OANDO TARGETS 100,000BOEPD WITH 62 NEW OIL WELLS

Oando Plc is targeting production of 100,000 barrels of oil equivalent per day as the company plans to drill 62 new oil wells to expand its upstream operations.

The planned drilling programme is expected to increase the company’s production capacity and strengthen its position in Nigeria’s oil and gas industry.

Oando said the investment forms part of its broader strategy to grow reserves, improve production, and maximise the value of its upstream assets.

The company’s plans come as Nigeria seeks to increase crude oil and gas production following years of output challenges caused by oil theft, pipeline vandalism, ageing infrastructure, and underinvestment.

Industry stakeholders said increased investment in new wells could support Nigeria’s efforts to raise production and improve government revenue and foreign exchange earnings.

Analysts noted that achieving the 100,000boepd target would depend on successful drilling operations, adequate funding, stable regulations, and improved security in oil-producing areas.

They also stressed the importance of efficient infrastructure for transporting crude and gas from production facilities to processing and export points.

Oando said it would continue to invest in technology and operational improvements to enhance recovery from its assets and strengthen production efficiency.

The company’s expansion plans are expected to create opportunities for local contractors and service providers while supporting employment across the oil and gas value chain.

Industry experts said sustained investment by indigenous operators could strengthen local participation in Nigeria’s upstream petroleum sector.

Oando reaffirmed its commitment to growing its production portfolio and contributing to the development of Nigeria’s oil and gas industry through increased investment and operational efficiency.