Nigeria's integrated energy company Oando said that it had produced about 730,000 barrels of crude oil from the Abo field following its acquisition of a 15% stake in Agip's oil mining lease in January.
Oil block OML 125 produces about 32,000 barrels a day from the Abo field with a potential revenue of about $49m, according to AllAfrica.com.
Oando acquired a 15% stake in oil blocks OML 125 and 134 from Agip for $197m to become the first Nigerian company to participate in producing a deep offshore oil block.
Group chief executive of Oando Wale Tinubu told AllAfrica that company shareholders “will no doubt be excited by our ability to extract value at every point along the energy value” and that the “diversified earnings platform guarantees sustainable growth, profitability and viability irrespective of market volatility".
The company said that it would continue to explore such opportunities to reach the target of 100,000 barrels per day by 2013.