Oando PLC Group Chief Executive Wale Tinubu and Dr. Alex Irune, Executive Director of Oando PLC and Managing Director of Oando Energy Resources, get set to unveil the new company’s investment plans at African Energy Week, following Oando completing its acquisition of Eni's former NAOC onshore assets in a deal valued at approximately $800 million, adding acreage across the Niger Delta and establishing Oando as one of the largest indigenous operators in Nigeria by production volume.
The company advances one of the most ambitious expansion programs by an African-owned energy company in recent years. Following its 2024 acquisition of Nigerian Agip Oil Company’s onshore assets, the company significantly expanded its producing portfolio, strengthening its position as one of Nigeria’s largest indigenous upstream operators.
Oando plans to raise $750 million for a 100-well drilling program following its 2024 acquisition of Eni’s NAOC onshore operations in Nigeria. This deal expanded Oando’s producing asset base and positioned the company as one of the largest indigenous upstream operators on the continent. The campaign could increase Oando’s production by up to 300%.
The upcoming drilling campaign complements ongoing efforts to bolster production across its Nigerian assets alongside regional projects. Through its upstream subsidiary Oando Energy Resources, the company has interests in more than 14 oil and gas licenses across Nigeria and São Tomé and Príncipe and manages over 22,400 km² of gross acreage, supported by a pipeline network of 1,255 km, 14 flow stations and gas processing capacity in excess of 3.6 billion standard cubic feet per day.
Further expanding its regional portfolio, Oando signed a Production Sharing Contract for Block KON-13 in Angola’s onshore Kwanza Basin in March 2026, signaling a step towards taking its experience to regional markets. The block has estimated prospective resources of between 770 million and 1.1 billion barrels, and aligns with a broader strategy to diversify its portfolio beyond Nigeria.
