Nigeria's foremost Online Energy News Platform

As Lekoil Joins the Fray

–By Benjamin Ike

Lekoil has joined the fray in shaping the future of oil and gas exploration and production in Africa.

Africa-focused and headquartered in Lagos with interests in Nigeria and offshore Namibia, it has additional offices in Princeton, USA, Windhoek, Namibia as well as London, the United Kingdom.

In realizing its ambition of being the world’s leading exploration and production albeit focused on Africa it seeks to maximizes value for its stakeholders in a sustainable manner, by operating with integrity and leveraging local resources to the benefit of the countries and communities within which it operates.

Making a good start from its foundation in 2010 by a group of leading professionals with extensive experience in the international upstream oil and gas industry as well as in global fund management and investment banking.

In 2013, Lekoil became a publicly traded company following its IPO on the AIM market of the London Stock Exchange, raising some $50 million to invest in the opportunities it had identified. Since then, it has participated in the discovery of the Ogo field, (third largest discovery in the world in 2013 according to Wood MacKenzie) in OPL 310 offshore Nigeria in which it now has a 40 percent economic interest, while acquiring a significant stake in the Otakikpo Marginal Field bringing it into production while investing contra-cyclically in the very high potential OPL 325, on trend with the Ogo discovery.

Moreover, in a bid to fund its development, it raised additional and maintained access to its core institutional investors who have combined assets under management of over $3 trillion.

Indeed, shaping the future of oil and gas exploration and production in Africa is a powerful statement of intent and Lekoil is believed to be delivering on that promise, even as its Pan-Africa strategy is premised on the Dahomy basin, the Niger Delta and new basins that offer the scope for low cost entry, but where the higher risks are balanced by potential higher returns.

Lekoil is dedicated to maintaining high ethical standards in its business activities and the company is committed to the overall development of the communities around its operational environment. Lekoil’s corporate social responsibility (CSR) plan focuses on three strategic areas which are namely; Education, Economic empowerment (women and children development), and Environmental sustainability.