Oando Boosts Oil Production by 50% After Agip Acquisition

Oando Plc has announced a remarkable 50% increase in its crude oil production within just three months, following its acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni.

The company’s Managing Director, Dr. Ainojie Irune, revealed this achievement during a high-level meeting with its Joint Venture partner, the Nigerian National Petroleum Corporation Limited (NNPCL) in Abuja.

Irune thanked NNPCL for its ongoing support, highlighting the successful integration of both companies. “In less than 100 days since the acquisition, we have increased our production output by almost 50%.

This could not have been achieved without your support,” he said. He also emphasized Oando’s commitment to improving operational efficiency and scaling up production.

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Oando’s acquisition of NAOC, valued at $783 million, was completed in August 2024. The company is now targeting a daily production rate of over 100,000 barrels of oil and 1.3-1.4 billion cubic feet of gas by 2027. Irune expressed optimism about the future, stating, “We are excited about the future of this partnership, and with the continued support of NNPC, we aim to significantly increase production.”

READ ALSO: Oando Acquires Nigerian Agip Oil Company for $783 Million

The Group Chief Executive Officer of NNPCL, Mele Kyari, congratulated Oando on the successful acquisition, calling it a significant step for indigenous companies in the oil and gas sector.

Irune also highlighted the broader challenges facing the oil and gas industry, stressing the importance of collaboration to overcome financial, security, and operational issues.

“The challenges we have seen are not insurmountable. With the commitment and collaboration of all parties, we will build a sustainable industry and economy,” he added.