The Oando Energy Resources Nigeria Ltd, yesterday said it is targeting to produce 100,000 barrels per day of crude over the next five years and 1.5 billion standard cubic feet of gas.
The oil company made the disclosure when its delegation led by the Oando Managing Director, Dr Ainojie Alexander Irune, met with Rivers State Governor, Sir Siminialayi Fubara, at Government House in Port Harcourt.
Irune in a statement signed by Fubara’s Chief Press Secretary (CPS), Nelson Chukwudi, said the firm would not be able to actualise such ambitious targets without a harmonious relationship between the firm, the state government and host communities.
He said: “We will continue to invest in the upstream, which brings us to the conversation of why we are here. We have ambitions to deliver a 100,000 barrels per day production target over the next four to five years, and over 1.5billion standard cubic feet of gas.
“We can only do that in harmony. We can’t do it in a chaotic environment. And we have chosen this state as our base whilst we produce from three other states of Bayelsa, Imo and Delta.”
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“And these assets span Oil Mining Leases (OMLs) 60, 61, 62 and 63 in all of these states. So, we plan continuous investment, but our priority for investment must be not just in the assets but also in the communities that these assets operate.”
Irune explained that Rivers State, particularly Port Harcourt, was their main base of operation, adding that the company was delighted with the meeting with the governor as a mark of respect to their chief host.
The Oando MD noted that following the untiring leadership provided by Fubara, there was prevailing peace that had contributed immensely to business stability.
Irune said: “As you know, Oando Energy Resources, Port Harcourt Base, is located in this State, and our smooth operations, so far, has been a function of a stable environment, a stable community, and the ability for us to carry out our day-to-day operations within this community.
“So, we are here to pay that courtesy visit and thank the governor for the continued support that he has given to the company.
“We believe that the operating environment has been relatively improving. We see some unrest in some areas, especially as it relates the issue of pipeline vandalism, but we see significant improvement.”
Irune said the company had continued to engage with all relevant stakeholders, including the host communities, who must be carried along on their business journey towards achieving success.
He said: “And, I believe that this will be the first step to reducing the level of destruction that we see; overall, there is a peaceful Rivers State, a peaceful environment.
“The government agencies are very cooperative and our local communities are, so far, being extremely welcoming, and have shown a lot of pride in the transitioning into indigenous hands of the formally known Eni Agip held assets to a local company, Oando Energy Resources, to invest in the country.”
The statement said Fubara stressed mutual benefits the state should derive from investors like the Oando willing to take advantage of the prevailing investment-friendly climate to achieve its business dreams.