Written By: Faith Jemosop
Lekoil, a prominent Nigerian independent oil and gas company, is set to take center stage at African Energy Week (AEW) 2025, scheduled for September 29 to October 3 in Cape Town. The company will use this major continental platform to showcase its bold expansion plans and a strategic pivot toward Environmental, Social, and Governance (ESG)-driven operations. Key company figures, Chief Financial Officer Edward During and Chief Technical Officer Sam Olotu, will lead discussions highlighting Lekoil’s targets, which include boosting oil production and strengthening sustainability commitments.
Aiming for 250,000 Barrels per Day
At AEW 2025, Lekoil will reaffirm its medium-term goal of reaching 250,000 barrels of oil per day (bpd). This ambitious target reflects the company’s intention to become a major indigenous player in Nigeria’s upstream oil sector. Lekoil’s upstream activities focus on both marginal and offshore fields, such as the Otakikpo field in Rivers State and the promising OPL 310 offshore Lagos. The company plans to achieve this production growth through rapid development, technical expertise, and collaboration with partners.
ESG at the Heart of Lekoil’s Strategy
Lekoil’s expansion is not just about increasing output, it is about doing so responsibly. The company’s strategy places ESG at the core of its decision-making, embedding environmental care, social investment, and strong governance into every phase of its operations. This includes minimizing environmental footprints, empowering local communities, and ensuring transparency in business practices. Lekoil believes that integrating ESG principles is no longer optional but essential in attracting global investors and delivering sustainable growth.
Strategic Partnerships Fueling Local Development
A standout example of Lekoil’s ESG approach is its recent partnership with Akwa Ibom State, designed to promote inclusive development. This partnership extends beyond oil to include agriculture, infrastructure, and community-focused projects. By aligning its operations with local development goals, Lekoil aims to become a catalyst for socioeconomic transformation in host regions. These initiatives also position the company as a responsible corporate citizen contributing to Nigeria’s broader energy and economic objectives.
A Model for Indigenous Oil Companies
Lekoil’s operations demonstrate how African-owned companies can lead the energy sector when given the right tools and environment. The company’s swift progress in fields like Otakikpo, where it ramped up production within just 18 months, has become a case study in efficiency and technical excellence. At AEW 2025, Lekoil’s journey will serve as a template for other local oil companies seeking to scale up without compromising governance or environmental integrity.
Showcasing Discoveries: Otakikpo and OPL 310
Lekoil’s asset portfolio provides a strong foundation for its growth. The Otakikpo field in Rivers State was acquired in 2014 and quickly brought into production, confirming Lekoil’s capability to execute on tight timelines. Even more significantly, the OPL 310 offshore license holds large potential, with previous exploration uncovering over 700 million barrels of oil equivalent (boe). These fields will be central to Lekoil’s growth plans and are likely to feature heavily in its presentations at AEW 2025.
Aligning with Nigeria’s Energy Reform Agenda
Lekoil’s strategy aligns well with the Nigerian government’s energy sector reforms, which include new executive orders and fiscal frameworks designed to encourage investment. The company is well-positioned to benefit from these regulatory changes, which are aimed at making Nigeria’s oil industry more competitive and transparent. This alignment with national priorities also improves investor confidence, making Lekoil a more attractive partner for domestic and international stakeholders.
AEW 2025 A Stage for Deal-Making and Policy Dialogue
African Energy Week is not just a conference, it’s a marketplace for deals, discussions, and strategic alliances. Lekoil’s participation gives the company a platform to engage with financiers, regulators, and other industry players. AEW 2025 will include sessions focused on “Financing Upstream Projects for Domestic Energy Security”, where Lekoil is expected to present innovative funding approaches that are ESG-aligned and performance-based. This is critical in a climate where ESG compliance increasingly drives capital allocation.
Also read: Uganda Adopts Innovative Energy Financing to Expand Electricity Access Amid Debt Pressures
Beyond numbers and barrels, Lekoil’s message at AEW 2025 will center around creating long-term value for communities, employees, investors, and the environment. By investing in local sourcing, creating jobs, and supporting social programs, the company aims to leave a lasting impact in the regions where it operates. This integrated ESG approach not only helps mitigate risk but also enhances operational performance and stakeholder trust.
Challenges Ahead
Despite its strong position, Lekoil faces challenges typical of many indigenous oil companies. Accessing affordable financing remains a hurdle, especially for upstream projects that require high capital expenditure. While ESG integration offers advantages, implementing it across all operations requires robust systems, skilled personnel, and transparent reporting. As ESG demands from global investors rise, Lekoil must continue to improve how it measures and communicates progress on sustainability targets.
At AEW 2025, observers should watch for several key developments from Lekoil:
- Updates on field developments, including investment in existing assets and potential new acquisitions.
- New financing deals or joint ventures, especially those with international partners.
- Detailed ESG commitments, including targets for emissions, local employment, and governance reforms.
- Policy discussions, where Lekoil may advocate for regulatory frameworks that support indigenous companies.
- Statements from leadership, particularly CFO Edward During and CTO Sam Olotu, who will outline the company’s growth roadmap.
