Oando to Boost Nigerian Assets

24 November 2009 (Last Updated November 24th, 2009 18:30)

Nigerian oil company Oando said it will start production at two upstream assets in the next two quarters to boost oil output and help the country increase its oil and gas reserves. Oando is enhancing its oil and gas portfolio to help achieve its 2013 target of 100,000bpd of oil producti

Nigerian oil company Oando said it will start production at two upstream assets in the next two quarters to boost oil output and help the country increase its oil and gas reserves.

Oando is enhancing its oil and gas portfolio to help achieve its 2013 target of 100,000bpd of oil production.

Oando said it expects oil mining lease 90 and 56 to boost its financial position.

The company is also close to finalising the $21.2m acquisition of a controlling stake in oil and gas exploration company Equator Exploration.

For the quarter ending 30 September, Oando's gross profit declined to $111m compared with $138.7m recorded in the same period in 2008, while turnover dropped to $2.3bn compared with $2.7bn in the same period last year.