Tinubu to discuss Oando’s  role as leading oil explorer following acquisition of Eni Onshore

Admin I Monday, July 22, 2024

 

CAPE TOWN, South Africa –  Following its milestone acquisition of Italian multinational Eni’s onshore assets in Nigeria, Oando CEO Adewale Tinubu will discuss the company’s role as a leading indigenous explorer at the MSGBC Oil, Gas & Power 2024 conference in Dakar this December.

Earlier this month, Oando completed its acquisition of Eni subsidiary Nigerian Agip Oil Company – which holds interests in onshore OMLs 60, 61, 62 and 63, as well as the Brass LNG terminal – transforming the company into one of Nigeria’s largest oil producers and doubling its reserves to 996 million barrels of oil equivalent. Prior to the acquisition, the company’s upstream subsidiary Oando Energy Resources held assets on- and offshore in Nigeria and the Exclusive Economic Zone of São Tomé and Príncipe, with a portfolio encompassing 14 licenses in exploration, development and production of oil and gas concessions.

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Amid global energy transition pressures, Oando has advocated for the sustainable extraction of Nigeria’s 37 billion barrels of crude oil and more than 200 trillion cubic feet of natural gas to drive socioeconomic development and industrialization. At MSGBC Oil, Gas & Power 2024, Tinubu is expected to discuss Oando’s latest acquisition and investment strategy, with a focus on integrating just transition principles and technologies and ensuring local value creation. This perspective is particularly relevant for Senegal and Mauritania, which anticipate first gas production from the Grande Tortue Ahmeyim offshore field later this year and seek to balance resource development with sustainable growth.

Additionally, Tinubu will emphasize the importance of local content in Oando’s operations, showcasing the company’s commitment to building local expertise, creating jobs and ensuring that economic benefits are retained within the region. With a diverse asset portfolio, Oando exemplifies local capacity building and has evolved into one of the leading indigenous operators on the continent, leveraging the recent wave of IOC divestitures to play a more dominant role in Nigeria’s upstream sector.

“MSGBC Oil, Gas & Power 2024 provides Oando with the platform to showcase its investment strategy – including its historic acquisition of Eni’s onshore Nigerian portfolio – as a leading African indigenous explorer. We welcome Adewale Tinubu in opening up dialogue and promoting a collaborative, cross-border approach to harnessing extractive resources, sharing best practices and achieving long-term energy security within the region,” said Sandra Jeque,  Event & Project Director at Energy Capital & Power.