Amaranta Oil & Gas Development Company Limited has appointed the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, as Chairman of its Board of Directors, as Oil Mining Lease 42 (OML 42) enters a new phase of development.

The appointment brings renewed attention to the strategic importance of OML 42 and Amaranta’s role in unlocking its value for Nigeria.

Located in the onshore West Delta and covering about 814 square kilometres, OML 42 has been producing since 1969. Production peaked at approximately 250,000 barrels per day in 1974 and currently stands at about 40,000 barrels per day.

As the field management entity under the joint venture’s Funding and Technical Services Agreement, Amaranta is focused on improving production, maximising recovery, developing gas resources and strengthening operational efficiency.

A recent milestone was the deployment of the Pathfinder 500 drilling rig, for the first time since its acquisition about eight years ago. The rig completed workover operations on two producing wells on OML 42 without any reported health, safety or environmental incident.

Beyond crude production, OML 42 offers significant opportunities through its remaining oil and gas resources. Greater development of the asset could generate additional government revenue, employment, local contracting opportunities and gas for power and industry.

The Ooni’s appointment adds a new dimension to Amaranta’s leadership, bringing considerable institutional stature and experience in business and stakeholder engagement. His role could strengthen the company’s relationships with its strategic partners.

For Nigeria, the larger opportunity is clear: a better-performing OML 42 will contribute to energy security, economic growth and increased indigenous participation in the upstream sector.

The immediate task for Amaranta is to translate the asset’s considerable potential into higher production, stronger gas development and sustainable economic value for Nigeria.