Group Chief Executive of Oando Plc, Wale Tinubu, has asserted that Nigeria’s onshore oil and gas assets are best managed by indigenous operators due to their proximity to host communities, ability to handle security challenges, and strong engagement with local regulators. Tinubu shared these insights during an interview with CNBC Africa on the sidelines of the World Economic Forum (WEF) 2025 in Davos, Switzerland.
According to a company statement, Tinubu emphasized the competitive edge local players hold in operating onshore oil fields, especially as international oil companies (IOCs) continue to exit the sector. “The onshore assets in Nigeria are best in the hands of local players. The level of technology required to drill these resources is commonplace, and Nigerians possess the skills, capacity, and access to funding necessary to thrive in this sector,” he stated.
Tinubu highlighted Oando’s extensive portfolio, which includes over 1 billion barrels in oil reserves, a processing capacity of 300,000 barrels per day, and gas processing capabilities of 2 billion cubic feet per day. The company’s oil reserves have an estimated net present value exceeding $10 billion.
He also stressed the importance of collaboration between regulators and operators to optimize resource exploration and improve Nigeria’s economic position. “Regulation needs to be collaborative as we are trying to secure the best for our nation. By being closer to the communities, we can ensure security, regulatory compliance, and effective operations,” Tinubu added.
Against the backdrop of Nigeria’s economic challenges, Tinubu underscored the critical need to enhance exports and strengthen the country’s balance of trade. “We must secure as much foreign exchange as possible to reduce the exchange rate and diversify the economy. The oil and gas industry offers the fastest path to achieving this, given our substantial reserves and existing infrastructure,” he explained.
Oando is poised to leverage artificial intelligence (AI) to optimize its next drilling campaigns. Tinubu revealed that AI would help analyze decades of seismic data and drilling experience, enabling smarter decision-making and cost optimization. “In a drilling operation, we have to make crucial decisions which significantly impact costs. AI will allow us to identify the most optimal solutions,” he said.
In addressing climate concerns, Tinubu reiterated Oando’s commitment to a just energy transition. He pointed out Africa’s minimal contribution to global emissions, despite accounting for 20% of the global population, and detailed Oando’s initiatives to reduce its carbon footprint. “We are actively working to ensure that every molecule of carbon we emit is mitigated through effective carbon capture techniques,” he stated.
Tinubu emphasized the pivotal role of indigenous companies in transforming Nigeria’s energy sector, particularly with the divestment of onshore assets by IOCs. Oando, a trailblazer in acquiring IOC assets like Agip, has demonstrated how robust financing, local expertise, and innovative technologies can unlock untapped potential.
“The combination of working capital, advanced technology, and local acumen places indigenous companies in a prime position to extract value from these reserves and accelerate their development,” Tinubu remarked.
Themed “Collaboration for the Intelligent Age,” the 2025 World Economic Forum convened global leaders, top executives, and experts to address issues ranging from economic growth to energy transition. Nigeria was well-represented at the event, with Vice President Kashim Shettima, Finance Minister Wale Edun, and Trade Minister Jumoke Oduwole joining CEOs like Tinubu to advocate for the country’s economic and energy priorities.
Tinubu concluded by expressing confidence in the ability of Nigerian companies to lead the energy sector, emphasizing the importance of sustainable funding, partnerships, and innovation to unlock Africa’s energy potential.
