Oando Plc is seeking up to $750 million in funding to drive an aggressive drilling campaign that could triple its production, as shifting global energy dynamics increase investor interest in West Africa.
Wale Tinubu, the firm’s Chief Executive Officer, said the company is pushing hard to secure financing for a major expansion plan aimed at significantly scaling output.
Rising tensions linked to the Iran war have disrupted global energy supply chains, making West Africa a more attractive destination for oil investments.
Tinubu noted that compared to volatile regions, Africa is increasingly viewed as a relatively stable alternative for energy investors.
Oando, which produced just over 32,000 barrels of oil equivalent per day in 2025, plans to drill up to 100 new wells. The focus will be on assets acquired from international oil majors such as ConocoPhillips and Eni.
The expansion comes amid a broader trend of international oil companies divesting from Nigeria’s onshore assets, creating opportunities for indigenous players like Oando.
Over the past decade, Oando raised between $3 billion and $4 billion, largely from European banks, but that funding source has declined due to climate-related lending restrictions.
To bridge the gap, the company is turning to institutions such as the African Export-Import Bank and the African Finance Corporation, as well as global commodity traders like Vitol and Trafigura.
Tinubu also highlighted growing participation from Gulf-based banks, private equity firms, and hedge funds in African energy projects.
Nigeria, Africa’s largest oil producer, is already benefiting from shifting trade flows, with more crude shipments heading to Asia amid disruptions around key routes like the Strait of Hormuz.
Tinubu said even if tensions ease, recurring global disruptions will continue to spotlight West Africa’s oil reserves, positioning the region as a critical player in the global energy market.
With expansion plans extending to Angola and potential opportunities in Ghana and Ivory Coast, Oando is betting that sustained geopolitical uncertainty will keep demand for its output, and the region’s resources, on the rise.
