Oando Plc reported a nearly 50% increase in its crude oil production over the past three months.
This surge follows its acquisition of the Nigerian Agip Oil Company from Eni earlier this year, which contributed significantly to the boost in output.
The Managing Director of Oando Energy Resources Nigeria Limited, Dr. Ainojie Irune, made disclosure during a recent meeting with its Joint Venture partners, Nigerian National Petroleum Corporation Limited in Abuja, according to a statement issued by the company on Sunday.
The high-level meeting was led by the Group CEO of NNPC Limited, Mele Kyari, and attended by key executives, including Chief Financial Officer Adedapo Segun, Executive Vice President of Business Services Danladi Inuwa, and Executive Vice President of Upstream Udobong Ntia.
In August, Oando Plc revealed that it had acquired a 100% stake in the Nigerian Agip Oil Company from the Italian energy firm Eni, in a transaction valued at $783 million.
At the meeting, the Oando Managing Director expressed gratitude for NNPCL’s support and took the opportunity to share key updates on developments following Oando’s acquisition of Nigerian Agip Oil Company in August 2024.
He 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.”
He highlighted the company’s dedication to increasing production and improving operational efficiency.
“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.
In his address, the GCEO of NNPCL congratulated Oando on its recent acquisition of the 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 stated.
He also supported Irune’s comments, emphasizing the importance of the partnership and its potential for further growth.
Kyari further expressed confidence in Oando’s ability to drive the JV town to new heights, stating, “We believe that you will be able to steer this ship to the delivery line in the short term and the long term.”
