The Federal Government has advised Nigerian multinational oil company, Oando Energy Limited to key into the administration’s effort to ramp up crude oil production to 2 million barrels per day (bpd).
Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, gave the advice on Thursday during his meeting with a delegation from Oando, led by its Managing Director, Dr. Ainojie Irune.
He disclosed that Oando has increased production to above 30,000bpd since the successful acquisition of Nigerian Agip Oil Company (NAOC).
Senator Lokpobiri said with the administration’s support, the Oando Energy would increase production that would meet the Federal Government’s target of 2mbpd by the end of this year.
“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,’’ Lokpobiri said.
He contended that indigenous companies such as Oando, Seplat, First E&P, and others had grown capacity to measure up the International Oil Companies (IOCs).
“And I’ve also been asked at the global stage whether the indigenous companies have capacity to be able to sustain the running of these companies. What is going to be the future of Nigeria?
“I said we have no problem at all, that we have grown in enormous capacity, and that the companies that are seeking to acquire these IOCs will run them professionally and profitably,’’ the Minister said.
He urged foreign investors to take advantage of the enormous opportunities in the upstream, midstream, and downstream sectors of the economy, and invest.
Speaking earlier, Oando MD, Irune said, the visit was to intimate the minister that it had concluded the transaction and highlight some of the achievements so far made.
He assured Oando’s commitment to improving the assets management; tackling local problems of host communities and insecurity, and contributing to the overall production ambitions of the country.
He thanked the minister for his steadfast support and commitment to the growth of not just indigenous companies within the oil and gas industry, but the industry as a whole.
