KEY POINTS
- Amaranta has appointed the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, as chairman of its board.
- OML 42, held by Neconde Energy and NNPC E&P, has roughly tripled output to about 55,000 barrels a day over three years.
- The company is targeting 100,000 barrels a day at the western Niger Delta asset.
Amaranta has named the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, as chairman of its board, placing one of Nigeria’s most prominent traditional rulers and business figures at the head of a company central to the country’s onshore production revival.
The appointment lands at a pivotal moment for Amaranta and for OML 42, the joint-venture asset held by Neconde Energy and NNPC Exploration and Production in the western Niger Delta. Moreover, it signals the company’s push to raise both output and its profile as it courts investment and partnerships.
Output on a steep climb
Production has already turned sharply higher. Specifically, in the three years since the Funding and Technical Services Agreement became operational, OML 42’s crude output has roughly tripled to about 55,000 barrels a day. Consequently, the asset has become a notable contributor to Nigeria’s onshore recovery.
However, the company is aiming far higher. According to Amaranta’s development plans, it wants to lift OML 42 toward 100,000 barrels a day. Therefore, the new chairmanship is framed as part of a wider effort to accelerate that ramp-up and attract the capital and expertise needed to reach the target.
A high-profile chairman
The choice of chairman carries weight beyond symbolism. Specifically, before ascending the throne in 2015, Ogunwusi built a career across real estate development, engineering, procurement and construction contracts and infrastructure projects. Furthermore, he has since held board and advisory roles across banking, real estate and industrial holdings.
Ultimately, Amaranta is betting that a well-connected chairman can help open doors as it scales OML 42. Since reaching 100,000 barrels a day would require sustained investment, drilling and stable operating conditions in the Niger Delta, the company appears to be pairing operational momentum with high-level influence to keep the growth going.
