities.
“Within less than 100 days of the acquisition, we have boosted production by nearly 50%, thanks to the unwavering support of NNPCL,” Dr. Irune stated. “We’ve successfully unified the operations of the legacy companies, reducing the joint venture structure from three entities to two, ensuring seamless integration.”
Dr. Irune outlined ambitious goals for the partnership, aiming to increase production to over 100,000 barrels of oil per day and 1.3–1.4 billion cubic feet of gas daily within the next three years.
NNPCL’s Group Chief Executive Officer, Mele Kyari, lauded Oando for its successful acquisition of Agip’s assets and praised the company’s efforts to drive national energy development.
“This acquisition showcases the ability of Indigenous companies to manage significant assets and contribute to Nigeria’s energy goals,” Kyari remarked.
Kyari reiterated NNPCL’s commitment to working closely with Oando to further enhance oil and gas output, emphasizing the partnership’s potential to deliver substantial benefits for the country.
This development signals a positive trajectory for Nigeria’s energy sector, with Oando playing a pivotal role in advancing national objectives.
