Oando raises oil manufacturing output by 50%

Oando Plc says it has elevated its crude oil manufacturing output by nearly 50 per cent in three months.

It mentioned the achievement adopted the acquisition of Nigerian Agip Oil Firm from Eni, earlier this yr.

The Managing Director of Oando Power Sources Nigeria Restricted, Dr. Ainojie Irune, disclosed this throughout a current assembly with its Joint Enterprise companions, Nigerian Nationwide Petroleum Company Restricted in Abuja, based on a press release issued by the corporate on Sunday.

This high-level assembly was led by the Group Chief Govt Officer, NNPC Restricted, Mele Kyari, together with executives corresponding to Chief Monetary Officer, Adedapo Segun; Govt Vice President, Enterprise Companies Danladi Inuwa, and Govt Vice President, Upstream, Udobong Ntia.

In August, the corporate introduced a 100 per cent stake within the Nigerian Agip Oil Firm from Italian power agency Eni in a deal valued at $783m.

Talking on the assembly, the Oando managing director expressed his gratitude for NNPCL’s assist and used the chance to offer essential updates on the developments since Oando’s acquisition in August 2024.

He mentioned, “Simply by means of an replace, in lower than 100 days, since acquisition, we now have been capable of enhance our manufacturing outputs by nearly 50 per cent. This might not have been achieved with out your assist. We’ve been capable of enhance the mixing of each legacy corporations, once more led by not simply Oando, however NNPC, bringing the JV that used to exist in three components into two, seamlessly.”

He emphasised the corporate’s dedication to rising manufacturing and enhancing operational effectivity.

“We’re enthusiastic about the way forward for this partnership. With the assist of NNPC, we purpose to extend manufacturing to over 100,000 barrels of oil per day and 1.3-1.4 billion cubic ft of fuel per day throughout the subsequent three years,” Irune added.

Responding, the NNPCL GCEO congratulated Oando on its current acquisition of Nigerian Agip Oil Firm from Eni.

“We imagine that taking up the pursuits from Eni on this three way partnership is a optimistic growth for our trade and nation. It signifies Indigenous corporations’ skill to play an even bigger function in huge property and align with the nationwide aspiration within the power trade.

“We see this growth as an enormous step on the trail to realising that nationwide purpose. We’ll work with Oando intently to make sure that we do two issues, as you’ve highlighted: enhance oil manufacturing and in addition enhance fuel manufacturing,” Kyari remarked.

He additionally echoed Irune’s sentiments, emphasising the significance of the partnership and the potential for additional development.

He additional expressed confidence in Oando’s skill to drive the JV city to new heights, stating, “We imagine that it is possible for you to to steer this ship to the supply line within the brief time period and the long run.”

Irune additionally burdened the necessity for collaboration to efficiently deal with the problems surrounding the trade’s present actuality, which prolong past monetary, safety, neighborhood, or manufacturing integrity points.

“The challenges we now have seen will not be insurmountable. Reasonably, with the dedication and collaboration of all events, we’ll overcome the present adversity to construct a sustainable trade and financial system,” the assertion concluded.