Oando targets $750 million for Nigeria drilling drive

LAGOS, April 10, 2026 – Nigeria’s Oando plans to raise up to USD 750 million in 2026 for a drilling campaign that could lift output by 300% as investors return to West African producers amid disruption linked to the US-Israeli war on Iran, Reuters reported on Friday.

Oando CEO Wale Tinubu told Reuters the company could drill as many as 100 wells, focusing on assets acquired from ConocoPhillips and Eni, after producing just over 32,000 boepd in 2025. “We are pushing very, very hard towards getting the financing that we need to do an extensive drilling campaign,” he said.

Tinubu said higher energy prices and supply disruption around the Strait of Hormuz were improving appetite for Nigerian crude, with more cargoes heading to Asia to replace Gulf barrels. He added that Africa was being viewed more favourably by investors.

According to Oando, European banks have largely retreated from oil and gas financing in Africa, pushing it towards lenders such as African Export-Import Bank and African Finance Corporation, as well as trading houses including Vitol, Trafigura, Glencore and Mercuria. Tinubu added that Gulf banks, private equity funds and hedge funds were showing more interest, while Oando was also exploring growth in Angola, Ghana and Côte d’Ivoire.

Nigeria’s reforms, including the 2021 overhaul of hydrocarbons legislation and changes to currency and petrol subsidies, have helped strengthen the investment case, Tinubu said. He added that the 650,000-bpd Dangote Refinery underscored the value of keeping more of the country’s energy value chain at home. In the long term, Oando also hopes to use its gas output for the production of petrochemicals and fertilisers.

Oando is an integrated Nigerian energy group with businesses in upstream exploration and production, trading and energy infrastructure. The company has expanded its upstream footprint in Nigeria and moved into Angola through Oando Energy Resources as part of a broader Africa-focused growth strategy. Oando is listed on the Nigerian Exchange and Johannesburg Stock Exchange.

Photo courtesy of Oando

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