IT’S TIME TO PRODUCE! LEKOIL QUITS ASSET HUNT, TARGETS 100,000 BPD AND HUNTS FOR BILLION-DOLLAR PARTNERS
GREATRIBUNETVMEWS –After more than a decade of building one of Nigeria’s most promising oil and gas portfolios, the Africa-focused E&P company is shifting gears — from acquiring assets to pumping oil and monetizing gas.
The company announced the strategic pivot at Africa Oil Week 2026 in Accra, revealing an ambitious long-term target: 100,000 barrels per day.
Lekan Akinyanmi, Founder and CEO, put it bluntly:
“We have built the portfolio. Now it is about execution, production and creating value.”
As part of the next growth phase, LEKOIL is now opening its doors to strategic partners to fast-track reserve development, unlock production, and commercialize its massive gas resources.
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
About the Author
