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Oando to invest N62.5bn in drilling business
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Wale Tinubu, group chief executive, Oando plc, stated this yesterday in Lagos.
He disclosed that the company had already acquired two swamp rigs for upstream operations in the Niger Delta, as part of the expansion of its services to operating companies in the country.
According to him, the rigs, Searex 6 and Searex 12, with a water depth rating of 25 feet and a drilling depth of 22, 000 feet, cost the company over N12 billion.
Tinubu said the rigs would be managed by Oando Energy Services, in partnership with Frazimex, an indigenous company, with technical assistance provided by Transocean International.
The Oando boss also hinted that the rigs, which are undergoing refurbishment, would be operational by the end of March this year.
“The acquisition of Swamp Rigs by Oando Energy Services highlights our intent to become the Number One oilfield services company in Nigeria.
The rigs once operational will significantly increase the company’s financial contribution to the Oando Group, thereby considerably contributing to increased shareholder returns diversification into the upstream local market.
Our plan is to invest additional $100 million in rigs acquisition during the year. This development further emphasizes our shift to become a fully integrated energy solutions provider,” he said.
In his remark, Uche Dimiri, managing director, Oando Energy Services, stated that the company had sourced for experienced personnel, who would man the rigs.
According to him, each rig can accommodate 100 personnel.
He assured the company’s shareholders that the company target a turnover of $46 million from the rigs in 2008, while the drilling fluid business would grow by 40 percent during the same period.
On the company’s gas business, the energy boss stated that the company had spent $23 million in Lagos gas expansion programme, while the eastern gas system would gulp $60 million.
The company he said had over 70 customers in Lagos, with Dangote Companies alone paying N250 million yearly for their gas consumption.
He maintained that the company target a yearly revenue of N40 billion each from gas in Lagos and the east, respectively.
Dondo Ahire, chief operating officer, Oando Energy Services also unveiled the company’s future plans.
According to him, the company will continue to grow its existing product lines profitably.
The company he said intends to go into shallow water business, adding that it has been involved in community-related projects to mitigate the impact of the Niger Delta crisis in its operations.
He noted that the crisis was factored into the company’s business plans.
He disclosed that the company had already acquired two swamp rigs for upstream operations in the Niger Delta, as part of the expansion of its services to operating companies in the country.
According to him, the rigs, Searex 6 and Searex 12, with a water depth rating of 25 feet and a drilling depth of 22, 000 feet, cost the company over N12 billion.
Tinubu said the rigs would be managed by Oando Energy Services, in partnership with Frazimex, an indigenous company, with technical assistance provided by Transocean International.
The Oando boss also hinted that the rigs, which are undergoing refurbishment, would be operational by the end of March this year.
“The acquisition of Swamp Rigs by Oando Energy Services highlights our intent to become the Number One oilfield services company in Nigeria.
The rigs once operational will significantly increase the company’s financial contribution to the Oando Group, thereby considerably contributing to increased shareholder returns diversification into the upstream local market.
Our plan is to invest additional $100 million in rigs acquisition during the year. This development further emphasizes our shift to become a fully integrated energy solutions provider,” he said.
In his remark, Uche Dimiri, managing director, Oando Energy Services, stated that the company had sourced for experienced personnel, who would man the rigs.
According to him, each rig can accommodate 100 personnel.
He assured the company’s shareholders that the company target a turnover of $46 million from the rigs in 2008, while the drilling fluid business would grow by 40 percent during the same period.
On the company’s gas business, the energy boss stated that the company had spent $23 million in Lagos gas expansion programme, while the eastern gas system would gulp $60 million.
The company he said had over 70 customers in Lagos, with Dangote Companies alone paying N250 million yearly for their gas consumption.
He maintained that the company target a yearly revenue of N40 billion each from gas in Lagos and the east, respectively.
Dondo Ahire, chief operating officer, Oando Energy Services also unveiled the company’s future plans.
According to him, the company will continue to grow its existing product lines profitably.
The company he said intends to go into shallow water business, adding that it has been involved in community-related projects to mitigate the impact of the Niger Delta crisis in its operations.
He noted that the crisis was factored into the company’s business plans.
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