Oando Plc, the integrated energy solutions company owned by Nigerian oil magnate Wale Tinubu, has announced intentions to raise crude oil production to 100,000 barrels per day and gas output to 1.5 billion standard cubic feet per day over the next five years.
The statement occurred during a meeting between Oando’s Managing Director, Ainojie Alexander Irune, and Rivers State Governor, Siminialayi Fubara, at the Government House in Port Harcourt. Irune emphasized the company’s commitment to deepening regional investments while collaborating with local governments and host communities.
Oando is one of three finalists in a competitive bidding process for Trinidad and Tobago’s $15 billion petroleum refinery, demonstrating the company’s desire to expand beyond Nigeria and grow its global energy presence.
In a statement from Governor Fubara’s Chief Press Secretary, Nelson Chukwudi, Irune stressed the need of a stable environment and local collaborations in meeting Oando’s ambitious production ambitions.
“We aim to produce 100,000 barrels of oil per day and 1.5 billion cubic feet of gas within the next four to five years,” Irune informed the audience. He emphasized the importance of significant assets such as Oil Mining Leases 60, 61, 62, and 63 in achieving this aim, as well as the company’s commitment to host communities. Irune also thanked the Rivers State governor for providing the necessary support to improve Oando’s activities in the region.
Despite problems such as pipeline vandalism, Irune observed progress in reducing disruptions by working with local stakeholders. He noted that the company’s decision to take full ownership of assets previously held by Eni Agip reflects a rising emphasis on local investment in Nigeria’s energy sector.
Governor Fubara emphasized the role of enterprises like Oando in realizing the region’s economic potential. He lauded the state’s business-friendly environment and expressed confidence in Oando’s continued investment in the area.
Wale Tinubu, who controls 66.67 percent of Oando through Ocean and Oil Development Partners (OODP), has helped the company become one of Nigeria’s leading energy providers. Since rebranding from Unipetrol in 2003, Oando has expanded operations in the upstream, midstream, and downstream sectors.
Oando’s offer for the Trinidad and Tobago refinery follows its $783 million acquisition of Nigeria Agip Oil Company (NOAC) from Italian energy company Eni. These strategic measures highlight the company’s efforts to strengthen its market position both domestically and internationally.
With a focus on increasing production capacity and forming new alliances, Oando hopes to consolidate its position as an energy sector leader while capitalizing on new prospects beyond borders.
