Reuters reports Oando Plc plans to increase its oil production capacity to 100,000 barrels per day over the next five years after completing the acquisition of ConocoPhillips’ Nigerian assets for $1.5 billion in July.
Oando Chief Executive Wale Tinubu said in a statement on Tuesday that production capacity was currently 42,500 bpd and that the company would grow through future acquisitions as it seeks to increase market share in Africa’s top oil exporter.
My sources suggest the company is looking at acquiring some more assets over the next few years and spinning off downstream assets that have over the years posted lower margings.
Reuters/Nairametrics
