Nigeria drilling: Oando gives thumbs-up to Agip.
Oando signs drill deal with Agip
Nigerian energy player Oando said today it had signed a $150 million two-year drilling contract with the local unit of Italy's Agip.
Oando has been investing in oil exploration and production over the last few years to try to diversify its low-margin fuel distribution business and take advantage of government plans to deregulate the oil sector.
"This deal is a major milestone for Oando and a triumph for the local content drive in Nigeria,” boss Wale Tinubu said in a Reuters report.
“We are pleased with this achievement, as it is a validation of our diversification strategy from the downstream to a fully integrated energy company,"
Oando said it would deploy two of its most sophisticated swamp rigs under the deal, able to drill to depths in excess of 30,000 feet (9,150 metres).