The Group Chief Executive, Oando Plc, Adewale Tinubu, has stressed on the immense prospects of indigenous energy companies taking over the divested assets by International Oil Companies (IOCs) in Nigeria.

According to him, Oando will soon 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 optimize costs in oil exploration.

He made this known at a meeting for the world leaders, top executives of the 1,000 foremost global companies, leaders of international organizations and relevant non-governmental organizations held in Davos, Switzerland last week, to deliberate on ways to move the planet forward at the prestigious World Economic Forum, WEF.

He said: “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.

“We need to increase our exports significantly to improve our balance of trade and strengthen the Naira”

“The oil and gas industry offers the fastest path to achieving this, given our substantial reserves and existing infrastructure.

“We are actively working hard to ensure that every molecule of carbon we put into the environment is mitigated through the implementation of effective carbon capture techniques.”