Oando Energy’s Nigerian prospects bright
From EMEKA OKONKWO in Abuja, Nigeria
ABUJA, (CAJ News) – OANDO Energy Resources (OER) a company focused on oil and gas exploration and production in Nigeria and the Gulf of Guinea, is upbeat at its prospects in the West African country.
The United States headquartered company’s local operations are poised to the recent transaction by its subsidiary, Equator Exploration, relating to its blocks in the Exclusive Economic Zone of the Democratic Republic of Sao Tome and Principe, announced on Tuesday night.
The financial aspect was not disclosed.
Pade Durotoye, Chief Executive Officer of OER, said the intention was to keep growing their business, and this farmout transaction will bolster the achievement of their organic growth quota.
“We are committed to creating value by focused exploration and development of key assets regionally. The partnership enables us to focus our resources on high potential opportunities, whilst at the same time maximizing profitable production of our Nigerian assets.”
OER currently has a broad suite of producing, development and exploration assets in the Gulf of Guinea, predominantly in Nigeria.
Block 5, which Equator Exploration has invested in, has an area of 2 844km2 in water depths ranging from 2 000 m to 2 500 m.
– CAJ News
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