Chief Operating Officer
Dr. Ainojie ‘Alex’ Irune is the Chief Operating Officer, Oando Energy Resources (OER), the upstream subsidiary of Oando PLC
A proponent of transformational leadership, he joined the Company in 2011 and OER’s management in 2018. Over the last year as COO, he has 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 the consolidation of existing assets and operations, improved partner relations, a 21% reduction in Company debt profile, a 99% reduction in Reserve Based Lending (RBL), increased daily oil production by 10% to 16,967 and 2P Reserves position by 2% as well as secured over $1.5 billion in international financing. Specifically, he led the signing of a memorandum of understanding (MOU) for a $1billion cash injection deal with LITASCO SA, a leading international oil trading company which is set to accelerate and unlock an increase in production of up to 50,000 barrels of oil per day for the company and its Joint Venture (JV) partners.
Prior to assuming this role, he was the Group Chief Strategy & Corporate Services Officer at Oando PLC from 2016 to 2018. Following the fallout from the crash in oil prices in 2015 he was responsible for spearheading strategic initiatives aimed at restructuring the business and reducing the Group’s debt obligations, with an overall objective of re-positioning the Company towards a path of sustainable growth.
These initiatives included partial business divestments to Vitol and Helios Investment Partners that generated inflows of over US$330 million part of which was used to significantly reduce the Company’s overall debt obligations.
He also served as the Head of Corporate Communications from 2013 to 2016, where he oversaw all internal and external brand-building efforts across the Company’s business entities. Dr. Irune spearheaded the global communications strategy following Oando’s successful $1.5bn acquisition of ConocoPhillips Nigeria’s upstream assets.
Prior to his time at Oando PLC in 2011, Dr. Irune worked in the United Kingdom as an In-Vehicle Systems Designer with global leading car manufacturers, including Nissan, Honda, and Jaguar Land Rover. He graduated from the University of Nottingham with a B.Sc. in Computer Science in 2002, and attained his PhD in Computer Science from the same university in 2009.