Senator Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), has commended Oando Energy Resources for its successful acquisition of Eni’s assets, describing it as a turning point for Nigeria’s oil and gas future. During a meeting with Oando’s management team, led by Managing Director Alex Irune, Lokpobiri emphasized the significance of indigenous oil companies taking over from International Oil Companies (IOCs).
Lokpobiri expressed his aspiration for Nigeria to create its own IOCs, citing Oando’s acquisition as a step in the right direction. He noted that indigenous companies like Oando and Seplat have demonstrated enormous local capacity, and he expects them to sustain this momentum to become globally competitive.
The minister highlighted Oando’s potential to increase production and become a game-changer in the country’s oil industry. He emphasized the importance of creating an enabling environment for oil and gas companies to operate profitably and professionally.
Lokpobiri encouraged Oando to continue showcasing its capacity to outdo foreign oil firms, proving skeptics wrong. He noted that Nigerians have the expertise to run oil companies, citing the example of Nigerian professionals working in IOCs.
The minister set a target of increasing Nigeria’s oil production to 2 million barrels per day by December, emphasizing the need to increase production to address economic challenges.
Oando’s Managing Director, Alex Irune, thanked Lokpobiri for his support and leadership, highlighting the company’s journey from a downstream company to an upstream player with significant acquisitions.
