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  • Oando grows net profit to N241.3billion amid optimism on production

    Oando grows net profit to N241.3billion amid optimism on production

    Oando Plc grew its net profit to N241.3 billion in 2025 as the indigenous energy solutions group saw double-digit growths across crude and gas production.

     Key extracts of the interim report and accounts of Oando for the year ended December 31, 2025 showed 32 per cent increase in production by its upstream business, averaging 32,482 boepd.

    The growth was driven by 36 per cent increase in crude oil production to 11,269 bopd, 24 per cent increase in gas production to 19,982 boepd, and 715 per cent increase in NGL production to 1,231 bpd.

    The group attributed the production growth to the full-year consolidation of the NAOC JV interest, improved operational uptime resulting from the reactivation of previously constrained wells, and targeted infrastructure upgrades across operated assets.

    The report showed that profit after tax rose by 10 per cent to N241.3 billion in 2025 compared with N220.1 billion in 2024, supported by higher upstream production, impairment reversals, and favourable tax adjustments.

    However, revenue declined 21 per cent to N3.21 trillion from N4.09trillion in 2024, while gross profit decreased by 82 per cent year-on-year to N27.8 billion, down from N155.9 billion in 2024.

    According to the group, the decline in earnings reflected change in revenue mix as it scaled back high-turnover, lower-margin refined-product trading in favour of higher-margin crude and gas trading opportunities, as well as the impact of non-cash items.

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    Group Chief Executive, Oando Plc, Mr. Wale Tinubu, CON, 2025 was a year of relentless execution as the group successfully transitioned from the integration of the NAOC Joint Venture into operational delivery.

    “Over the year under review, we reinforced asset integrity, strengthened security across our operating areas, and materially improved uptime, delivering a 32 per cent year-on-year increase in total production. Operated Joint Venture production averaged approximately 80,545 boepd, translating to 32,482 boepd net to Oando, alongside a 30 per cent increase in crude oil liftings and a 59 per cent increase in gas sales volumes.

    “Building on this foundation, we launched our development drilling programme with the successful completion and start-up of the Obiafu-44 gas-condensate well. This well represents the first execution milestone within a phased 36-well development programme, designed to restore field deliverability, unlock incremental production and advance the Group’s medium-term growth objectives,” Tinubu said.

    According to him, within its trading business, the group recorded a 42 per cent increase in crude oil cargos traded, rising to 26 crude oil cargos (29.4 MMbbl) compared to 21 cargos (20.7 MMbbl) traded in 2024.

    “In our downstream trading business, we responded decisively to evolving market dynamics by deliberately rebalancing our portfolio away from gasoline importation toward higher-margin crude and gas opportunities. We expanded global exports and leveraged structured offtake and pre-export financing arrangements to support liquidity, cash-flow resilience, and effective production monetization for our clients,” Tinubu said.

    He noted that during the period, Oando deliberately paused premium motor spirit (PMS) trading in response to structural changes in Nigeria’s domestic downstream landscape, pointing out that while the rebalancing resulted in a short-term reduction in reported earnings, it aligns with the group’s longer-term focus on margin quality and capital efficiency.

    Looking ahead, Tinubu assured that with operational control firmly embedded and the foundations for growth clearly established, the group is focused on the diligent execution of its development programme to accelerate production growth, strengthen cash generation and enhance long-term value creation.

    “As we enter 2026, we will continue to allocate capital prudently, deepen operational resilience and build on the momentum achieved,” Tinubu said.

    The report showcased the company’s transition from asset integration following the acquisition to a decisive assumption of operatorship, evidenced by strong upstream performance.

    Capital expenditure increased significantly from 2024, with higher investment in upstream development, facility integrity, and infrastructure optimisation. This investment is strategic; production growth and increased revenue depend on these foundational capabilities being in place, and more importantly, it is evidence that the company is postured correctly for the future.

    In line with its group-wide optimisation strategy, the company realised $17.7 million in cost savings across key operating inputs through disciplined contract optimisation.

    During the period, retained earnings returned to a positive position, reflecting non-cash intra-group balance sheet realignments associated with ongoing capital restructuring. Collectively, these developments enhance the Company’s financial resilience and position it to deliver sustainable, long-term value as it enters its next phase of growth.

  • Oando secures Africa oil and gas deal of the year at IJGlobal awards

    Oando secures Africa oil and gas deal of the year at IJGlobal awards

    Oando PLC has been awarded the Oil and Gas Deal of the Year, Africa at the 2025 IJGlobal Investor Awards, in recognition of its acquisition of the Nigerian Agip Oil Company Limited (NAOC) from the Italian multinational energy company Eni, a transaction widely regarded as one of the most momentous upstream M&Atransactions in Nigeria in recent years.

    The award was announced at IJGlobal’s annual ceremony following an independent assessment by senior international energy and infrastructure finance professionals, who evaluated transactions based on innovation, execution strength and sector-wide impact.

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    The IJGlobal Investor Awards, organised by IJGlobal, a global authority on energy and infrastructure finance, celebrate outstanding project finance, corporate finance and M&A transactions across key markets. Past recipients include leading international investors, energy majors and top-tier financial institutions whose transactions have reshaped industry benchmarks.

    Oando’s Chief Legal Officer, Efuntomi Akpeneye, said the award underscored the discipline behind the transaction. “Our mandate was clear: deliver a structure that protects the company, strengthens our long-term position and aligns with global standards for complex M&As. This transaction demanded rigorous due diligence, precise risk management and a firm understanding of the regulatory landscape. The recognition validates the quality of work done and reinforces our commitment to executing transactions that reshape Oando’s strategic trajectory,” she said.

  • Rivers communities urge Oando to jettison plans to sack 300 workers

    Rivers communities urge Oando to jettison plans to sack 300 workers

    …issue 7-day ultimatum

    Stakeholders at a meeting of Oando Energy Resources (Nig) Limited, Host Communities in Ogbe/Egbema/Ndoni Local Government Area(ONELGA), Rivers State have urged the firm to jettison the alleged plans to terminate the employments of 300 workers from the host communities.

    The stakeholders equally resolved that the firm should ensure stable power generation, transition/distribution and maintenance of electricity facilities across the HOSCOMs.

    The meeting held at Omoku, the council headquarters at the weekend, was meant to review the activities, policies, and conducts of Oando in its HOSCOMs.

    In a communiqué issued at the end of the meeting, the communities stated matter-of-factly that “Oando will continue to generate, transmit/distribute and maintain electricity for all Host Communities in ONELGA as part of the Environmental Justice & Community Compensation Standards.

    “Oando should immediately suspend all termination of workers from host communities and maintain existing employment relationships.”

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    “We call on Oando Energy Resources (Nigeria) Limited to implement these resolutions within seven days to avert communities taken lawful measures. We are not asking for privilege. We are enforcing legal, moral, and historical obligations.

    “Where the wealth of the land is taken, the wellbeing of the land must be protected,” the HOSCOMs insisted.

    They issued the company seven days ultimatum from the date of publication of this report to comply with the resolutions or face stiffer resistance from the communities.

    The parties also agreed on a unified position that protects the rights, welfare, and dignity of the people in accordance with the Nigerian Law, the Local Content Act (2010), and the Petroleum Industry Act (2021), the communiqué stated.

    Present at the gathering included some traditional rulers, executives of the various community development committee (CDC), youth presidents, representatives of oil facility surveillance workers, community members and opinion leaders.

  • Oando posts N1.72tr revenue in H1 2025

    Oando posts N1.72tr revenue in H1 2025

    Oando PLC achieved 63% year-on-year growth averaging 37,012 boepd in half year 2025, its published unaudited results has shown.

    The results of Africa’s leading indigenous energy solutions provider include crude oil production up 77% to 10,479 bopd, gas volumes up 54% to 25,399 boepd, and NGL production up 375% to 1,135 bpd. The company attributes this performance to the consolidation of the NAOC JV interest and improved uptime across key assets

    The Group reported revenue of N1.72 trillion, representing a 15% decline driven by lower trading activity and weaker realised prices, despite stronger upstream contributions. Gross Profit fell by 28% to N59 billion reflecting both a topline contraction and changing segment mix.  The company maintained a Profit-After-Tax of N63 billion, consistent with the result recorded in H1, 2024.

    Following, its recent acquisition of Nigerian Agip Oil Company (NAOC) from Italian oil giant, Eni, the company has focused heavily on infrastructure upgrades, production optimisation, and integration of the NAOC asset base leading to increased capital expenditure increase of N44 billion. Additionally, Oando’s commitment to safety is demonstrated by achieving zero lost-time injuries (LTIs) and recording 12.3 million LTI-free hours, underscoring its continued excellence in HSE performance.

    The Trading subsidiary increased its crude oil liftings to 14 cargoes (12.9 MMbbl) in H1 2025, compared to 10 cargoes (10.6 MMbbl) in H1 2024, reflecting improved offtake execution.

    Reflecting on the 2025 half year results, Group Chief Executive, Oando PLC, Wale Tinubu, said: “In H1 2025, we advanced our growth agenda in our upstream division, the primary driver of the Group’s performance, by achieving a 63% year-on-year increase in production volumes. This was driven by the successful consolidation of NAOC’s assets, early gains from our optimization programme and our assumption of operatorship, which enabled us implement holistic security measures amid improved community relations, resulting in enhanced infrastructure reliability, higher production volumes, and greater operational resilience.”

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    “Our trading segment faced headwinds which exerted pressure on the entity’s revenue and the Group’s topline as a result of declining PMS imports into the country due to rising local refining capacity from Dangote Refinery, a positive development that enhances Nigeria’s energy security and self-sufficiency. In response, we diversified our crude offtake sources, optimized trade flows, and expanded into LNG and metals. These initiatives are already gaining traction and will support stronger performance in H2.”.

    Similarly, another independent player Aradel Holdings Plc, released its H1, 2025 unaudited financials and reported revenue of N368.1 billion, up 37.2% and Profit after Tax of N146.4 billion, up 40.2% driven by stable average production volumes.

    Additional highlights in the first half of the year include the company securing operatorship of Block KON 13 in Angola, marking its strategic entry into the Kwanza Basin and a significant step in expanding its upstream footprint Africa. Looking ahead, the company is preparing for capital restructuring initiatives, including an equity raise and debt conversions, which it plans to present at the upcoming Annual General Meeting and Extraordinary General Meeting scheduled to hold in August. These plans follow the successful upsizing of the RBL 2 facility to $375 million, strengthening its financial flexibility to accelerate development of the Group’s expanded 1 billion boe upstream portfolio.

    Looking forward, Tinubu remarked “As we enter the second half of the year, our priorities are clear: accelerate upstream monetization through drilling and production assurance, strengthen trading performance, and execute our capital restructuring initiatives to restore balance sheet flexibility. With a focused strategy and a clear execution roadmap, we remain committed to delivering sustained value to our shareholders.”

    Oando has set its sights on maintaining full-year production of 30,000–40,000 boepd, driven by a balanced capital program of 3 new wells and 6 rig-less interventions. The company’s trading guidance includes 25–35 MMbbl crude oil and 750,000–1,000,000 MT refined products. Additionally, Oando projects capex of $250–270 million focused on drilling, infrastructure, and ESG projects, with a 20% cost reduction goal.

  • Oando posts 172 per cent growth in Q1

    Oando posts 172 per cent growth in Q1

    • Crude oil production rises to 132%

    One of Africa’s leading indigenous energy solutions providers, Oando, grossed N933 billion revenue in its first quarter unaudited results.

    This performance comes in the wake of its recent release of its 2024 FY Audited Financial Statement, where it reported a 44% year-on-year revenue increase to N4.1 trillion compared to N2.9 trillion in FY 2023 and a 267% increase in Profit-After-Tax to N220 billion.

    Oando, like a few indigenous oil and gas companies in Nigeria, who keyed into the International Oil Companies (IOCs) divestment of onshore assets, has begun reaping the gains of its acquisition of Nigerian Agip Oil Company (NAOC) from Italian oil giant, Eni.

    An analysis of Oando’s financials shows that the company’s turnover grew by 2% year-on-year to N933 billion in Q1 2025 compared to N915 billion in Q1 2024. Additionally, the company posted a 172% increase of N85 billion in Gross Profit in Q1 2025 compared to N31 billion in Q1 2024, reflecting stronger E & P margins. In its upstream business, crude oil production rose 132% to 11,369 bopd, gas volumes grew by 56% to 25,185 boepd, and NGL production increased 30% to 1,040 bpd. The company recorded zero lost-time injuries (LTIs) and 12.3 million LTI-free hours, underscoring continued HSE excellence. In addition, the company achieved average daily production of 37,595 boepd (within guidance), up 72% year-on-year, driven by the full consolidation of NAOC assets and well reactivations. The company was awarded operatorship of Block KON 13 in Angola, marking its strategic entry into the Kwanza Basin, Angola and expanding Oando’s African upstream footprint.

    Speaking on the Q1, 2025 financial results, Wale Tinubu CON, Group Chief Executive, Oando PLC remarks  “Q1 2025 marked a strong start to the year for us, with a 72% year-on-year increase in production volumes as a result of the successful integration of the NAOC assets into our portfolio, improved asset reliability and the reactivation of shut-in wells, reflecting early wins from our focus on operational efficiency and disciplined execution.

    Beyond Nigeria, we have expanded our regional presence with our entry into Angola’s Kwanza Basin marking a major milestone in scaling our upstream footprint across Africa. Similarly, being named preferred bidder for the Guaracara Refinery in Trinidad and Tobago demonstrates the strength of our integrated business model, our growing role in the Afro-Caribbean landscape, and a reflection of our evolution into a more geographically diversified energy company.”

    There is evidence of a trend in the upward financial trajectory in the industry, as Seplat recorded revenues of N1.228 trillion, a 350% increase. Similarly, Aradel reported revenues of N199.9 billion, up 97.6%, and Profit after Tax of N34.2 billion, up 55.3%.

    In its downstream trading business, Oando Trading reported six (6) crude oil cargos (5.96 MMbbl) traded in Q1 2025, up from four (4) cargos (4.86 MMbbl) in Q1 2024, driven by stronger offtake execution.

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    In its renewable energy business, Oando Clean Energy (OCEL) recorded 53,941 EV rides in Q1 2025 and 42,779 kg of CO2 emissions averted through two (2) operational e-buses under the electric mobility programme operating in Lagos.  It also successfully published Nigeria’s National Wind Resource Capacity Report, identifying state-level wind potential across the country.

    Speaking on the outlook for 2025, Wale Tinubu CON, commented “Following a transformative 2024, our priority is to maximize the value of our expanded upstream portfolio through targeted infrastructure upgrades, rig-less well interventions and an extensive drilling programme in the second half of the year. These activities are now enabled by the working capital we have secured, giving us financial flexibility to accelerate execution. We are also taking decisive action to restructure our balance sheet towards restoring financial resilience.”

    Oando is targeting a full-year production of 30–40 kboepd maintained, driven by a balanced capital programme of three (3) new wells, nine (9) workovers, and six (6) rig-less interventions. The company is also projecting capex of $250–270 million focused on drilling, infrastructure, and ESG projects, with a 20% cost reduction goal. The company has set a trading guidance for its Trading subsidiary of 25 – 35 MMbbl crude oil; 750,000 – 1,000,000 MT refined products. For its renewable energy arm, Oando targets the deployment of 50 electric buses and progress its solar PV module assembly plant toward Final Investment Decision (FID).

  • Oando deepens upstream investment with $375m deal

    Oando deepens upstream investment with $375m deal

    Major energy solutions company, Oando PLC, Nigeria’s yesterday announced the successful upsizing of its Reserve Based Lending (RBL2) facility to $375 million.

    The refinancing, led by the African Export-Import Bank (Afreximbank) with the support of Mercuria, extends the final maturity date of the facility to January 30, 2029.

    In recent years, financing arrangements for the acquisition, development, and operation of oil and gas assets have commonly been structured as Reserve-Based Loans (RBLs). Under this model, the amount a borrower, in this instance Oando, can access is directly tied to the size and value of their proven reserves, with Oando’s standing at 1.0Bnboe —referred to as the Borrowing Base.

    This upsizing is a result of the Company’s significant progress in deleveraging, having substantially reduced the original $525 million RBL2 facility, signed in 2019, down to $100 million by the close of 2024. This proactive debt management has paved the way for successful refinancing.

    Speaking on this strategic achievement, Mr. Wale Tinubu, Group Chief Executive, Oando PLC, said: “We are pleased to have completed the upsizing of our RBL2 facility, a strategic milestone that reinforces our commitment as Operator of the Oando-NEPL JV to maximizing the value of our expanded asset portfolio. Our Joint Venture holds extensive reserves with the potential to generate over $11 billion in net cashflows to Oando over the assets’ life. This working capital facility is a critical enabler towards efficiently extracting and monetizing these resources. We appreciate the continued partnership of Afreximbank and Mercuria, whose unwavering support underscores their alignment with our long- term focus on maximizing production, optimizing asset performance, and delivering sustainable value to all stakeholders.”

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    According to official, the newly secured capital injection will be strategically deployed to aggressively pursue key growth initiatives, including accelerated drilling campaigns, critical infrastructure upgrades across its operations, and the implementation of advanced operational efficiencies throughout its portfolio. These strategic investments directly support the Company’s stated ambition to significantly increase its production levels to 100,000 barrels of oil per day (bopd) and 1.5 billion cubic feet (Bcf) of gas per day by the end of 2029.

    This positive development follows Oando’s landmark $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant, ENI, in August 2024. This transformative acquisition significantly expanded Oando’s operational landscape, incorporating twenty-four currently producing fields, approximately forty identified exploration prospects and leads, twelve key production stations, an extensive network of approximately 1,490 km of pipelines, three vital gas processing plants, the strategic Brass River Oil Terminal, the significant Kwale-Okpai phases 1 & 2 power plants boasting a total nameplate capacity of 960MW, and a comprehensive suite of associated infrastructure.

    This successful refinancing underscores the confidence of leading financial institutions in Oando’s strategic direction and its ability to capitalize on its expanded asset base to drive growth and value creation in the Nigerian energy sector and beyond.

  • Oando speaks on transformation

    Oando speaks on transformation

    Group Chief Executive, Oando Plc, Mr. Wale Tinubu, will share insights into how the indigenous energy group is scaling its operations across Africa while maintaining strategic discipline and positioning itself as a key player in the continent’s evolving energy landscape.

    Tinubu is scheduled to speak at African Energy Week (AEW) 2025: Invest in African Energies in Cape Town, South Africa.

    At AEW 2025, Tinubu will engage with policymakers, investors and industry leaders to outline Oando’s vision for responsible, return-driven growth across Africa and beyond.

    As the company scales its operations and seeks new investment and technical partnerships, his participation will provide a first-hand look into the strategic thinking behind one of Africa’s most dynamic energy companies.

    In August 2024, Oando finalised its $783 million acquisition of the Nigerian Agip Oil Company from Eni – a move that increased Oando’s participating interests in four onshore oil mining leases-OMLs 60, 61, 62, and 63, from 20 per cent to 40 per cent. The deal nearly doubled the company’s reserve base to an estimated one billion barrels of oil equivalent, while enhancing its operational footprint and infrastructure portfolio in Nigeria. With an ambitious target to scale production to 100,000 barrels per day by 2028, the acquisition solidifies Oando’s position as a dominant force in Nigeria’s upstream sector.

    Oando is also advancing its continental growth strategy through its upstream subsidiary, Oando Energy Resources (OER), which was recently awarded operatorship of Block KON 13 in Angola’s onshore Kwanza Basin.

    Secured through a competitive bidding process led by Angola’s National Agency for Petroleum, Gas and Biofuels, the block carries estimated prospective resources of 770 million to 1.1 billion barrels. OER holds a 45 per cent participating interest and will lead the block’s development in partnership with Effimax and Sonangol. This marked a significant milestone for the company as it enters Angola’s upstream market for the first time and reinforces its long-term vision of regional integration.

    Read Also: With Wale Tinubu’s leadership, Oando expands global footprint

    In addition to its African ventures, Oando was recently named preferred bidder for the Petrotrin refinery lease in Trinidad and Tobago, underscoring its strategy to diversify globally while reinforcing its vertically integrated business model. The refinery opportunity aligns with Oando’s broader goals of expanding refining capacity, improving energy security and maximizing value across the supply chain.

    “Oando represents the kind of bold, forward-looking leadership that Africa’s energy sector needs. Their strategic expansion into markets like Angola, coupled with a commitment to innovation and integration, sets a powerful example of what indigenous companies can achieve. We’re proud to welcome Wale Tinubu to AEW 2025 as we continue driving investment and collaboration across the continent,” Ore’ Onagbesan, Programme Director for AEW, said.

  • Oando completes pipeline’s repair

    Oando completes pipeline’s repair

    Oando Plc, the indigenous firm that acquired Nigeria Agip Oil Company, says it has recorded four operational oil spills from October 2024 to date.

    The oil firm disclosed this in a statement by its Spokesperson Mrs Alero Balogun, General Manager, Human Resources & Business Support , Oando Group, yesterday.

    The company also confirmed the conclusion of repairs works on pipelines that caused the oil spill incidents along the NNPC Exploration and Production Ltd/Oando pipeline in Bayelsa State.

    The statement is sequel to a May 3 oil spill incident reported around Oando’s Ogboinbiri flow station in Southern Ijaw LGA swamps which feeds crude to the oil firm’s export terminal at Brass in Bayelsa.

    Balogun said the company had concluded repairs works on the ruptured pipelines as well as ongoing replacement sections of the pipeline that were dilapidated.

    “Oando Plc announces the successful completion of repairs to its pipeline following oil spill incidents along the NEPL/Oando pipeline, which affected the Ogboinbiri Community in Southern Ijaw Local Government Area, Bayelsa State.

    “Between October 2024 to date, four operational spills occurred. Upon identification of each incident, we swiftly activated emergency response protocols in line with company policy, including the immediate shut-in of the affected wells and cessation of crude oil delivery through the pipeline.

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    “Simultaneously, we deployed containment materials to prevent further spread of the oil and promptly initiated recovery efforts.

    “In accordance with regulatory requirements Joint Investigation Visits were conducted with all relevant stakeholders, including representatives from government regulatory agencies and the Ogboinbiri community.

    “We are pleased to report that the repairs of the affected sections of the pipeline have been completed. To further mitigate the risk of future incidents, we are implementing a sectional replacement of the pipeline.

    “Oando remains fully committed to its host communities and is working diligently to ensure that its operations support the long-term environmental sustainability of the region,” Balogun said.

  • Oando invests in Nigeria’s future with Graduate Acceleration Programme

    Oando invests in Nigeria’s future with Graduate Acceleration Programme

    Oando is set to take passionate, tenacious, driven, self-motivated young graduates from the job market through its 2025 Oando Joint Venture Graduate Acceleration Program (OGAP) in partnership with NNPC E&P Limited (NEPL).

    The Oando Joint Venture Graduate Acceleration Program is taking a decisive step to ensure the continuity of excellence and innovation in the energy sector. According to Oando, its investment in people is grounded on the belief that its employees are the Company’s greatest asset, recognizing that nothing is more powerful than the collective will of a people.

    General Manager, Human Resources & Business Support, Oando PLC, Alero Balogun said: “Driven by a commitment to sustainable development in the energy sector, a vital lifeline of the Nigerian economy, Oando, in partnership with NNPC E&P Limited (NEPL), is poised to recruit and train the next generation of energy leaders through OGAP to ensure sustained capacity.  As a proudly indigenous company there is nothing more fulfilling than knowing we are not only identifying and grooming talent in-country but also using our platform to attract young Nigerians in the diaspora to return home to support the building of a more prosperous country.”

    The 2025 OGAP is designed to be a launchpad for young, innovative, and passionate graduates ready to transform the oil and gas industry. Oando is seeking individuals with a Bachelor’s degree with a minimum of Second Class Upper (2.1) in Engineering, Geosciences, Business Administration, Economics or related courses. Applicants must not be older than 26 years as of January 1, 2025, and must have completed the National Youth Service Corps (NYSC) program by April 2025. They should possess no more than two (2) years of work experience and have achieved a minimum of five (5) B’s and two (2) C’s in SSCE, NECO, or GCE O-Level in a single sitting, which must include Mathematics and English Language. This is not just a job opportunity but a chance to learn from the best, grow, and make a significant impact in the industry.

    These criteria are not merely a checklist; they represent Oando’s commitment to selecting the brightest minds with the potential to lead and innovate. Through OGAP, Oando is creating a structured pathway for young graduates to gain invaluable hands-on experience, mentorship from industry veterans, and exposure to cutting-edge technologies and practices. The program also offers competitive remuneration, opportunities for career growth, and a chance to be part of a dynamic and innovative team. OGAP is a long-term capacity-building initiative that hopes to close the gap between academic knowledge and practical industry skills.

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    By investing in the development of these young leaders, the company is not only securing its own future but also contributing to the sustainable growth and prosperity of the Nigerian oil and gas industry. This program is a testament to Oando’s dedication to building a legacy of excellence and empowering the next generation to take the helm.

    As a proud indigenous oil and gas company, Oando has reiterated its commitment to closing the knowledge gap in the industry by grooming some of the best talent in the sector and giving them an edge and a pedestal to excel.

    Historically, knowledge transfer within the Nigerian oil and gas industry was primarily facilitated through deliberate programs that promoted local content participation enforced by the Nigerian Oil and Gas Industry Content Development Act of 2010. These initiatives were instrumental in empowering indigenous companies and building local expertise, contributing significantly to the current reality where local players now control approximately 60% of the nation’s production. Oando’s commitment to this cause is unwavering, and through OGAP, aims to further strengthen the local talent pool and contribute to the industry’s growth.

    Given the recent shift towards indigenous leadership in the industry, the company, as a leader, understands the imperative to move beyond passive knowledge transfer by proactively implementing strategies that ensure the next generation inherits the industry’s accumulated expertise.

  • Oando seeks increased oil production in safe, sustainable way

    Oando seeks increased oil production in safe, sustainable way

    Oando Plc has said Nigeria must continue to increase the country’s production in a safe and sustainable way.

    The Managing Director, Oando Energy Resources, Ainojie ‘Alex’ Irune spoke at the eight Nigeria International Energy Summit (NILES), with the theme “Bridging Continents, Connecting Investors Worldwide with Africa’s Energy Potential”, in Abuja.

    He said one of the fundamental things that is seen post-divestment is sometimes things need to get really bad for everyone to get serious about the problem.

    “As a country, when we hit the lows of a million barrels, 700 was what I had, but a million is what we say pretty much was our lowest point, I think at that point everyone realised we were on our way to bankruptcy as a country.

    “And if we didn’t do something about it, then we would certainly not be able to tell a history, that represents some of the efforts brought to bear,” he said.

    Irune said this resonated with not just the regulator, but the International Oil Companies (IOCs), local indigenous companies, all the parties involved adding for the first time there is a true alignment in purpose.

    “Now of course we’re not getting everything right and there’s still a journey to walk on that piece, but what I see in the singular thing is that we’re all aligned in the fact that,” he said.

    He said the idea that “our crude or gas or any of our commodities will not make it to sell point is sacrilegious in the highest regard, in the sense that it shouldn’t be the case”.

    “So you see the security forces, IOCs, regulators, local companies, building the capacity to tackle these problems and we can only do it together,” Irune added.

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    He said as the country moves forward as independents who have acquired these companies, there’s the need to be clear on, talking about hand-holding and how the country must continue to ensure it is a collaborative future.

    He said: “When I go out to look for a rig, and saying what are the things we have to do and how we should do it, when I’m thinking of security, I’m thinking the same.

    “How do we do it collaboratively? When we’re thinking of terminals and infrastructure, how do we share, and for us, those are the big changes, working together, the alignment”.

    What strategies are being put in place to really accelerate value creation for our tender companies, he asked.

    “Anything in the subsurface is waning and you’ve got to a little bit, you’ve got to approach the reliability and facility of times in a slightly unique manner,” he said.

    Irune noted for a fact a brownfield development would need to be sensible about cost adding for those molecules to get to the sell point, we need to have uptime.

    He said if you take those two components alone, the cost base of the larger companies, the IOCs, just can’t carry the job.

    On Oando’s approach, Irune said the company optimizes the base, which is to improve every single molecule behind pipe and get it flowing through the company’s local engagements, working with the security forces and ensuring that the company has a sustained flow

    “That’s typically what impacts your average and all the other elements that we calculate numerically for production,” he said, adding that the company has a very lean approach to project execution. “And I say lean because, again, we’ve dealt with the issues of bureaucracy. We’ve seen the presidential executive orders come to address some of those issues.

    “But we’re planning and engaging more. We have a very clear idea of what we’re going to do over the next five years. We’re planning for what we’re going to do over the next three years,” he stated.

    According to him, as a country, “we certainly don’t have the runway not to hit those barrel targets that we’ve set ourselves. So for us, everything is relatively urgent. So the cycle time for the executions are much shorter than we’ve experienced in the past,” he said.

    He said the host communities play a big part in the ability to deliver any amazing. Irune said that engagement has to be robust, it has to be true, and it has to be focused on improving the current state to a future that we can paint and deliver to the world.

    For Oando, that is very important because in some of its other marginal field assets, it’s been able to achieve that, Irune said. So taking that over and replicating that on a much larger scale is our goal, Irune added.

    “The time has started. I think the industry’s clock has just been reset. We truly hold the future of this country in our hands, the future of any forms of divestment and truly prosperity for Nigerians.

    “We have the impetus, we have the alignment, we have the country and we have the president that’s interested in driving this right from the top,”  he said.