LEKOIL Nigeria Limited has unveiled a fresh growth strategy aimed at building production capacity to 100,000 barrels of oil per day.
The company revealed the aggressive drive at a recent Africa Oil Week 2026 in Accra, Ghana, where its leadership met with investors, policymakers, operators, and other industry stakeholders.
The strategy will centre on moving its portfolio into production, developing reserves, and commercializing gas resources.
According to the company, achieving the 100,000 bpd target will depend on phased asset development, regulatory support, funding, and strategic partnerships.
Commenting, Lekan Akinyanmi, Founder and Chief Executive Officer, said the immediate priority is to convert the portfolio assembled over more than a decade into sustainable commercial value.
“We have built the portfolio. Now it is about execution, production and creating value,” he said.
He stated that 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.
He said 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.
Akinyanmi noted that LEKOIL has deep operating experience in Nigeria, backed by a team with expertise in exploration, geophysics, field development, and production across 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.
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.
SOURCE: dailytrust.com
