Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), has called on Oando Energy Resources Nigeria Ltd to target a production level of 100,000 barrels per day. This directive follows the company’s recent acquisition of the Nigerian assets of the Nigerian Agip Oil Company (NOAC) in a $783 million deal finalized last month.
The acquisition positions Oando as a significant player in Nigeria’s oil and gas sector, and it is expected to enhance the company’s capacity to contribute more substantially to the country’s oil production goals.
In a meeting with Oando’s management team in Abuja on Thursday, Dr. Lokpobiri emphasized the government’s commitment to achieving a national oil production target of two million barrels per day by the end of the year. He expressed satisfaction with the successful completion of the acquisition, noting that it was a major issue he inherited when he assumed office about a year ago.
Dr. Lokpobiri praised Oando’s capabilities and expressed confidence in the company’s potential to impact the oil industry significantly. He stated, “I know that Oando has enormous capacity in such a way that, if given the desired support, we can grow our production in a manner that would be a game changer in this country.”
The Minister highlighted his belief in the strength of indigenous oil and gas companies, asserting that they possess the capability to manage and operate efficiently on a global scale. He mentioned his advocacy for indigenous companies at international forums, affirming that they can handle such ventures professionally and profitably without compromising the interests of the Federal Government.
Dr. Lokpobiri reiterated his commitment to creating an optimal environment for the oil and gas industry in Nigeria, saying, “My expectation is that Oando will ramp up production in these assets. If you are able to ramp up production, it will help to meet the two million barrels production by the end of the year. There are enormous opportunities in the industry, and we boldly tell the world that Nigeria is ready for business.”
This strategic push aims to reinforce Nigeria’s position in the global oil market and accelerate the growth of its indigenous oil and gas sector.
