Oando has met with the leadership of the Nigerian National Petroleum Corporation (NNPC) to discuss its future business strategies following its recent acquisition of the Nigerian Agip Oil Company (NAOC).
As one of Nigeria’s leading indigenous integrated energy providers, Oando Plc visited NNPC to outline plans for future collaboration with the national oil company, which serves as its Joint Venture (JV) partner in the oil and gas sector.
During the meeting, held in Abuja, Mele Kyari, Group Chief Executive Officer of NNPC, congratulated Oando on acquiring NAOC from Eni. Kyari led the NNPC delegation, while Dr. Ainojie Irune, Managing Director of Oando Energy Resources Nigeria Limited (OERNL), headed the Oando team. Other key NNPC executives present included Adedapo Segun (Chief Financial Officer), Danladi Inuwa (Executive Vice President, Business Services), and Udobong Ntia (Executive Vice President, Upstream).
Kyari praised Oando’s milestone acquisition, noting that it highlights the growing capacity of indigenous companies in Nigeria’s oil and gas sector. He expressed NNPC’s commitment to working closely with Oando to achieve the country’s energy goals.
“This acquisition is a positive development for both the industry and the nation,” Kyari remarked. “It demonstrates the growing role of indigenous companies in managing large assets and aligns with Nigeria’s energy aspirations. We are confident that Oando will steer this joint venture to greater success, both in the short and long term. Our focus will be on boosting both oil and gas production.”
In response, Dr. Irune thanked NNPC for its continued support, sharing key updates on the progress since Oando’s acquisition of NAOC in August 2024.
“Since the acquisition, we have increased production by nearly 50 percent in less than 100 days. This achievement wouldn’t have been possible without the support of NNPC,” Irune stated. “We’ve successfully integrated the legacy companies, consolidating the previous three-part JV into two, under the leadership of Oando and NNPC.”
Irune emphasized the company’s focus on improving operational efficiency and scaling up production. “We are excited about the future of this partnership. With NNPC’s support, we aim to raise production to over 100,000 barrels of oil per day and 1.3 to 1.4 billion cubic feet of gas per day within the next three years,” he said.
He also highlighted the importance of continued collaboration to address the industry’s challenges, which extend beyond financial and security concerns to include community and production integrity issues.
“The challenges we face are not insurmountable. With the commitment and collaboration of all parties, we can overcome these obstacles and build a sustainable industry and economy,” Irune concluded.
