Oando poised for ‘aggressive drilling programme’, says CEO Wale Tinubu
Oando, a major indigenous energy operator in Nigeria, says it will execute “aggressive drilling programme” to boost its oil and gas production.
Wale Tinubu, its group chief executive, said in an earnings release Friday that “2024 was a year of transformation for Oando”, adding that the key highlight was the successful acquisition and subsequent integration of Nigerian Agip Oil Company (NAOC).
He said the deal “significantly enhanced our production capacity, attaining peak operated production of 103,206 boepd and net entitlements of 45,000 boepd”.
“Despite a challenging operating environment, we achieved a 45% increase in revenue to ₦4.1 trillion, reflecting the strength of our business model, and a 9% rise in profit after tax to ₦65.5 billion, notwithstanding the costs associated with the onboarding of NAOC,” he said.
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The company’s priority in 2025 will be to drive cost optimisation, operational efficiency, streamline processes, enhance procurement, and leverage technology to improve productivity across its operations, according to Tinubu.
He said: “In parallel, we will intensify efforts to boost production through the dual approach of rig-less and workover initiatives while executing an aggressive drilling program across three rig lines. Simultaneously, in collaboration with other stakeholders, we are proactively tackling above-ground security challenges by implementing a revamped security framework that integrates advanced surveillance technology and intelligence-driven initiatives to curb the perennial, unnecessary, and unjustifiable theft of oil to ensure the long-term integrity of our vast network.
“As we look ahead to an exciting and successful 2025, we recognize that achieving our goals requires the unwavering support of our host communities and partners. Through extensive engagement, we will foster a collaborative ecosystem that not only secures our operations but also drives shared prosperity and sustainable development for all.”
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