Oando Discusses Future Business Plans with NNPC Following NAOC Acquisition

One of Nigeria’s leading indigenous integrated energy solutions providers, OandoPlc, has visited the leadership of the Nigerian National Petroleum Corporation Limited (NNPC) to discuss its future business plans with the national oil company, its Joint Venture (JV) partner in the oil and gas sector.

Speaking at the meeting which held in Abuja, the Group Chief Executive Officer of the NNPC, Mele Kyari, congratulated Oando on its recent acquisition of Nigerian Agip Oil Company (NAOC) from Eni.

While Kyari led the NNPC side, Managing Director, Oando Energy Resources Nigeria Limited, (OERNL), Dr. Ainojie Irune, led the Oando delegation.

Also at the event were NNPC executives such as Adedapo Segun, Chief Financial Officer, NNPC; Danladi Inuwa, Executive Vice President, Business Services; and Udobong Ntia, Executive Vice President, Upstream.

Kyari stated that the recent milestone by Oando further showed the capacity of indigenous companies, promising to work closely with the company to realise the country’s goals in the oil and gas sector.

A statement from Oando Plc said the NNPC chief executive emphasised the importance of the partnership and the potential for further growth, expressing confidence in Oando’s ability to drive the JV to new heights.

“We believe that you will be able to steer this ship to the delivery line in the short term and the long term. We believe that taking over the interests from Eni in this joint venture is a positive development for our industry and country.

“It signifies indigenous companies’ ability to play a bigger role in big assets and align with the national aspiration in the energy industry.

“We see this development as a massive step on the path to realising that national goal. We will work with Oando intently to ensure that we do two things, as you have highlighted: increase oil production and also increase gas production,” Kyariremarked.

Speaking on behalf of the Oando team, Irune expressed his gratitude for NNPC’s support and used the opportunity to provide critical updates on the developments since Oando’s acquisition in August 2024.

“Just by way of an update, in less than 100 days, since acquisition, we have been able to increase our production outputs by almost 50 per cent. This could not have been achieved without your support.

“We’ve been able to improve the integration of both legacy companies, again led by not just Oando, but NNPC, bringing the JV that used to exist in three parts into two, seamlessly,” said Irune.

He emphasised the company’s commitment to increasing production and improving operational efficiency.

“We are excited about the future of this partnership. With the support of NNPC, we aim to increase production to over 100,000 barrels of oil per day and 1.3 billion to 1.4 billion cubic feet of gas per day within the next three years,” Irune added

He also stressed the need for collaboration to successfully tackle the issues surrounding the industry’s current reality, which extend beyond financial, security, community, or production integrity issues.

“The challenges we have seen are not insurmountable. Rather, with the commitment and collaboration of all parties, we will overcome the current adversity to build a sustainable industry and economy,” he concluded.

Emmanuel Addeh

Follow us on: