SENATOR Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), says Oando’s acquisition of Eni’s Subsidiary, Nigerian Agip Oil Company (NAOC) will ramp up crude oil production to two million barrels per day (bpd).
The Minister said the Oando company has already increased production to more than 30,000 bpd sequel to the successful acquisition of the NAOC.
Lokpobiri stated this on Thursday in Abuja during a meeting with a delegation from Oando Energy Resources Nigeria Ltd., led by its Managing Director, Dr Ainojie Irune.
Oando Plc., one of the Nigeria’s leading indigenous energy solutions providers in Aug., 2024, successfully completed acquisition of Eni’s subsidiary, NAOC for 783 million dollars.
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Lokpobiri said with necessary support, the Oando would increase production that would substantially help the Federal Government’s desire to get into two million bpd by the end of 2024.
“I will ensure that I do everything humanly possible to create the best environment for Oando and other companies operating in the Niger Delta region to increase production, which we seriously need now. Our target is to hit at least two million barrels production by December,” he said.
Lokpobiri, who disclosed that 80 per cent of the acquired assets is in Bayelsa, said he has spoken to the state government and relevant stakeholders on collaboration with Oando to boost production from those assets.
He said that enormous local capacity had been grown in indigenous companies such as Oando, Seplat and First E&P, among others tasked them to sustain the momentum to be in same level with the so-called IOCs.
