Why Nigeria Must Increase Oil Production to Avoid Bankruptcy.

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Nigeria must continue to increase it’s oil production in a safe and sustainable way, according to Oando Plc. The Managing Director of Oando Energy Resources, Ainojie ‘Alex’ Irune, made this statement at the 8th Nigeria International Energy Summit (NILES) in Abuja. The summit’s theme was “Bridging Continents, Connecting Investors Worldwide with Africa’s Energy Potential.”

Irune emphasized that Nigeria’s oil production must be increased to avoid bankruptcy. “As a country, when we hit the lows of a million barrels, 700 was what I had, but a million is what we say pretty much was our lowest point. I think at that point, everyone realized we were on our way to bankruptcy as a country.”

He noted that there is now a true alignment of purpose among stakeholders, including regulators, International Oil Companies (IOCs), and local indigenous companies. “Now, of course, we’re not getting everything right, and there’s still a journey to walk on that piece, but what I see is that we’re all aligned in the fact that we need to work together.”

Irune stressed the importance of collaboration in the oil industry. “The idea that our crude, gas, or any of our commodities will not make it to the sell point is sacrilegious. So, you see the security forces, IOCs, regulators, and local companies building the capacity to tackle these problems, and we can only do it together.

He also highlighted the need for a collaborative approach to ensure the success of the oil industry. “When I go out to look for a rig, I’m thinking about how we can do it collaboratively. When we’re thinking about terminals and infrastructure, how can we share?”

Irune emphasized that Oando is committed to optimizing its operations to improve production. “We optimize the base, which is to improve every single molecule behind the pipe and get it flowing through our local engagements, working with the security forces, and ensuring that we have sustained flow.”

He noted that the company has a lean approach to project execution, which involves planning and engaging with stakeholders. “We have a very clear idea of what we’re going to do over the next five years. We’re planning for what we’re going to do over the next three years.”

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Irune stressed the importance of urgency in the oil industry. “As a country, we certainly don’t have the runway not to hit those barrel targets that we’ve set ourselves. So, for us, everything is relatively urgent.”

He also emphasized the importance of engagement with host communities. “The host communities play a big part in our ability to deliver. That engagement has to be robust, true, and focused on improving the current state.”

Irune concluded by emphasizing the importance of the oil industry’s role in Nigeria’s future. “The time has started. I think the industry’s clock has just been reset. We truly hold the future of this country in our hands, the future of any forms of divestment, and truly prosperity for Nigerians.”

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