Oando has signed a Memorandum of Understanding (MOU) with Russia's energy giant Gazprom to jointly develop projects in multiple sectors of Nigeria's oil and gas industry. Under the MOU, Oando and Gazprom have agreed to collaborate in the development of oil & gas assets and infrastructure in the West African sub region and the Gulf of Guinea.
Gazprom is a globally renowned energy player with vast experience in exploration, production, transportation and refining of oil, gas and other hydrocarbons.
Commenting, Mr. Wale Tinubu, Group Chief Executive said, "This alliance is another significant milestone for Oando in our commitment to world-class gas solutions delivery in Sub-Saharan Africa. The Gazprom partnership will provide the leverage to further accelerate our gas development program, with us providing local technical expertise driven by the experience of developing pipeline infrastructure and our excellent execution capabilities, whilst Gazprom brings its wealth of experience as Europe’s largest gas operator, an arrangement that will redefine the oil & gas industry and bolster local capacity."
"This is also consistent with Oando's strategic diversification program, which mitigates the company's exposure from today's economic climate and provides diverse revenue mix for the company thereby enhancing shareholder value," he added.
Oando is Nigeria's foremost energy group with investments and subsidiaries spanning the energy entire value chain including exploration and production; oilfield services; gas and power; international supply and trading and marketing.