Nigeria's Oando acquires deepwater blocks from Agip
Oando, Nigeria's integrated energy solutions provider, has paid $ 197 mm to ENI unit Agip for a 15 % stake in Oil
Mining Licenses 125 and 134, the company's head of corporate communications said.
Niyi Olowola said that OML-125 currently produces approximately 20,000 barrels of oil a day from the Abo field, which
is expected to double production to 40,000 bpd later this year as a result of a recent drilling campaign.
OML-134 still in exploration phase, but oil has been found and an appraisal well is being drilled.
The acquisition comes a week after Oando acquired a 30 % stake in the Akepo oilfield and is "a further attestation to
its resolve to acquire active near-term production assets in its rapidly growing oil and gas portfolio," Olowola
said.
Wale Tinubu, Oando's group chief executive said the move is a "significant milestone for Oando as we officially join
the league of companies with interests in deep offshore producing assets," the first Nigerian company to do so.
"This acquisition will contribute to our strategic target of 100,000 (barrels of oil a day) by 2012, as we continue
to explore opportunities to build a robust portfolio of oil and gas properties."
