Oredola Adeola

It has been a year since Oando Plc assumed operatorship of the Nigerian Agip Oil Company Joint Venture (NAOC JV) following its landmark acquisition of a 100 percent shareholding interest in NAOC from Eni on August 22, 2024.

Since taking over, Oando has consolidated operations across the asset base, with current net entitlements from the NAOC JV standing at approximately 45,000 barrels of oil equivalent per day (boepd).

Beyond the numbers, the company notes that the real engine behind its progress lies in its people.

According to the company, this human capital strength has not only sustained production but also enhanced efficiencies across the JV’s operations.

Ainojie ‘Alex’ Irune, Executive Director of Oando Plc and Managing Director of Oando Energy Resources (OER), in a statement obtained by Advisors Reports, reflected on the milestone, attributing the success to the resilience and dedication of #HumansofOando.

According to him, “In reflecting on this milestone, it is tempting to focus on the operational achievements – doubling production, embedding new systems, and driving greater efficiency.

He said, “But what truly defines this past year is not captured in numbers; it is the people.  Many of us have been on this journey together for over a decade.

“From the first wave of IOC divestments between 2010 and 2015, when we acquired ConocoPhillips’ stake in this JV, through the oil price crash that shook the industry, to the turbulent restructuring years when our very survival was tested, and finally to the three years of negotiations that preceded this transaction; our people carried us through every stage.

“By the time the deal was concluded last year, many of us were understandably drained. Yet, in true Oando spirit, the same team that had poured so much into reaching the finish line somehow found the strength to go further.

“To welcome the legacy NAOC team, to integrate cultures and processes, and to begin building new structures and new ways of working.

“In doing so, we have created an organisation that is more resilient, more united, and more ambitious than ever, while remaining anchored by the spirit of audacity that defines us.

“One year on, I celebrate every past and present #HumanofOando who made this possible – who stayed the course when it seemed impossible, who leaned on one another when the road grew tough, who chose perseverance over doubt and collaboration over competition.

“I’m also grateful to our partners and stakeholders who believed in our vision and stood with us throughout this journey.

“To the #HumansofOando: thank you. You are the real story of this new chapter, and the foundation on which we will build even greater things. The road ahead is long, but nothing worthwhile comes easy.

“If the past year has proven anything, it is that together, there is nothing we cannot achieve,” Irune, MD, Oando Energy Resources (OER) stated.  

Advisors Reports’ check showed that Oando’s $783 million acquisition of Nigerian Agip Oil Company (NAOC) from Eni in mid-2024 doubled its participating interests in OMLs 60, 61, 62, and 63 from 20% to 40%, significantly increasing its total reserves by 98% from 505.6 million barrels of oil equivalent (boe) to about 1 billion boe.

The deal also boosted Oando’s upstream capacity, with peak operated production reaching over 103,000 boepd and net entitlements of 45,000 boepd in 2024.

Following the acquisition, Oando recorded strong production growth.

In the first half of 2025, the upstream business achieved a 63% year-on-year increase in volumes, averaging 37,012 boepd, with crude oil output up 77% and gas volumes up 54%.

The consolidation of NAOC’s asset base, coupled with operational improvements, drove this performance.

Financially, Oando posted a 45% rise in revenue to ₦4.1 trillion and a 9% increase in profit after tax to ₦65.5 billion in 2024, supported by the integration of NAOC.

The acquisition also expanded its portfolio with vital infrastructure assets, oil and gas fields, production stations, pipelines, gas plants, and power plants, strengthening Oando’s position in Nigeria’s oil and gas sector.