Nigeria’s Oando Plc is seeking to raise up to $750 million in 2026 to fund an extensive drilling campaign aimed at significantly increasing oil production, as global energy market disruptions reshape investor sentiment. The plan, disclosed by Chief Executive Wale Tinubu in an interview on April 10, is part of a broader strategy to expand output from newly acquired onshore assets, as reported by Reuters.
The company intends to drill as many as 100 wells, a programme that could boost production by up to 300 percent from its 2025 average of just over 32,000 barrels of oil equivalent per day. The campaign will focus on assets previously acquired from international oil majors such as ConocoPhillips and Eni, reflecting a shift toward indigenous operators taking greater control of Nigeria’s upstream sector.
Tinubu said the funding outlook has improved due to rising investor appetite for West African oil producers, driven partly by geopolitical instability linked to the ongoing Iran conflict. “We are pushing very, very hard towards getting the financing that we need to do an extensive drilling campaign,” he stated, noting that higher oil prices and supply disruptions have opened new financing channels that were previously constrained.
The 2026 Iran war, which has disrupted global energy flows and tightened supply through key routes such as the Strait of Hormuz, has triggered a surge in oil prices and shifted capital toward alternative producing regions. Against this backdrop, Oando’s planned investment underscores a broader repositioning of African oil producers to capitalise on global supply gaps, potentially boosting output, foreign exchange earnings, and regional relevance in the evolving energy market.
