The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Ojaja II, has been appointed Chairman of the Board of Directors of Amaranta Oil & Gas Development Company Limited.

The company said the appointment comes as Oil Mining Lease 42 (OML 42) enters a new phase of development and takes on greater significance in Nigeria’s upstream oil and gas sector.

Oba Ogunwusi is expected to provide strategic direction to the company’s board as it advances plans for the development of the oil asset.

The appointment comes amid efforts by the Federal Government to boost crude oil production, attract investment and increase indigenous participation in the petroleum industry.

Amaranta said the development also reflects the increasing involvement of Nigerian-owned companies in the management and development of upstream oil and gas assets following recent changes in the sector.

In a statement, the company described the appointment as a strategic leadership decision aimed at strengthening its governance structure as OML 42 progresses into its next phase.

OML 42, located in the Niger Delta, was previously operated by the Shell Petroleum Development Company of Nigeria (SPDC) and its joint venture partners.

The asset later became part of a broader transition towards increased indigenous participation in Nigeria’s upstream petroleum industry following the transfer of interests to local players.

Amaranta said Oba Ogunwusi’s appointment was made against this backdrop as the company seeks to strengthen its leadership and position OML 42 for further development.

The Ooni, who ascended the throne of Ile-Ife in 2015, has been involved in various development initiatives and activities beyond his traditional responsibilities.