Yemisi Izuora
LEKOIL Nigeria Limited, an Africa-focused oil and gas exploration and production company, has outlined its next phase of growth, focused on advancing its portfolio towards production, developing reserves and commercializing its gas resources.
The company’s long-term ambition is to build production capacity of 100,000 barrels per day supported by phased development, regulatory progress, funding and strategic partnerships.
LEKOIL set out the strategy at Africa Oil Week 2026, held in Accra from 1 to 3 September, where it’s leadership engaged investors, policymakers, operators and other stakeholders.
Lekan Akinyanmi, Founder and Chief Executive Officer, said the immediate priority is to convert the portfolio assembled over more than a decade into sustainable commercial value.
“We have built the portfolio. Now it is about execution, production and creating value,” he said.
LEKOIL’S portfolio spans exploration, appraisal, development and production, and includes interests in Otakikpo in PML 11, OPL 276, OPL 325, OPL 310 and OPL 241.
Otakikpo is currently producing, while the remaining assets offer a combination of established discoveries and exploration potential. The company intends to advance each asset progressively towards its next stage of development, subject to regulatory approvals, funding and suitable partnerships.
Hamilton Esi, General Manager, Corporate Communications, said the company’s focus is on unlocking value from its existing portfolio. “Our priority is to move each asset to its next value point as efficiently as possible; we are looking for partners who complement what we already bring, whether through capital, technology, technical expertise or development capability” he said.
With Nigeria targeting crude oil production of three million barrels per day, LEKOIL also emphasised the importance of sustained exploration and reserves development in expanding and maintaining national output.
Gloria Iroegbunam, Company Secretary and General Manager, Legal, said Nigeria’s production ambitions would require continued investment in discovering and developing additional reserves, supported by a regulatory environment that encourages companies willing to commit capital to exploration.
Akinyanmi said LEKOIL’s operating experience in Nigeria and the technical and management capabilities of its team across exploration, geophysics, field development and production in Nigeria and other African markets.
“We have more than a decade of experience operating and investing in Nigeria. We understand the geology, the regulatory environment and, importantly, what it takes to operate here,” he said.
The company will continue discussions initiated at Africa Oil Week with potential financial, technical and development partners as it progresses its portfolio towards production and commercialisation.