LEKOIL Nigeria Limited is shifting its strategy from building an exploration portfolio to accelerating production, reserves development and gas commercialisation, as the Africa-focused oil and gas company seeks strategic partners to unlock value from its Nigerian assets.
The company, which has spent more than a decade assembling interests across Nigeria’s upstream sector, said its immediate priority is to move its portfolio into successive stages of development and convert its assets into sustainable commercial value.
LEKOIL outlined the strategy at Africa Oil Week 2026, held in Accra from September 1 to 3, where its management team engaged investors, policymakers, operators and potential business partners.
The company’s longer-term ambition is to build production capacity of 100,000 barrels per day, supported by phased field development, regulatory approvals, access to capital and strategic partnerships.
Speaking on the company’s new phase of growth, Lekan Akinyanmi, Founder and Chief Executive Officer of LEKOIL, said the company had moved beyond the portfolio-building phase and was now focused on execution.
“We have built the portfolio. Now it is about execution, production and creating value,” Akinyanmi said.
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 currently producing, while the other assets comprise established discoveries and exploration opportunities at different stages of maturity.
The company said it plans to advance the assets progressively towards their respective next development stages, subject to regulatory approvals, funding availability and the participation of suitable partners.
The strategy reflects a broader shift among upstream companies operating in Nigeria, where access to capital, technical capability and development partnerships are increasingly critical to converting discovered resources into producing assets.
Hamilton Esi, General Manager, Corporate Communications, LEKOIL, said the company was looking for partners whose capabilities could complement its existing technical and operating expertise.
“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.
Company targets 100,000 bpd capacity
LEKOIL said its longer-term target of 100,000 bpd would be pursued through phased development rather than a single production project.
The company is positioning its existing portfolio as the foundation for this growth, with production expansion expected to depend on investment decisions, regulatory milestones, field development programmes and access to strategic capital.
The strategy comes against the backdrop of Nigeria’s ambition to raise crude oil production to three million barrels per day, a target that will require increased investment in exploration, field redevelopment and new reserves.
Gloria Iroegbunam, Company Secretary and General Manager, Legal, said sustained growth in national oil production would depend on continued investment in discovering and developing additional reserves.
She stressed the importance of a regulatory environment capable of encouraging companies to commit long-term capital to exploration and upstream development.
Gas commercialisation becomes a growth lever
In addition to oil production, LEKOIL said the commercialisation of its gas resources would form part of its next growth phase.
The company is seeking to develop its portfolio in a way that captures value from both oil and gas resources, potentially creating additional revenue streams while supporting Nigeria’s wider efforts to increase domestic gas supply.
The approach reflects growing interest among upstream operators in monetising associated and non-associated gas as Nigeria seeks to expand gas-based power generation, industrial feedstock and other domestic and export opportunities.
Experience to support expansion
Akinyanmi said LEKOIL’s more than decade-long operating and investment experience in Nigeria gives the company an understanding of the country’s geology, regulatory environment and operational requirements.
He also highlighted the technical and management capabilities of the company’s team across exploration, geophysics, field development and production in 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.
LEKOIL said discussions with potential financial, technical and development partners initiated during Africa Oil Week would continue as the company advances its assets towards production and commercialisation.
The move signals a significant evolution in the company’s strategy: from accumulating and positioning upstream assets to deploying capital, partnerships and technical expertise to turn those assets into producing and cash-generating businesses.
