The Managing Director of Oando Energy Resources Nigeria Limited announced that the local oil producer boosted its crude oil output by nearly 50% within 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 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 percent. 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.
Mr. Mele Kyari, the GCEO of NNPCL, congratulated Oando on acquiring Nigerian Agip Oil Company from Eni. He expressed confidence that this acquisition marks a positive shift for the industry and the country, showcasing the capability of Indigenous companies to manage major assets and contribute to the national energy goals.
Kyari called the development a significant step toward achieving national objectives and pledged to collaborate closely with Oando to boost both oil and gas production, as outlined by Dr. Irune. He also reiterated Irune’s views, highlighting the partnership’s importance and its potential for further growth.
