Oando Trading Subsidiary Lifts Nigeria’s Obodo Crude Blend

Oando Trading, a subsidiary of Oando Plc, has successfully lifted Nigeria’s newest crude blend, Obodo, marking a significant milestone in the country’s oil and gas industry.

This historic event not only showcases the growing strength and ambition of indigenous oil companies but also underscores Oando’s rising prominence as a global energy player.

According to industry sources, the Obodo crude, a medium sweet blend, was extracted from the onshore OML 150 block operated by Continental Oil & Gas Limited, a subsidiary of Conoil Producing.

The block operates under a production sharing contract with the Nigerian National Petroleum Company Limited (NNPCL).

The crude was stored and lifted via the FPSO Tamara Tokani, a state-of-the-art floating production, storage, and offloading vessel owned by Century Group.

Oando Trading’s export tanker, Atlantic Spirit, made the historic first lift of Obodo crude, coordinated seamlessly by Century Group’s technical teams.

The successful lift is a testament to the company’s capabilities and its commitment to driving Nigeria’s energy goals through indigenous leadership and innovation.

“This isn’t just a trade; it’s a message. The message that Nigeria’s energy industry is ready, capable, and rising. One historic barrel at a time.

“We are proud to be at the forefront of this journey, and we look forward to continuing to play a leading role in shaping the future of Nigeria’s energy industry,” said Jubril Adewale Tinubu, Group Chief Executive of Oando Plc.

The Obodo lift aligns with President Bola Ahmed Tinubu’s Renewed Hope agenda, which aims to boost Nigeria’s daily oil production by one million barrels.

For stakeholders like NNPCL, Oando, Century Group, and Continental Oil & Gas, this milestone stands as proof of the capability of Nigerian companies to drive national energy goals through indigenous leadership and innovation.

Oando’s success story doesn’t end with the Obodo lift. The company has undergone a bold transformation, evolving from a local oil marketer to Nigeria’s leading integrated energy solutions provider and a rising global brand in the energy sector.

Central to Oando’s ascendancy is its strategy of acquiring high-value assets to expand its upstream portfolio.

In 2024, Oando acquired a 100% stake in Nigerian Agip Oil Company Limited (NAOC) from Italian energy giant Eni S.p.A. in a landmark $783 million transaction.

This acquisition significantly increased Oando’s interest in four critical onshore assets—OMLs 60, 61, 62, and 63—and consolidated its role as a major operator in Nigeria’s oil heartland.

Oando’s ambitions extend beyond national borders. The company was recently named the preferred bidder to lease the Guaracara Refinery in Trinidad and Tobago, marking a strategic move into the Caribbean energy market.

This expansion positions Oando as one of the few African energy firms extending its footprint into other regions, cementing its status as a truly global player.

The company’s growth is backed by impressive numbers. For the financial year ending December 2024, Oando posted a 45% increase in revenue, hitting ₦4.1 trillion, up from ₦2.9 trillion in the previous year. Its total assets soared to ₦7.5 trillion, a nearly threefold rise from ₦2.6 trillion, establishing both aggressive growth and investor confidence.

Oando has announced plans to increase its daily crude oil output to 100,000 barrels and gas output to 1.5 billion standard cubic feet over the next five years. These targets place the company at the center of Nigeria’s push for energy security and economic transformation.

In an industry often criticized for its environmental impact, Oando is charting a progressive course. The company recently signed a memorandum of understanding to develop a 1.2-gigawatt solar project—the largest in Nigeria’s history.

This bold step into renewables reflects Oando’s growing awareness of the global energy transition and its desire to be part of the solution, not just the status quo.

At the heart of Oando’s transformation is Wale Tinubu, a figure synonymous with strategic leadership in Africa’s energy space. Recognized as a Global Young Leader by the World Economic Forum and celebrated for his tenacity and foresight, Tinubu has steered Oando through decades of regulatory, operational, and financial challenges to emerge as a beacon of what is possible for African corporations on the world stage.

As the Atlantic Spirit sails into international waters bearing Nigeria’s latest crude blend, it carries more than oil; it carries the aspirations of a nation and the emergence of Oando as a true African energy giant with a global vision. The company’s journey exemplifies a broader shift in Africa’s energy narrative, one in which African companies are not just participants but pacesetters in the global energy economy.