Oando, NNPCL Strengthen Alliance To Boost Oil, Gas Production 

Oando Plc and the Nigerian National Petroleum Corporation Limited (NNPCL) have reaffirmed their commitment to enhancing Nigeria’s oil and gas production, building on Oando’s recent acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni.

At a recent high-level meeting led by NNPCL Group Chief Executive Officer (CEO), Mallam Mele Kyari, and Oando Energy Resources Nigeria Limited Managing Director, Dr. Ainojie Irune, both parties emphasised the importance of operational synergy and efficiency in achieving their shared goals.

Mallam Kyari lauded Oando’s acquisition of NAOC as a key development for Nigeria’s energy sector, highlighting its alignment with the country’s aspirations for indigenous companies to take on larger roles in managing critical energy assets.

“This acquisition represents a major step forward for indigenous companies in the oil and gas industry. We are committed to working with Oando to increase oil and gas production while driving operational efficiency,” Mallam Kyari stated.

He expressed confidence in Oando’s ability to manage the joint venture effectively, highlighting the potential for both short-term and long-term growth.

In response, Dr. Irune detailed the progress made since Oando finalised its acquisition of NAOC in August 2024. He revealed that within 100 days, the company had increased production output by nearly 50 percent, a feat achieved through the seamless integration of legacy operations from NAOC and Oando.

“We have worked closely with NNPCL to consolidate the joint venture into a more efficient entity. Our commitment is to drive production to over 100,000 barrels of oil per day and 1.3 to 1.4 billion cubic feet of gas per day within three years,” Dr. Irune said.

He also emphasised the importance of collaboration in addressing the multifaceted challenges facing the oil and gas industry, from security concerns to financial and community-related issues.

“These challenges are not insurmountable. With the collaboration and commitment of all stakeholders, we are confident that we can overcome these hurdles to build a sustainable industry and economy,” Dr. Irune added.

The partnership between Oando and NNPCL represents a significant opportunity for Nigeria to bolster its energy production, ensuring that the sector contributes meaningfully to the country’s economic growth while advancing its energy independence.