Nigerian energy company Oando plans to raise $750 million to drill up to 100 new wells and quadruple its oil production, company CEO Wale Tinubu told Reuters.
He emphasized that rising energy prices due to the conflict in the Middle East are helping to attract funding sources for producers in the West African region.
"We are making every effort to secure the necessary financing for a large-scale drilling campaign," Tinubu stated.
He also noted an increase in demand for Nigerian oil. In particular, the company CEO said that exports of the resource to Asia have grown due to supply disruptions from Gulf countries.
In March, the head of the state-owned Nigerian National Petroleum Company (NNPC), Bashir Bayo Ojulari, said that Nigeria could increase oil production by about 100,000 barrels per day in the coming months amid global supply instability caused by the escalation in the Middle East.
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