LEKOIL Nigeria Limited is moving into a new phase of its growth strategy, shifting its focus from building an exploration and production portfolio to bringing more assets into production, expanding reserves and commercialising its gas resources.
The Africa-focused oil and gas company has set a long-term ambition of building production capacity of 100,000 barrels per day, with the target expected to be pursued through phased field development, regulatory approvals, capital mobilisation and strategic partnerships.
The company outlined the strategy during Africa Oil Week 2026 in Accra, where its leadership held discussions with investors, policymakers, operators and potential partners on opportunities to advance its Nigerian asset portfolio.
For LEKOIL, the strategic shift marks a move from assembling a portfolio over more than a decade to extracting greater commercial value from assets already secured.
“We have built the portfolio. Now it is about execution, production and creating value,” said Lekan Akinyanmi, Founder and Chief Executive Officer of LEKOIL.
From portfolio building to production
LEKOIL’s Nigerian 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 already producing, while the other assets provide a mix of established discoveries and exploration opportunities.
The company said it intends to move the assets progressively towards their respective next stages of development, depending on regulatory approvals, funding availability and the participation of suitable technical, financial and development partners.
The strategy effectively places production growth and asset maturation at the centre of LEKOIL’s next phase, rather than continued portfolio accumulation alone.
Hamilton Esi, General Manager, Corporate Communications, said the company was now focused on moving each asset towards its next commercial milestone.
“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,” Esi said.
LEKOIL seeks strategic capital and technical partners
The company is using its engagement at Africa Oil Week to deepen discussions with potential financial, technical and development partners as it works to accelerate its portfolio.
The partnership strategy is expected to support different stages of the company’s asset-development programme, from exploration and appraisal through field development and production.
LEKOIL’s management said the company’s existing technical and operating experience would provide a foundation for partnerships aimed at unlocking value from its assets.
Akinyanmi said the company has accumulated more than a decade of experience operating and investing in Nigeria, giving its team an understanding of the country’s geology, regulatory framework and operating environment.
“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.
Nigeria’s production target puts reserves development in focus
LEKOIL’s growth strategy comes as Nigeria seeks to raise crude oil production towards 3 million barrels per day, putting renewed attention on exploration, field development and the conversion of discovered resources into producing reserves.
The company said achieving sustained growth in national production would require continued investment in finding and developing additional reserves, alongside a regulatory environment capable of attracting and retaining capital for exploration.
Gloria Iroegbunam, Company Secretary and General Manager, Legal, said Nigeria’s production ambitions would depend not only on existing producing fields but also on continued investment in exploration and reserves development.
She stressed the importance of creating conditions that encourage companies prepared to commit capital to exploration and field development.
For LEKOIL, the next stage is therefore centred on translating its existing asset position into production and commercial returns while continuing to assess exploration upside across its portfolio.
The company said discussions initiated at Africa Oil Week with prospective partners would continue as it advances its assets towards production, reserve development and gas commercialisation.
The 100,000 bpd ambition represents the company’s longer-term production goal, with progress expected to be determined by the pace of regulatory approvals, financing, field development and partnerships across the portfolio.
