Oando becomes second largest indigenous oil producer

Oando Energy Resources the upstream arm  of Oando Nigeria  energy group  is already on the high way of becoming the second largest indigenous oil producing firm in Nigeria, after Seplat Petroleum development Company with the completion  of Conoco Philip deal. The consummation of the deal     had    positioned  it  as one   of the largest indigenous oil producer in Nigeria with the ability  produce 50,000 barrels per day from six producing fields .

Federal government   approval on the   acquisition of the assets of  ConocoPhillips (COP) Nigerian assets valued at $1.65 billion recently in Abuja  via Minister of Petroleum Mrs. Deziani  Allison –Madueke  had  ended apprehension and delay that surrounded the deal for several months .

The Group Chief Executive of  Oando  Mr. Wale Tinubu, who confirmed  Federal government consent of  the transaction in Lagos recently   expressed excitement  over the  matter.

“We are delighted to receive the approval of the  Minister of Petroleum Resources for the completion of our acquisition. It has been a long journey, wherein we kept faith with our strategy and executed every milestone diligently. This acquisition satisfies our criteria for assets in production, as well as excellent appraisal and exploration prospects. We will work hand in hand with the management team of ConocoPhillips to immediately complete the acquisition.”he noted.

Daily independent gathered that Ministerial consent is the mandatory final approval of all oil and gas acquisitions  as required by the Petroleum Act of 1969 which states that “ consent of the Minister of Petroleum Resources is obtained before the assignment of any right, power or interest in an oil prospecting license or oil mining lease.

The firm  has been a beacon of Nigeria’s local content law which seeks to increase indigenous participation in the oil and gas industry. Oando Exploration & Production Limited (OEPL)- First indigenous oil and gas company with participatory interest in producing deep offshore assets Oando Energy Services (OES) – Nigeria’s largest indigenous rig services providerOando Energy Resources (OER) – Oando Energy Resources (OER) an Affiliate company of Oando PLC is the new trading name of Exile Resources Inc (Exile) post the acquisition of certain shareholding interests in Oando PLC’’s upstream subsidiary in respect of Oil Mining Leases (“OMLs”) and Oil Prospecting Licenses (“OPLs”).