Indigenous Oil Companies Targets 100,000 bopd From IOC’s Divestment

Some indigenous oil and gas companies are looking at producing between 90,000 and 100,000 barrels of oil per day (bopd)in five years time as stated by the Group Managing Director (GMD), Obijackson Group and Chairman of Neconde Energy, Dr Ernest Azudialu-Obiejesi, according to reports by The Nations.

The Obijackson Group is a leading brand with interests spanning oil and gas, maritime, telecommunication, aviation, health, and electricity. The group owns Nestoil and Neconde Energy, the operator oil mining lease (OML) 42, which has a joint venture with the Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).

Azudialu-Obiejesi said indigenous oil firms, such as Seplat, Neconde, Nestoil and Oando are producing between 30,000 and 70,000 barrels of oil per day, adding that the firms are aiming at 100,000bpd and ultimately becoming big players in the industry.

Furthermore he said that when this happens, the indigenous operators would find it easier to go into other African countries, such as Ghana, Kenya and Angola, to buy oil fields and develop them. Azudialu-Obiejesi said the development could also place indigenous oil firms in vantage position to become oil majors.

He added that with the foreign-owned oil firms for offshore, the coast is clear for indigenous firms to increase their oil production, and further invest in other parts of Africa.