Oando Plc, is planning oil production increase with a 25 per cent target rise by 2019. This plan is coming as the company recently emerged from a $2.5 billion debt burden built up through the 2014 acquisition of oil and gas assets from U.S. giant, ConocoPhillips.
Wale Tinubu, Group Chief Executive Officer (GCEO), who announced this on the sidelines of an Energy Summit in Abu Dhabi, noted that the ambitious target will take the company’s production to 50,000 barrels daily from 40,000 in the space of a year.
He also added that the company targets an increase of 50,000 barrels daily over the next three years, at which point the company’s total production would more than double from current levels to 90,000 barrels daily. The Group CEO says he also expects further downward pressure on crude oil prices.
Source: Oriental News