Oando is advancing one of the most ambitious expansion programmes by an African-owned energy company, following its acquisition of Nigerian Agip Oil Company’s (NAOC) onshore assets from Eni in 2024. 

The deal significantly expanded Oando’s producing portfolio, strengthening its position as one of Nigeria’s largest indigenous upstream operators.

The company plans to raise up to $750 million to fund a 100-well drilling campaign aimed at accelerating production growth across its expanded asset base.

The programme could increase Oando’s output by as much as 300 per cent, supporting Nigeria’s efforts to boost domestic oil and gas production through greater participation from local energy companies.

The drilling initiative builds on Oando’s wider upstream growth strategy through its subsidiary Oando Energy Resources, which holds interests in more than 14 oil and gas licences across Nigeria and São Tomé and Príncipe. 

The company operates a portfolio spanning more than 22,400 square kilometres of gross acreage, supported by a 1,255-kilometre pipeline network, 14 flow stations and gas processing capacity exceeding 3.6 billion standard cubic feet per day.

Beyond Nigeria, Oando is expanding its regional footprint. In March 2026, the company signed a Production Sharing Contract for Block KON-13 in Angola’s onshore Kwanza Basin, marking its entry into one of Africa’s emerging exploration regions.

The block contains estimated prospective resources of between 770 million and 1.1 billion barrels of oil.