The Group Chief Executive of Oando Plc, Adewale Tinubu, has stated that the oil company has over a billion barrels of oil reserves in Nigeria. This is even as he highlighted the immense prospects of indigenous energy companies taking over the divested assets by International Oil Companies (IOCs) in Nigeria.
Speaking at the WEF, the GCE, noted that Oando is set to adopt artificial intelligence, amongst other technologies, in its next drilling campaign. He pointed out that the company will use the AI to explore its over 1 billion barrels of oil reserves to strengthen decision-making and optimize costs in oil exploration.
Tinubu stated this at a meeting for the world leaders, top executives of the 1,000 foremost global companies, leaders of international organizations and relevant non-governmental organizations held in Davos, Switzerland last week. The executives gathered to deliberate on ways to move the planet forward at the prestigious World Economic Forum, WEF.
The strictly by-invitation event saw a Nigerian delegation, led by Vice President of Nigeria, Kashim Shettima. Also in the delegation were the Minister of Finance, Wale Edun, and Minister of Industry, Trade, and Investment, Jumoke Oduwole. Others included CEOs such as Tinubu, Group Chief Executive, Oando PLC, amongst others.
The annual meeting in Davos remains a global platform that is unmatched in engaging leaders from business, government, international organizations, academia, and civil society in peer-to-peer working sessions. It has been revealed that by coming together at the start of the year, world leaders can shape the future. This, they can do by joining the unparalleled global effort in co-design, co-creation and collaboration to make the world a better place.
Speaking on the Nigerian Energy sector, Tinubu emphasized that by combining robust working capital, advanced technologies, and the unique skills, capacity, and local acumen of these indigenous players, who now significantly control Nigeria’s onshore assets, the industry can unlock previously untapped potential.
As one of the first indigenous companies that successfully acquired an IOCs’ onshore assets, AGIP, Tinubu highlighted the importance of partnership and critical financing. He noted that this is not only extract value from these material reserves but also accelerate the rate of extraction.
“As a company, we have over a billion barrels of reserves. 300,000 barrels a day of oil processing capacity, and over 2 billion cubic feet a day of gas capacity. Effectively, the net present value of the oil we have in our facilities is well over $10 billion.” remarked Tinubu.
The GCE, therefore, stressed the critical role of Governments and regulators in maximizing value from the industry to address economic challenges. To improve the balance of trade, and attract greater foreign investment to Nigeria.
He said, “We need to increase our exports significantly to improve our balance of trade and strengthen the Naira.”
“The oil and gas industry offers the fastest path to achieving this, given our substantial reserves and existing infrastructure.”
In his contribution to the ongoing conversations about decarbonization, Tinubu reinforced the need for a just energy transition. He stated that Africa contributes a minuscule amount to global emissions, constituting about 20% of the global population. The GCE, however, expanded on the immediate steps Oando has incorporated to reduce its carbon footprint
He said, “We are actively working hard to ensure that every molecule of carbon we put into the environment is mitigated through the implementation of effective carbon capture techniques.”
source: Vanguard
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