LEKOIL Nigeria Limited, an Africa-focused oil and gas exploration and production company, has unveiled plans to advance its Nigerian asset portfolio towards production as it targets a long-term production capacity of 100,000 barrels per day.

The company said the next phase of its growth strategy would focus on developing reserves, commercialising its gas resources and moving its assets through successive stages of development, subject to regulatory approvals, funding and strategic partnerships.

LEKOIL outlined the strategy at the Africa Oil Week 2026, where its leadership met investors, policymakers, operators and other industry stakeholders.

Chief Executive Officer, Lekan Akinyanmi, said the company’s immediate priority was to convert its 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.

Akinyanmi said LEKOIL’s more than a decade of operating and investment experience in Nigeria had given the company an understanding of the country’s geology and regulatory environment.
“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’s portfolio spans exploration, appraisal, development and production, with interests in Otakikpo in PML 11, OPL 276, OPL 325, OPL 310 and OPL 241.

While Otakikpo is currently producing, the other assets comprise established discoveries and exploration opportunities which the company plans to progressively advance towards development.

General Manager, Corporate Communications, Hamilton Esi, said the company would focus on extracting greater value from its existing portfolio while seeking partners to provide funding, technology and technical and development 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,” he said.

The company said sustained exploration and reserves development would also be necessary to support Nigeria’s target of raising crude oil production to three million barrels per day.

Company Secretary and General Manager, Legal, Gloria Iroegbunam, said achieving the country’s production ambitions would require continued investment in discovering and developing additional reserves.

She said this would depend partly on a regulatory environment capable of encouraging companies prepared to commit capital to exploration.