Amaranta, a funding and technical service provider for the oil and gas sector, has appointed Adeyeye Enitan Ogunwusi, the Ooni of Ife, as chairman of its board. This move comes as the company aims to scale production at OML 42, an asset held by Neconde Energy and NNPC Exploration and Production, from the current 55,000 barrels per day to 100,000 barrels per day. Amaranta, which has successfully tripled output at the block over the last three years, is also prioritising the commercialisation of the asset’s 4.3 trillion cubic feet of natural gas reserves. The appointment is seen as a strategic effort to enhance governance and stakeholder engagement as the firm enters a more capital-intensive phase of development.