Oando oil production hits 55,000b/d

Oando personnel working a rig.

Oando personnel working a rig.

*Boosted by assets purchased from ConocoPhillips

18 March 2015, Abuja –
Oando Tuesday said it is currently producing  55,000 barrels per day of crude oil boosted by output from assets purchased from US firm, ConocoPhillips.”Our oil production today stands at 55,000 b/d, and 80% of this output comes from assets we bought from ConocoPhillips,” Oando CEO Wale Tinubu, disclosed on the sidelines of an industry conference in Abuja.

Oando remained on course to achieve its five-year production target
of 100,000 b/d, Tinubu said.

Oando is hoping for significant increase in output from the Qua Iboe field, like in its Ebendo field, where production has risen to over 7,500 b/d from 900 b/d, “through the identification and drilling of new reservoirs in the field.” Durotoye said.

Oando, listed on the Lagos, Johannesburg and Toronto Stock Exchanges, last year completed the takeover ConocoPhillips’ four Niger Delta onshore oil blocks — OMLs 60, 61, 62, and 63, and offshore oil blocks OML 145 and OML 131, for a total cost of $1.65 billion.

The company said February 9 it had begun commercial production from its Qua Iboe River marginal field in the eastern Niger Delta, with output at of 2,150 boe/d.

Meanwhile, Nigeria expects indigenous producers to account for about 30% of the country’s over 2 million b/d crude oil production over the next five years, industry monitors Department of Petroleum Resources or DPR said Tuesday.

“With the success recorded in the marginal field awards since 2003, oil production from indigenous operators has risen to about 12%. The target is to raise this to 30% over the next five years,” Head of the DPR a George Osahon told delegates at the conference.

Foreign oil firms including Shell, ExconMobil and Chevron, account for around 90% of Nigeria’s oil production.

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