Oando Targets 100,000 Barrels Per Day Crude Oil, 5bn Cubic Feet Gas In Rivers

Oando Energy Resources Nigeria Limited is targeting to produce 100,000 barrels of crude oil and five billion cubic feet of gas in three states in the Niger Delta.
This was disclosed in Port Harcourt on Wednesday by the Managing Director of Oando Energy Resources, Dr Ainojie Alexander Irune, when he led a delegation of the company on a courtesy call on the Governor of Rivers State, Mr. Siminalayi Fubara at Government House.
Dr Irune, who spoke to newsmen after the closed door meeting with the governor, said while they have set out ambitious targets, it was important for the company to have a harmonious relationship with the state government and host communities.
He said, “We will continue to invest in the upstream, which brings us to the conversation of why we are here. We have ambitions to deliver a 100,000 barrels per day production target over the next 4 to 5 years, and over 1.5 billion standard cubic feet of gas.
“We can only do that in harmony. We can’t do it in a chaotic environment. And we have chosen this state as our base whilst we produce from three other states of Bayelsa, Imo and Delta.
“And these assets span Oil Mining Leases (OMLs) 60, 61, 62 and 63 in all of these states. So, we plan continuous investment, but our priority for investment must be not just in the assets but also in the communities that these assets operate.”
Dr Irune said because Rivers State, particularly Port Harcourt, was the main base of the company’s operations, they had come to hold fruitful discussions with the Governor, and expressed satisfaction that the prevailing peace in the state has contributed to business stability for them.
He said, “As you know; Oando Energy Resources, Port Harcourt Base, is located in this State, and our smooth operations, so far, has been a function of a stable environment, a stable community, and the ability for us to carry out our day-to-day operations within this community.
“So, we are here to pay that courtesy visit and thank the Governor for the continued support that he has given to the company.
“We believe that the operating environment has been relatively improving. We see some unrest in some areas, especially as it relates the issue of pipeline vandalism, but we see significant improvement.”
Lamenting the level of environmental destruction that had taken place in the region, Dr. Irune said, “I believe that this will be the first step to reducing the level of destruction that we see. Overall, there is a peaceful Rivers State, a peaceful environment.
“The government agencies are very cooperative and our local communities are, so far, being extremely welcoming, and have shown a lot of pride in the transitioning into indigenous hands of the formally known Eni Agip held assets to a local company, Oando Energy Resources, to invest in the country,” he added.
Before they went into the closed door meeting, Governor Fubara had spoken about benefits the state should derive from investors like the Oando that were willing to take advantage of the prevailing investment-friendly climate in the state.
Part of the business dream of Oando Energy Resources Nigeria Ltd, include sustaining investment in the upstream sub-sector of the oil and gas industry with the target of delivering 100,000 barrels per day production over the next five years plus, in addition to 1.5 billion standard cubic feet of gas.
The Chief Press to the Governor, Mr. Nelson Chukwu said, the mutual benefits between the state and the company said the focus areas of discussion between the governor and the delegation from Oando Energy Resources management.