With Oando, FG targets 2mbpd by December 2024 

The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri has said that the federal government is targeting 2 million barrels per day by December 2024.

Lokpobiri, stated this during a working visit by Oando Energy Resources Nigeria Ltd., led its Group Managing Director/CEO, Ainojie Alex Irune in his office Thursday in Abuja. 

According to the minister, the increase will drive the country’s quest to change the present economic situation. 

Lokpobiri added that the initiative by Oando is a game changer that will rapidly increase in production.

He said Nigerians will be more excited to see the industry growing beyond imagination.

He said, “I pray it will work with all stakeholders to do things differently to show what you can do. But the surest way for us to get out of our current economic problems, is to increase production. 

“Our target is to hit at least two million barrels production by December. I am excited to hear that Oando has increased production.

“Speaking of your local content, as a government we will support you to ensure that you succeed for Nigeria to benefit from the initiative. We will support as a nation diverstement to happen from time to time. It is best practice for them to invest and diverse in different countries from time to time.

“It is impressive to know that you have increased production following the successful acquisition from above twenty thousand (20,000) to above thirty thousand (30,000).

“That is what I am saying, that Oando can do it. We are looking forward to where you can do a 100, 000. My job as a minister is to ensure that I do anything humanly possible to create the best environment for OANDO and other companies operating in the Niger-Delta region to increase production which we seriously need now,” he further stated.

The minister commended the company for the stride it is making in the capital market.

“We want to see how OANDO will hit 1,000 naira in the stock markets. And all that can happen if you continue to increase production and grow from strength to strength,” he said. 

Earlier, Irune, said the company is the first indigenous company to acquire two International Oil Companies (IOCs) in its short time of operation.. 

“In everything we do, we have sought to put the local content forward and inspire Nigerians to show we can do it.

“IOCs, isn’t a concept reserved only for companies from the West, the far East and the likes. We can breed and create our own IOCs with sizeable balance sheets which creates a portfolio that can compete with the likes of the anchors of the world, the Shell Chevron and so on.