As the new owners of Nigeria Agip Oil Company (NAOC) Oando Energy Resources Nigeria Limited (OERNL) kick started operations in Bayelsa State on a promising note as the company made a public commitment to building strong relationships with key stakeholders, including government officials, regulators, and local communities.
On Thursday, Dr. Ainojie “Alex” Irune, Managing Director, OERNL and other members of the company’s leadership team, visited Bayelsa State Governor Duoye Diri to outline the company’s plans for the state. Dr. Irune shared Oando’s 30-year history in Nigeria, from its humble beginnings in the downstream sector to its growth in the midstream and upstream sectors, highlighting the ConocoPhillips acquisition which gave Oando its initial 20% interest in the Joint Venture (JV) with NAOC and NNPC. He also discussed Oando’s recent acquisition of the company NAOC and its 20% interest, which brings Oando’s interest in the JV to 40%, alongside NNPC’s 60%.
The Governor praised the company’s efforts to establish a strong relationship with the state government and communities. “We are happy to receive you as the new owners of Nigerian Agip Oil Company (NAOC). You are now part and parcel of the family of Bayelsa. We are excited that an indigenous company is now in charge of a multinational oil company like NAOC that has operated here for four decades”, he said.
Bayelsa State is Nigeria’s oil hub, with significant reserves and production. The state’s economy relies heavily on the oil and gas industry. Oando’s acquisition of NAOC and her assets is expected to boost economic activities and create jobs across the four states its operations reside in.
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The Governor commended Oando’s commitment to local content, saying, “We believe that you will do better than the previous operators.” He emphasised the importance of involving local communities in decision-making processes.
Oando pledged to prioritise community development, focusing on education, healthcare, and infrastructure. The company plans to increase production and bring value to Bayelsa State and Nigeria.
During the visit, the Governor and Oando’s management team discussed ways to address the state’s energy needs. Bayelsa State faces significant energy challenges, with many communities lacking access to reliable electricity.