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

Fashola moves to enforce proper truck parking in Apapa

Governor Babatunde Fashola raised a ray of hope yesterday for the once pristine neighbourhood of Apapa which has been under an unending siege by tanker drivers, with a promise to whip the lawless drivers into line at the expiration of a week deadline.

Officers of  the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) who met with the governor while he was visiting Apapa pleaded for time to change their ways and Fashola gave a one week notice during which he said he expected to see full compliance by the vehicle drivers, failing which