Oando Plc is seeking to raise up to $750 million to finance an ambitious drilling programme designed to increase its oil production by as much as 300 per cent.

The company’s Chief Executive Officer, Wale Tinubu, disclosed the plan in an interview with Reuters, noting that Oando, which averaged just over 32,000 barrels of oil equivalent per day in the 2025 financial year, aims to drill as many as 100 wells to sharply scale up output.

Tinubu said the ongoing Iran war has disrupted global energy supply chains, opening up fresh opportunities for African producers to draw in new investment.

He added that although investors had once been wary of Africa due to perceived risks, recent geopolitical tensions, including the conflict and Russia’s 2022 invasion of Ukraine, have helped shift sentiment in the continent’s favour.

Over the past decade, Oando has secured between $3 billion and $4 billion in funding, mainly from European financiers. But support from Europe has fallen sharply in recent years as banks reduce their exposure to fossil fuel projects in Africa.

The shift has compelled indigenous energy firms to turn to alternative sources of capital, including the African Export-Import Bank and the African Finance Corporation, which recently financed a $2.5 billion portion of a $4 billion syndicated loan for the Dangote Petroleum Refinery.

Oando has also broadened its footprint beyond Nigeria, launching operations in Angola and exploring new prospects in Ghana and Ivory Coast as part of its regional expansion drive.

“Even if the ceasefire lasts, which, hopefully, it will, it wouldn’t change the fact that consistently, you’re going to find disruptions,” he said.

Oando is not alone in seeking fresh capital to expand operations.

On April 9, it was reported that the Dangote Group is targeting at least $40 billion in investments to fund a five-year expansion of its fertiliser and refining businesses.