LEKOIL sets out growth ambition, opens door to strategic partnerships at Africa Oil Week

LEKOIL has outlined a long-term ambition to build production capacity of 100,000 barrels per day across its portfolio, supported by increased production, further exploration, gas commercialisation and strategic partnerships.

The company presented its growth strategy at Africa Oil Week 2026 in Accra, Ghana, where it participated as Platinum Sponsor and engaged government officials, investors, operators and other energy-sector stakeholders.  

Speaking at the forum, the company’s leadership outlined a shift from portfolio building to execution, production growth and value creation across its asset base.

LEKOIL’s portfolio includes interests in Otakikpo in PML 11, OPL 276, OPL 325, OPL 310 and OPL 241, providing exposure to current production, discovered resources and exploration opportunities. Advancing these assets will depend on phased development, regulatory approvals, funding and the right strategic partnerships.

“We have built the portfolio. Now it is about execution, production and creating value,” said LEKOIL Chief Executive Officer, Lekan Akinyanmi, who led the company’s delegation to the conference. 

Hamilton Esi, General Manager, Corporate Communications, said LEKOIL remains open to partnerships that bring complementary value.

“Partnerships are welcome where they complement what we already bring, whether through capital, technology, technical expertise or development capability,” Esi said.

The forum also provided a platform to emphasise the importance of exploration in meeting Nigeria’s crude oil production ambitions. Gloria Iroegbunam, Company Secretary and General Manager, Legal, said sustainable production growth would require continued exploration to discover new resources and mature them into reserves.

Akinyanmi said LEKOIL’s more than a decade of experience in Nigeria provides a strong foundation for its next stage of growth. “We understand the geology, the regulatory environment and, importantly, what it takes to operate here,” he said.

For LEKOIL, the immediate focus remains Nigeria, where it has built a five-asset portfolio and developed operating experience over more than a decade. Its longer-term ambition, however, is to grow into a broader African energy player.

Nigeria remains LEKOIL’s core market, while its longer-term ambition is to become a broader African energy player. Progress will be measured by the company’s ability to advance key assets, increase production and reserves, commercialise gas resources and attract the capital and partners needed to convert its portfolio into sustained growth.

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