Nigerian multinational energy company Oando has set a target to produce 100,000 barrels per day (bpd) by 2028, following its acquisition of Eni’s Nigerian Agip Oil Company earlier this year. According to Oando’s Executive Director Alex Irune, the company plans to contribute to Nigeria’s oil production and its goal of surpassing 2 million bpd.
The company’s recent acquisition, which boosts Oando’s stake in OMLs 60, 61, 62, and 63 to 40%, increases the company’s reserves, bringing them to one billion barrels of oil equivalent. The acquisition includes key assets, such as 40 oil and gas fields, 12 production stations and critical infrastructure, including pipelines and the Brass River Oil Terminal.
Irune also emphasized the growing role of indigenous companies in Nigeria’s oil sector, particularly as international oil companies shift focus to deep offshore assets. “In the space of 24 months, you’re going to see about 60%-70% [of Nigeria’s production] by indigenous players,” he said.
Oando remains open to further mergers and acquisitions across the continent, with a focus on maximizing opportunities in Nigeria.
