After Angola oil win, Nigerian energy mogul Adewale Tinubu plans $750 million drilling campaign

Barely two weeks after leading Oando Plc to secure a Production Sharing Contract for Block KON 13 in Angola, Nigerian energy executive Adewale Tinubu is preparing another major step. The company plans to raise as much as $750 million this year to fund an extensive drilling campaign that could increase production by as much as 300 percent, as investor interest in West African oil projects strengthens amid global supply uncertainty.

Tinubu, chief executive officer of Oando, said higher energy prices and supply disruptions are drawing renewed attention to African oil producers. He added that the company is actively engaging lenders and partners to secure financing for the planned drilling program. “We are pushing very hard towards getting the financing that we need to do an extensive drilling campaign,” Tinubu said, noting that improved market conditions are opening new funding channels for companies operating in the region.

32,000 bpd output; funding pivots

Oando’s production averaged just over 32,000 barrels per day in 2025. The company plans to drill up to 100 wells, targeting assets acquired from international oil companies, including ConocoPhillips and Eni. Tinubu said investor perceptions toward African oil projects have shifted as geopolitical tensions disrupt supplies from other regions. He added that demand for Nigerian crude has already started to change, with more shipments heading to Asia as buyers seek alternatives to Middle Eastern supplies affected by tensions around the Strait of Hormuz.

Over the past decade, Oando has raised between $3 billion and $4 billion, much of it from European banks, to fund acquisitions. Tinubu said many European lenders have reduced exposure to hydrocarbons in Africa due to climate commitments. As a result, the company has turned to institutions such as the African Export-Import Bank and the African Finance Corporation, as well as commodity traders including Vitol, Trafigura, Glencore and Mercuria. Tinubu said Gulf banks, private equity firms and hedge funds are increasingly showing interest in African energy investments, though long-term funding remains limited.

Adewale Tinubu drives regional upstream expansion

Under Adewale Tinubu’s leadership, Oando has expanded across upstream, midstream, and downstream operations. Since its rebrand from Unipetrol in 2003, the company has built infrastructure, including pipelines, terminals, and gas processing facilities. Through Ocean and Oil Development Partners, Tinubu holds a controlling 66.67 percent stake in the company. Last month, Oando secured a production sharing contract for Block KON 13 in Angola. The agreement with Angola’s National Agency for Petroleum, Gas and Biofuels gives Oando a 45 percent operating stake through its subsidiary, Oando Exploration and Production Angola Ltd. Partners include Effimax Energy, Sonangol Exploração & Produção and Walcot Ltd.

The Angola project marks Oando’s first operated international upstream joint venture. It follows the company’s acquisition of Nigerian Agip Oil Company assets, expanding its production base. Oando’s upstream portfolio now includes 14 assets across Nigeria and São Tomé and Príncipe, covering more than 22,000 square kilometers. The expansion also comes as Nigeria’s energy market changes with the ramp-up of the Dangote Refinery. While the refinery is reducing fuel imports, it is increasing demand for locally produced crude. For Oando, the shift supports its focus on upstream production and regional growth, while its entry into Angola provides additional revenue sources and reduces exposure to a single market.