Oando to Double Oil Output to 100,000bpd over Five Years

An indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchanges, Oando Plc, plans to increase its crude oil production capacity to 100,000 barrels per day over the next five years after completing the acquisition of ConocoPhillips’ (COP) Nigerian assets for $1.65 billion in July.

This is coming as Seven Energy International Limited, an indigenous integrated oil and gas development, production and distribution company with interests in Nigeria, and the Nigerian Sovereign Investment Authority (NSIA), better known as the Sovereign Wealth Fund (SWF), yesterday announced a $100 million investment deal.

The Chief Executive Officer of Oando Plc, Mr. Wale Tinubu, said in a statement yesterday that his company’s production capacity was currently 42,500 bpd and that the company would grow through future acquisitions as it seeks to increase market share in Nigeria.

Oando had completed the acquisition of

Oando converts $218.9 million debt to Canadian unit to equity

Oando Plc has converted a $218.9 million loan to its Toronto-listed unit Oando Energy Resources (OER) to equity, to increase its stake in the subsidiary by 1.6 percent to 93.6 percent, it said on Thursday.

Oando said the debt is part of a $1.2 billion facility it approved for its subsidiary in February to help finance the acquisition of ConocoPhillips Nigerian assets.

The oil firm secured Nigerian government approvals last month to complete the deal which it had agreed last year with ConocoPhillips but