What friendly business climate in Rivers can do for investors – Fubara

…As Oando targets 100,000bpd, sets up headquarters in Port Harcourt for four oil wells in three states

Signs of what a peaceful and friendly environment in Rivers State can do for the state and to businesses emerged in the week when an oil company settled for Port Harcourt as its operating capital.

This has excited Governor Sim Fubara who has harped on the numerous benefits to both the state and to investors. He named investors like the Oando Energy Resources Nigeria Ltd, who he said were willing to take advantage of the prevailing investment-friendly climate to achieve its business dreams.

Part of the business dream of Oando Energy Resources Nigeria Ltd include sustaining investment in the upstream sub-sector of the oil and gas industry with the target of delivering 100,000 barrels per day production over the next five years plus, in addition to 1.5 billion standard cubic feet of gas.

This was part of the focused areas of discussion that Governor Fubara had with the delegation of Oando Energy Resources management, led by its Managing Director, Ainojie Alexander Irune (PhD), at Government House in Port Harcourt on Wednesday.

Irune, who spoke to newsmen after the closed door meeting, said while they have set out ambitious targets, without a harmonious relationship between the firm, the state government and host communities, such business dreams will be difficult to actualise.

He said: “We will continue to invest in the upstream, which brings us to the conversation of why we are here. We have ambitions to deliver a 100,000 barrels per day production target over the next four to five years, and over 1.5 billion standard cubic feet of gas.

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“We can only do that in harmony. We can’t do it in a chaotic environment. And we have chosen this state as our base whilst we produce from three other states of Bayelsa, Imo and Delta.

“And these assets span Oil Mining Leases (OMLs) 60, 61, 62 and 63 in all of these states. So, we plan continuous investment, but our priority for investment must be not just in the assets but also in the communities that these assets operate.”

Irune explained that Rivers State, particularly Port Harcourt, is their main base of operation, adding that they are delighted with the meeting they have had with the Governor as a mark of respect to their chief host.

The Oando MD noted that with the untiring leadership provided by Gov Fubara, there is prevailing peace that has contributed immensely to business stability.

Irune said: “As you know; Oando Energy Resources, Port Harcourt Base, is located in this State, and our smooth operations, so far, has been a function of a stable environment, a stable community, and the ability for us to carry out our day-to-day operations within this community.

“So, we are here to pay that courtesy visit and thank the Governor for the continued support that he has given to the company.

“We believe that the operating environment has been relatively improving. We see some unrest in some areas, especially as it relates the issue of pipeline vandalism, but we see significant improvement.”

Irune stated that they have continued to engage with all relevant stakeholders, including the host communities, who must be carried along on their business journey towards achieving success.

He noted the level of transformation the company wants to create in their determination of contribute to fostering more habitable and more dignifying ecosystem.

He added, “And, I believe that this will be the first step to reducing the level of destruction that we see. Overall, there is a peaceful Rivers State, a peaceful environment.

“The government agencies are very cooperative and our local communities are, so far, being extremely welcoming, and have shown a lot of pride in the transitioning into indigenous hands of the formally known Eni Agip held assets to a local company, Oando Energy Resources, to invest in the country,” he added.