FG charges Oando on 100,000bpd production

From Okwe Obi, Abuja

Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, has tasked Oando Energy Resources Nigeria Limited to scale up to 100,000 barrels of oil per day  after acquiring Nigerian assets of the Nigerian Agip Oil Company (NOAC).

Lokpobiri, who spoke yesterday in Abuja, when he met with the management team of oil firm, said the Federal Government was determined to hit at least 2 million barrels per day of oil production by the end of 2024.

He noted that the government was also determined to create Nigerian international companies that would compete across the world, and be listed on the stock exchange.

He reiterated his commitment to create a fertile atmosphere for the oil and gas firms to thrive in country.

The former Minister of State for Agriculture said: “I know that Oando has enormous capacity in such a way that, if given the desired support, we can grow our production in a manner that would be a game changer in this country. I have always contended that the future of our oil and gas in this country lies with the members of the IPPG.

“I have always been asked at international forums whether the indigenous companies have the capacity to sustain the running of these companies. And I told them that our companies have the capacity to run them, professionally and profitably, in such a manner that the Federal Government will lose nothing.

“My expectation is that Oando will ramp up production in these assets. If you are able to ramp up production it will help to meet the two million barrels production by the end of the year. There are enormous opportunities in the industry and we boldly tell the world that Nigeria is ready for business.”

Also, Managing Director, Oando, Ainojie Alex Irune said the acquisition of NOAC assets had brought to two the number of assets acquired from International Oil Companies (IOCs) in Nigeria after the ConocoPhillips acquisition in 2014.

Irune said: “Oando has started this journey. I believe the history of the company is there to show and to prove with capacity to continue to do great things.

“And what we want to share with everyone today is the fact that we see a bright future, a bright future that speaks to a significant amount of improvement in the way these assets are run, a local approach to the local problems of host community and security, and a production uptake that will contribute to the overall production ambitions of the country in excess of what we have seen prior to now.”