Oando Plc is working to secure up to $750 million in financing this year to fund a major drilling campaign aimed at sharply increasing its oil and gas output.

Chief executive Wale Tinubu said the company plans to drill as many as 100 new wells, focusing largely on assets it acquired from international oil firms such as ConocoPhillips and Eni after their exit from Nigerian onshore operations.

Oando produced just over 32,000 barrels of oil equivalent per day in 2025 and believes the new drilling programme could lift production significantly if the funding is secured.

With European lenders retreating from financing African hydrocarbon projects due to climate-related pressures, the company is now turning to alternative sources of capital. These include the African Export-Import Bank, the African Finance Corporation, and commodity trading firms such as Vitol, Trafigura, Glencore and Mercuria. Gulf-based banks, private equity firms and hedge funds are also showing growing interest in funding African upstream projects.

Tinubu also highlighted the need to mobilise domestic funding, including pension assets, to support large-scale energy investments across the continent.

Beyond Nigeria, Oando has expanded into Angola and is assessing opportunities in Ghana and Côte d’Ivoire as part of its regional growth plan.

The company’s push comes at a time when global oil trade routes are being reshaped by geopolitical tensions linked to Iran, prompting more buyers to source crude from West Africa, including Nigeria, Africa’s largest oil producer with about 1.6 million barrels per day of crude and condensate output.

Tinubu believes the renewed global focus on West African oil is likely to persist as recurring geopolitical disruptions continue to affect traditional supply routes.