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Oando's Acquisition of Agip Oil Set to Propel Nigeria's Oil Production to 2mbpd - FG

Esther

Oando Plc has successfully acquired Eni’s subsidiary, Nigerian Agip Oil Company (NAOC), for $783 million.


This acquisition is expected to boost Nigeria's crude oil production to an ambitious target of two million barrels per day (bpd) by December 2024.


Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources, announced this development, highlighting the immediate impact of the acquisition.

"The Oando company has already increased production to more than 30,000 bpd following the successful acquisition of NAOC," Lokpobiri stated during a meeting in Abuja with a delegation from Oando Energy Resources Nigeria Ltd., led by its Managing Director, Dr. Ainojie Irune.


Lokpobiri emphasized the government's commitment to supporting Oando and other companies operating in the Niger Delta region. "I will ensure that I do everything humanly possible to create the best environment for Oando and other companies to increase production, which we seriously need now. Our target is to hit at least two million barrels production by December," he affirmed.


The minister also revealed that 80% of the acquired assets are located in Bayelsa state. He has engaged with the Bayelsa state government and relevant stakeholders to collaborate with Oando in maximizing these assets. "We have grown enormous local capacity in indigenous companies such as Oando, Seplat, and First E&P.


These companies are capable of running these assets professionally and profitably," Lokpobiri added. Dr. Ainojie Irune expressed confidence in the acquisition's potential to enhance asset management, tackle local issues, and contribute to Nigeria's overall production ambitions.


"This acquisition is a testament to our commitment to showcasing that Nigerians can manage and grow their own International Oil Companies (IOCs)," Irune said.




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