Oando Seeks $750m for 100-Well Drilling Campaign to Triple Output Amid Energy Crisis

For decades, international majors like Shell and Chevron led Nigeria’s oil industry. Today, indigenous firms account for over half of the country’s daily crude output. Oando’s CEO Wale Tinubu told Reuters in London that the company aims to raise up to $750 million. The capital will fund a campaign to drill as many as 100 wells and potentially triple current production. The push comes as oil prices surged above $100 per barrel after disruptions in the Strait of Hormuz. Asian buyers have shifted demand to West Africa, creating a funding window for Nigerian producers. Oando’s growth follows its 2024 acquisition of NAOC from Eni, which doubled its reserves. By Q3 2025, production rose by 59% and profit after tax jumped 164%, with revenue of ₦4.12 trillion in 2024.

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