We have over 1bn barrels of oil reserves – Oando Group CEO
Group CEO of Oando, Wale Tinubu at the recently concluded World Economic Forum (WEF) unveiled plans of how Oando is set to adopt artificial intelligence, amongst other technologies, in its next drilling campaign to explore its over 1 billion barrels of oil reserves to strengthen decision-making and optimizes costs in oil exploration. “In a drilling […]
Group CEO of Oando, Wale Tinubu at the recently concluded World Economic Forum (WEF) unveiled plans of how Oando is set to adopt artificial intelligence, amongst other technologies, in its next drilling campaign to explore its over 1 billion barrels of oil reserves to strengthen decision-making and optimizes costs in oil exploration.
“In a drilling operation, we have to make crucial decisions which have a high impact on costs,” Tinubu stated.
“AI will allow us to analyze vast amounts of data, including decades of seismic technology and drilling experience, to identify the most optimal solutions,” he added.
World leaders, top executives of the 1,000 foremost global companies, leaders of international organizations and relevant non-governmental organizations gathered in Davos, Switzerland last week for the forum to deliberate on ways to move the planet forward at the prestigious World Economic Forum.
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Themed: “Collaboration for the Intelligent Age,” the 2025 annual convening of investors, business leaders, political leaders, and economists focused on driving conversations that addressed geopolitical shocks, stimulating growth to improve living standards, and fostering a just and inclusive energy transition.
Speaking on the Nigerian Energy sector, Wale Tinubu highlighted the immense prospects of indigenous energy companies taking over the divested assets by International Oil Companies (IOCs) in Nigeria.
Tinubu emphasised 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 to 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,” Tinubu said.
He stressed the critical role of Governments and regulators in maximizing value from the industry to address economic challenges, improve the balance of trade, and attract greater foreign investment to Nigeria.
“We need to increase our exports significantly to improve our balance of trade and strengthen the Naira” he explained. “The oil and gas industry offers the fastest path to achieving this, given our substantial reserves and existing infrastructure” he added.