Africa-focused oil and gas exploration and production company, LEKOIL Nigeria Limited, is seeking global financial, technical and operational partners to accelerate the development of its portfolio of five oil assets as it moves into a new phase of production growth.

The indigenous exploration and production independent, with offshore and onshore interests in Nigeria, disclosed its partnership drive at the recently concluded Africa Oil Week (AOW) Energy in Ghana, where it presented its portfolio and outlined plans to advance the assets through exploration, appraisal, development and production.

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The company’s portfolio comprises the producing Otakikpo field, hosted in Petroleum Mining Lease (PML) 11, and interests in Oil Prospecting Leases (OPLs) 276, 325, 310 and 241.

While Otakikpo is already producing, the other assets provide a combination of established discoveries and further exploration potential, giving LEKOIL a broad portfolio from which to pursue phased production growth.

The company said it intends to progressively advance each asset towards its next stage of development, subject to regulatory approvals, funding and the conclusion of suitable strategic partnerships.

Founder and Chief Executive Officer, Lekan Akinyanmi, said the company had completed the portfolio-building phase and was now focused on converting its accumulated assets into sustainable commercial value.

According to him, LEKOIL’s next phase of growth will centre on advancing its portfolio towards production, developing reserves and commercialising its gas resources.

“We have built the portfolio. Now it is about execution, production and creating value,” he said.

Akinyanmi said the company’s long-term ambition was to build production capacity of 100,000 barrels per day, supported by phased field development, regulatory progress, funding and strategic partnerships.

General Manager, Corporate Communications, Hamilton Esi, said the company was seeking partners capable of complementing its existing technical and operational capabilities.

“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 underscored the need for sustained exploration and reserves development to expand and maintain national output.

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

She stressed the importance of a regulatory environment capable of encouraging companies willing to commit capital to exploration and field development.

Akinyanmi said LEKOIL’s operating experience in Nigeria, combined with the technical and management capabilities of its team in exploration, geophysics, field development and production across Nigeria and other African markets, positioned the company to pursue the next phase of its growth.

“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.

The company said it would continue discussions initiated at Africa Oil Week with prospective financial, technical and development partners as it progresses its portfolio towards production and commercialisation.

Founded in 2010, LEKOIL Nigeria Limited is an Africa-focused oil and gas exploration and production company with offshore and onshore interests in Nigeria. Its portfolio spans exploration, appraisal, development and production, with its current strategy focused on production growth, reserves development and gas commercialisation.