Nigeria's Oando double oil output to 100,000 bpd over five years

Tue Sep 23, 2014 10:43am EDT
 
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LAGOS, Sept 23 (Reuters) - Nigerian energy firm Oando Plc plans to increase its oil production capacity to 100,000 barrels per day over the next five years after completing the acquisition of ConocoPhillips' Nigerian assets for $1.5 billion in July.

Oando Chief Executive Wale Tinubu said in a statement on Tuesday that production capacity was currently 42,500 bpd and that the company would grow through future acquisitions as it seeks to increase market share in Africa's top oil exporter.

(Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and Jane Baird)