Oil giant, Oando Plc has announced the appointment of Dr. Ainojie Alex Irune as its new Executive Director. Irune’s appointment was disclosed in a notification to the Nigerian Stock Exchange (NSE) and the investing public at large. The company also disclosed that Irune’s appointment took effect from Friday, August 9, 2019
Irune is not new to the inner working of the oil company. He spearheaded the global communications strategy of the company following Oando’s successful $1.5 billion acquisition of ConocoPhillips Nigeria’s upstream assets.
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He was at a time the Chief Operating Officer (COO) of Oando Energy Resources (OER), the upstream subsidiary of Oando Plc. As a proponent of transformational leadership, Irune joined the company in 2011 and OER’s management team in 2018. As the COO, he successfully redefined OER’s business model, creating a clearer vision and alignment of focus to achieving the company’s objectives.
To date, his actions have positively impacted the business, specifically in the areas of consolidation of existing assets and operations, improved partner relations, a 21% reduction in company debt profile, a 99% reduction in Reserve Based Lending, increased daily crude oil production by 10% to 16,967 and 2P Reserves position by 2%. Irune also secured over $1.5 billion in international financing.