Rivers State Governor, Sir Siminalayi Fubara, has reaffirmed the mutual benefits the state stands to gain from investors like Oando Energy Resources Nigeria Ltd, which seeks to take advantage of the state’s investment-friendly environment.
The governor emphasized the state’s commitment to fostering an atmosphere conducive to achieving the company’s ambitious targets in the oil and gas sector.
Oando Energy Resources, a major player in the upstream sub-sector of the Oil and Gas Industry, aims to reach a production target of 100,000 barrels per day (BPD) over the next five years, along with producing 1.5 billion standard cubic feet of gas. These targets were at the heart of discussions during a meeting between Governor Fubara and a delegation from Oando Energy Resources, led by Managing Director Dr. Ainojie Alexander Irune, at Government House, Port Harcourt, on Wednesday.
Speaking after the closed-door meeting, Dr. Irune told reporters that while Oando’s targets are bold, their success depends heavily on maintaining a harmonious relationship between the company, the state government, and the host communities. He praised the peace and stability in Rivers State, which he said is critical for the company’s operations.
“We will continue to invest in the upstream sector, which brings us to the purpose of our visit. We have ambitions to deliver 100,000 BPD of crude oil and 1.5 billion cubic feet of gas over the next 4 to 5 years. However, we can only achieve this in a peaceful and stable environment,” Dr. Irune stated.
Oando Energy Resources operates from several Oil Mining Leases (OMLs) across Bayelsa, Imo, and Delta states but has made Rivers State, particularly Port Harcourt, its operational base.
Dr. Irune emphasized the importance of a stable business environment, noting that Oando’s smooth operations are due in part to the peaceful atmosphere in Rivers State.
Dr. Irune further commended the leadership of Governor Fubara, which he credited with fostering peace and stability, thus enabling business growth.
He acknowledged some challenges, particularly pipeline vandalism, but noted significant improvements in the security situation.
“As you know, Oando Energy Resources’ Port Harcourt base is located in Rivers State, and our smooth operations so far have been a function of a stable environment, stable communities, and the cooperation of government agencies,” Dr. Irune said.
He added that the company is committed to continuous investment in both its assets and the communities where it operates.
The Managing Director also highlighted the importance of engaging with local stakeholders, including host communities, in order to ensure the success of Oando’s business ventures. He noted that the recent transition of Agip’s assets to Oando, a fully indigenous company, has been met with pride by local communities.
Dr. Irune expressed optimism that the collaborative efforts between the state government, the company, and the communities would help reduce the incidents of unrest and create a more dignified and habitable ecosystem in the state.
“We believe that this is just the beginning of deeper cooperation between Oando Energy Resources and Rivers State as we work together to build a brighter future for all stakeholders,” he concluded.