Adewale Tinubu, Group Chief Executive of Oando Plc, has outlined a bold vision for the future of Nigeria’s energy sector, emphasizing the growing role of indigenous companies in acquiring assets previously owned by International Oil Companies (IOCs). Speaking at the World Economic Forum (WEF) in Davos, Tinubu revealed that Oando is set to incorporate artificial intelligence and other advanced technologies into its drilling campaigns to explore over 1 billion barrels of oil reserves. The move, he noted, is designed to optimize exploration costs and enhance decision-making.
The Nigerian delegation at this exclusive gathering included high-ranking officials such as Vice President Kashim Shettima, Finance Minister Wale Edun, and Industry Minister Jumoke Oduwole. Tinubu, along with other prominent CEOs, discussed pressing global issues and how technology, innovation, and collaboration could foster economic growth and sustainability in the coming years.
Speaking on the opportunities within Nigeria’s energy sector, Tinubu emphasized the strategic advantage indigenous companies now possess in controlling the country’s onshore assets. With access to substantial capital, cutting-edge technology, and in-depth local knowledge, these companies are positioned to unlock untapped potential in the industry. Tinubu pointed to Oando’s successful acquisition of AGIP’s onshore assets as a key milestone in this transformation, underscoring the importance of partnerships and financing to fully extract value from Nigeria’s vast oil reserves.
“Oando currently manages more than a billion barrels of oil reserves and has the capacity to process 300,000 barrels of oil per day and 2 billion cubic feet of gas daily. The combined value of these assets exceeds $10 billion,” Tinubu said, reflecting on the immense potential that lies within Nigeria’s energy landscape.
Tinubu also addressed the crucial role of governments and regulatory bodies in ensuring the maximization of Nigeria’s oil and gas resources. He highlighted the need to boost exports to improve the nation’s balance of trade, stressing that the oil and gas sector offers the most direct path to achieving this goal. “By increasing our exports, we can strengthen the Naira and bolster the economy,” he added.
As global conversations shift towards decarbonization, Tinubu called for a just energy transition, noting that Africa, despite representing 20% of the global population, contributes minimally to global carbon emissions. He stressed the need for Africa to maintain its access to affordable energy while transitioning to cleaner technologies. Oando, he stated, is committed to reducing its environmental footprint through the implementation of carbon capture and storage technologies. “We are taking active steps to ensure that every molecule of carbon we release is effectively mitigated,” he affirmed.
Tinubu’s comments reflect Oando’s forward-thinking approach to balancing energy demands, technological innovation, and sustainability, positioning the company as a key player in Nigeria’s energy future.