Oando targets 100,000 barrels of oil per day amid global expansion plans

Timilehin Adejumobi -

Key Points

  • Oando Plc plans to increase crude oil production to 100,000 barrels per day and gas output to 1.5 billion standard cubic feet daily over five years.
  • The company is one of three finalists for the $15 billion Trinidad and Tobago petroleum refinery, highlighting its global expansion strategy.
  • Since rebranding in 2003, Oando Plc has become Nigeria's leading energy provider under Tinubu’s leadership, with operations across all energy sectors.

Oando Plc, an integrated energy solutions provider led by Nigerian oil magnate Wale Tinubu, has announced plans to ramp up its crude oil production to 100,000 barrels per day and increase gas output to 1.5 billion standard cubic feet daily within the next five years.

The announcement came during a meeting between Oando’s Managing Director, Ainojie Alexander Irune, and Rivers State Governor Siminialayi Fubara at the Government House in Port Harcourt. Irune highlighted the company’s focus on deepening regional investments while working closely with local governments and host communities.

Oando is one of three finalists in a competitive bidding process for Trinidad and Tobago’s $15 billion petroleum refinery, showcasing the company’s ambition to extend its reach beyond Nigeria and strengthen its international energy presence.

Collaboration key to growth

In a statement from Governor Fubara’s Chief Press Secretary, Nelson Chukwudi, Irune emphasized that a stable environment and local partnerships are essential for achieving Oando's ambitious production targets.

“We aim to produce 100,000 barrels of oil per day and 1.5 billion cubic feet of gas within the next four to five years,” Irune said. He pointed to strategic assets like Oil Mining Leases 60, 61, 62, and 63 as critical to this goal and reaffirmed the company’s commitment to host communities. Irune also expressed gratitude to the Rivers State governor for providing the necessary support to enhance Oando’s operations in the region.

Despite challenges such as pipeline vandalism, Irune noted progress in reducing disruptions through collaboration with local stakeholders. He added that the company’s shift toward acquiring full ownership of assets previously held by Eni Agip demonstrates a growing focus on indigenous investment in Nigeria’s energy sector.

Governor Fubara stressed the importance of companies like Oando in unlocking the region's economic potential. He praised the state’s favorable business climate and expressed confidence in Oando's continued investment in the region.

Strategic moves to strengthen market position

Under Wale Tinubu, who owns 66.67 percent of Oando through Ocean and Oil Development Partners (OODP), the company has grown into one of Nigeria’s foremost energy providers. Since its rebranding from Unipetrol in 2003, Oando has developed operations across the upstream, midstream, and downstream sectors.

Oando’s bid for the Trinidad and Tobago refinery comes amid its $783 million acquisition of the Nigeria Agip Oil Company (NOAC) from Italian energy firm Eni. These strategic moves underline the company’s efforts to enhance its market position both domestically and globally.

With a focus on expanding production capacity and building new partnerships, Oando aims to cement its role as a leader in the energy sector while capitalizing on new opportunities across borders.