The Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri on Thursday, September 5, charged the Indigenous firm to increase its production to 100,000 barrels per day (bpd), following the acquisition of the Nigerian Agip Oil Company (NOAC) onshore assets.
Speaking when the company’s Chief Operating Officer, Alex Irune paid him a visit in Abuja, the minister said there were reports that the firm had already raised its production from over 20,000 b/d to over 30,000 b/d just a few days after the acquisition.
He said: “I am happy to also tell you that I got the information, I got my Intel that following the successful acquisition, and you have already increased production from 20-something thousand to 30- something thousand. That is what I am saying that Oando can do. And I am looking forward to the time that you do 100,000.”
He said his job is to do all in his power to create the best environment for Oando and other companies operating in the Niger Delta region to boost production.
He said to lift the country out of its economic challenges, it requires increased crude oil production.
He reiterated that the target of the country is to hit the target of 2 mb/d in December this year.
Read Also: How Ogun varsity student Christianah Idowu was gruesomely murdered
Lokpobri said: “You know, to increase production, which we seriously need now. But the shortest way for us to get out of our current economic problems is to increase production. And our target is that by December we want to hit at least 2 million barrels.”
The minister also disclosed that with the acquisition of NAOC, the stock of Oando Energy PLC has soared. He said his expectation is for the value to increase to N1,000 per share in the stock market.
To provide the right environment, the minister revealed he has already met the Bayelsa State Governor, Douye Diri to solicit cooperation with Oando operations.
He urged the company to take advantage of being an indigenous to relate better with its host community than the International Oil Companies (IOCs) and also hit optimal performance.
He recalled he had granted a media interview informing the foreign press that the indigenous firm could operate the divested assets.
Lokpobri thus, charged the firm to sustain the same momentum the IOCs reached. He congratulated the firm for the history of the acquisition of two firms: Conoco Philips and the NAOC.
Meanwhile, Irune said that based on the history of the country that rose from 500 filling stations, it would continue to do great things.
He said with the completion of the acquisition, the company now holds 40% joint venture interest with the Nigerian National Petroleum Company Limited (NNPCL).
According to him, it is not only a foreign company that has the exclusivity of being IOCs. He insisted that a Nigerian firm can also do it.
His words: “First transaction was in 2014; ConocoPhillips, 20% interest in the now of JV, and now the conclusion of ENI’s 20% stake now of JV, making us 40% holders in the JV, with the NNPC holding 60%.
“In everything we have done, Minister, we have sought to put the best of local content forward, inspire Nigerians to show that Nigerians can do it. IOC is not a concept reserved only for companies from the West, the Far East, and the like.”