{"id":353816,"date":"2025-01-27T07:02:35","date_gmt":"2025-01-27T06:02:35","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=353816"},"modified":"2025-01-27T07:02:35","modified_gmt":"2025-01-27T06:02:35","slug":"we-have-over-1bn-barrels-of-oil-reserves-oando-group-ceo","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2025\/01\/27\/we-have-over-1bn-barrels-of-oil-reserves-oando-group-ceo\/","title":{"rendered":"We have over 1bn barrels of oil reserves \u2013 Oando Group CEO"},"content":{"rendered":"<ul class=\"marker:text-textOff list-disc pl-8\">\n<li><strong><span class=\"\">Wale Tinubu reveals Oando&#8217;s plan to leverage AI in drilling campaigns, targeting over 1 billion barrels of oil reserves<\/span><\/strong><\/li>\n<li><strong><span class=\"\">Indigenous energy companies like Oando are positioned to unlock Nigeria&#8217;s energy potential through advanced technology and strategic partnerships<\/span><\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>Wale Tinubu, Group CEO of Oando, has disclosed plans to adopt artificial intelligence (AI) in the company\u2019s upcoming drilling campaigns to explore its over 1 billion barrels of oil reserves.<\/p>\n<p>Speaking at the recent World Economic Forum (WEF) in Davos, Switzerland, Tinubu explained how AI will enhance decision-making and reduce costs in oil exploration.<\/p>\n<p>\u201cIn drilling operations, decisions with significant cost implications are crucial. AI will help us analyze extensive data, including seismic technology and decades of drilling experience, to identify the most optimal solutions,\u201d Tinubu stated.<\/p>\n<p>Themed <strong>\u201cCollaboration for the Intelligent Age,\u201d<\/strong> the 2025 WEF brought together global leaders, top executives, and stakeholders to discuss geopolitical shocks, economic growth, and energy transitions.<\/p>\n<p>Tinubu highlighted the growing role of indigenous energy companies in Nigeria following the divestment of onshore assets by International Oil Companies (IOCs).<\/p>\n<p>He noted that by combining local expertise, advanced technology, and sufficient capital, these companies can unlock the untapped potential of Nigeria\u2019s energy sector.<\/p>\n<p><a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/12\/11\/oando-buys-50-new-electric-buses-backs-fgs-initiative\/\">Oando<\/a>, one of the first indigenous companies to acquire IOC assets, has demonstrated the importance of partnerships and strategic financing in maximizing the value of material reserves and accelerating extraction rates.<\/p>\n<p>\u201cAs a company, we have over a billion barrels of reserves, 300,000 barrels per day of oil processing capacity, and more than 2 billion cubic feet per day of gas capacity,\u201d Tinubu said. \u201cThe net present value of our oil reserves exceeds $10 billion.\u201d<\/p>\n<p>Tinubu also stressed the importance of government and regulatory support in unlocking the full potential of the oil and gas industry. He urged increased exports to address Nigeria\u2019s economic challenges, improve trade balance, and strengthen the Naira.<\/p>\n<p>\u201cThe oil and gas industry offers the fastest path to achieving these goals, given our substantial reserves and existing infrastructure,\u201d he added.<\/p>\n<p>With its ambitious plans and commitment to innovation, Oando is poised to play a key role in driving Nigeria\u2019s energy sector forward.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wale Tinubu reveals Oando&#8217;s plan to leverage AI in drilling campaigns, targeting over 1 billion barrels of oil reserves Indigenous energy companies like Oando are positioned to unlock Nigeria&#8217;s energy potential through advanced technology and strategic partnerships Wale Tinubu, Group CEO of Oando, has disclosed plans to adopt artificial intelligence (AI) in the company\u2019s upcoming [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":353820,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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