Oando Plc has reported a significant boost in its crude oil production output, achieving a 50% increase within just three months. This growth follows the company’s acquisition of Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni earlier this year.
Dr. Ainojie Irune, Managing Director of Oando Energy Resources Nigeria Limited, disclosed this during a recent meeting with NNPC Limited Joint Venture (JV) partners in Abuja. The meeting, led by NNPC’s Group CEO Mele Kyari and other key executives, highlighted operational advancements since the acquisition in August 2024.
Irune stated:
“In less than 100 days since acquisition, we’ve been able to increase production by almost 50%. This could not have been achieved without your support. We’ve successfully integrated the legacy companies, transitioning the JV from three parts into two seamless operational units.”
The acquisition, completed at a value of $783 million, has positioned Oando to pursue growth with the strategic support of NNPC.
Oando is targeting ambitious growth plans, aiming to ramp up 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.
Responding to Oando’s progress, Mele Kyari commended the acquisition, noting:
“We believe this is a positive development for the industry and aligns with national aspirations for energy production. Oando’s role signifies the growing strength of indigenous companies in the energy sector.”
Kyari also underscored the strategic importance of partnerships in addressing challenges related to oil production and gas development.
Both Oando and NNPC leadership emphasized collaboration as key to tackling issues impacting the sector—ranging from financial hurdles to community engagement, security, and production integrity.
Dr. Irune concluded:
“The challenges are not insurmountable. With continued commitment and collaboration, we can overcome the hurdles and build a sustainable and prosperous industry.”
This development positions Oando as a major player in Nigeria’s oil and gas sector, with promising prospects for both production and industry-wide growth.
