Oando Boosts Oil Production to 30,000 bpd Following Agip Acquisition

Oando Plc has significantly increased its oil production capacity to 30,000 barrels per day (bpd) following the acquisition of Agip’s Nigerian oil assets. The strategic move marks a major milestone for the indigenous energy company, reinforcing its position as a key player in Nigeria’s upstream sector.

The acquisition includes key oilfields and infrastructure that have bolstered Oando’s production portfolio. According to company officials, the increased output aligns with its long-term growth strategy and commitment to enhancing Nigeria’s energy security. “This acquisition is a game-changer for Oando, allowing us to double down on our production capabilities and deliver greater value to our stakeholders,” said the company’s CEO.

Industry analysts have lauded the acquisition as a positive development for the Nigerian oil and gas sector, noting that it underscores the growing capacity of local firms to take on substantial operations previously dominated by international oil companies. The deal is also expected to contribute to the government’s goal of increasing indigenous participation in the industry.

Beyond boosting production, Oando has expressed plans to leverage its expanded asset base to explore new opportunities in energy transition, including investments in natural gas and renewable energy projects. The company reaffirmed its commitment to adhering to global environmental, social, and governance (ESG) standards while maximizing the value of its newly acquired assets.

This development positions Oando for greater competitiveness in both the domestic and international markets, reflecting the increasing prominence of Nigerian-owned firms in shaping the future of the country’s oil and gas industry.