Oando Energy Nigeria has forecast an influx in Nigeria oil earnings following the Iran war because it has tarnished the Gulf’s image as a reliable place for operation.
Wale Tinubu, the company’s group chief executive officer, explained today at the Africa CEO Forum held at Kigali, Rwanda“The premium that you had in the Middle East because it was a stable environment to produce hydrocarbons has now been destroyed.
”The oil company, which is interested in the oil and gas production facilities in the Niger Delta region of Nigeria, has received inquiries from Europe and Asia.
The company expects that the oil price will remain in the range of $70 and $80 even after the cessation of hostilities since it will take a while for the disrupted oil-producing countries to resume their production levels.
In 2025, the company was producing an average of 32,500 barrels of oil per day.
According to the CEO, Oando intends to drill seven more wells to increase daily oil production capacity by 10,000 barrels.
As part of its expansion and acquisition strategies, Oando plans to generate about $750 million within the rest of 2026 using both debt financing and equity capital.
In terms of its geographical diversification strategy, Oando signed a production-sharing agreement for an onshore concession in the Kwanza Basin in Angola.
The company is equally interested in acquiring other assets from the West African region to Guyana and Suriname, Tinubu explained.
