Oando of Nigeria Eyes Growth After Curbing $2.5 Billion Debt
- Oil firm aims to pay most of ConocoPhillips deal debt in 2019
- CEO plans to increase number of rigs and reopen oil fields
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Oando Plc is looking to boost crude output from next year as the Nigerian producer breaks the back of a $2.5 billion debt burden built up through the 2014 acquisition of oil and gas assets from U.S. giant ConocoPhillips.
The borrowings will be almost 90 percent lower by the third quarter of 2019 and the company is now preparing for its next stage of development, Chief Executive Officer Wale Tinubu said in an interview at Oando’s Lagos headquarters. “We have purchased enough reserves and our job should really be to exploit those reserves,” he said.