Nigeria’s Oando is planning to raise up to $750 million in 2026 to finance an ambitious drilling programme that could increase its oil output by as much as 300%. The move comes as investor interest returns to West African producers, supported by global supply disruptions linked to geopolitical tensions involving the US, Israel, and Iran, Reuters reported.
Chief Executive Officer Wale Tinubu said the company is targeting as many as 100 wells, mainly across assets acquired from ConocoPhillips and Eni. Oando, which produced just over 32,000 barrels of oil equivalent per day in 2025, is working to secure funding for what he described as an extensive drilling campaign aimed at scaling up production significantly.
Tinubu noted that higher global energy prices and disruptions around key shipping routes such as the Strait of Hormuz are improving demand for Nigerian crude, with more shipments being redirected to Asia to replace Gulf supply. He also highlighted a growing shift in investor sentiment, with Africa increasingly seen as an attractive destination for energy investment.
According to Oando, traditional European banks have largely stepped back from oil and gas financing in Africa, creating space for lenders such as the African Export-Import Bank, African Finance Corporation, and global trading houses including Vitol, Trafigura, Glencore, and Mercuria. The company is also exploring expansion opportunities in Angola, Ghana, and Côte d’Ivoire, as Nigeria’s ongoing energy sector reforms continue to strengthen the investment climate.