What LEKOIL does

LEKOIL Nigeria Limited is an Africa-focused, indigenous upstream oil and gas exploration and production company headquartered in Lagos, Nigeria, with a secondary office in Houston, USA. Founded in December 2010 by Olalekan Akinyanmi and listed on the AIM market of the London Stock Exchange in May 2013 (subsequently moved to the AQSE Growth Exchange in May 2022), the company operates a portfolio of five license interests in Nigeria: the producing Otakikpo Marginal Field (40% interest in PML 11), three appraisal/exploration assets (OPL 310 at 40%, OPL 325 at 62%, and OPL 276 at 45%), and gas midstream operations through wholly-owned subsidiary LEKGAS and the Cambridge LNG joint venture with Cambridge Growth Partners.

The company's core technology stack comprises conventional upstream disciplines — 3D seismic acquisition and interpretation, basin modeling, reservoir management, and drilling operations — with a stated production break-even of under $30/bbl at Otakikpo. Service agreements with Schlumberger support infrastructure upgrades and phased drilling of up to seven new wells at Otakikpo. The asset portfolio spans the full E&P lifecycle, from continuous commercial production since January 2017 through appraisal (Ogo discovery at 774 mmboe P50 gross recoverable) to frontier deepwater exploration (OPL 325 with 5.7 billion barrels STOIIP).

LEKOIL generates revenue primarily through crude oil sales from Otakikpo under offtake agreements with Shell Western Supply and Trading (renewed annually), with a secondary stream emerging from gas extraction, processing, and sales via LEKGAS and FOML. Operations are conducted primarily through a joint venture with Green Energy International Limited (operator) on Otakikpo. The company employs 101-250 staff and targets gross production of 15,000-20,000 bopd at Otakikpo. Corporate governance has been shaped by a December 2022 settlement with former parent Lekoil Cayman (now Fenikso Ltd), which surrendered its controlling stake and transferred subsidiaries to Lekoil Nigeria.

Name

LEKOIL

Legal name

Lekoil Nigeria Limited

Website

https://lekoil.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

LEKOIL is an indigenous Nigerian upstream oil and gas exploration and production company operating five license interests including the producing Otakikpo Marginal Field (40%) and appraisal assets OPL 310, OPL 325, and OPL 276. It generates revenue primarily through crude oil offtake to Shell Western Supply and Trading and gas monetization via LEKGAS.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration and Production

NAICS

Oil and Gas Extraction (2111), Crude Petroleum Extraction (21112), Natural Gas Extraction (21113)

SIC

Crude Petroleum & Natural Gas (1311), Drilling Oil & Gas Wells (1381)

akta.pro primary industry

Offshore E&P (Shallow/Deepwater, Subsea Production Systems) (EUALAAAI)

Keywords

• Oil and gas exploration
• Crude oil production
• Upstream petroleum operations
• Natural gas processing
• Offshore drilling services

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D, Others

Revenue model

1. Crude Oil Sales: Lekoil generates revenue through the production and sale of crude oil from its producing assets, primarily the Otakikpo Marginal Field. Oil is sold under offtake agreements to major trading companies.
2. Gas Sales and Processing: Through its LEKGAS subsidiary, the company monetizes equity gas through gas extraction, processing, and sales. The company also participates in gas-to-power projects.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

LEKOIL is an Africa-focused indigenous oil and gas exploration and production (E&P) company with interests in Nigeria. It acquires and operates upstream licenses, conducts exploration, appraisal and production activities, and sells crude oil and natural gas primarily through offtake agreements to major energy traders and refiners. Its core portfolio includes the producing Otakikpo Marginal Field and appraisal/exploration blocks OPL 310, OPL 325, and OPL 276, supported by a gas midstream subsidiary (LEKGAS).

Product overview

LEKOIL is an Africa-focused indigenous oil and gas exploration and production company operating a portfolio of upstream assets in Nigeria. The company's product portfolio comprises five core assets across the hydrocarbon lifecycle: the producing Otakikpo Marginal Field (40% interest) as the flagship asset delivering approximately 6,000 bopd net; three appraisal/exploration assets (OPL 310 at 40%, OPL 325 at 62%, and OPL 276 at 45%) targeting medium-term value creation; and LEKGAS, a wholly-owned midstream subsidiary focused on gas monetization. An additional joint venture, Cambridge LNG, operates separately to develop Nigeria's LNG capabilities. The portfolio is structured across production, appraisal, and exploration stages with phased development strategies.

Differentiator

Problem solved

Functional benefit

Brands

• LEKGAS: Wholly-owned subsidiary operating as the gas midstream vehicle of Lekoil, building strategic partnerships to unlock gas and gas-to-power opportunities in Nigeria
• Cambridge LNG

Products and services

• Otakikpo Marginal Field LEKOIL's flagship producing asset located in a coastal swamp in PML 11 within the Niger Delta. The field commenced continuous production in Q1 2017 and targets gross production of 15,000 to 20,000 bopd through phased development including seven new wells and infrastructure upgrades; LEKOIL holds a 40% participating interest.
• Dahomey Basin OPL 310 An offshore appraisal asset in the Dahomey Basin anchored by the Ogo discovery, one of the largest offshore discoveries in West Africa. LEKOIL holds 40% participating interest with P50 gross recoverable resources of 774 mmboe.
• Dahomey Basin OPL 325
• Eastern Niger Delta OPL 276
• LEKGAS A wholly-owned subsidiary serving as LEKOIL's gas midstream vehicle, building strategic partnerships to unlock gas and gas-to-power opportunities. LEKGAS focuses on monetizing LEKOIL's equity gas and participation in Nigeria's gas infrastructure industry through gathering, treatment, transportation, processing, and storage.
• Cambridge LNG

Quantifiable outcome

• Production break-even under $30/bbl
• +2 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core and major.

• Green Energy International LimitedcoreStrategic or Co-development PartnerJoint venture partner in Otakikpo Marginal Field (PML 11). GEIL serves as operator while Lekoil is technical and financial partner. Both companies jointly pursue community development initiatives and legal matters affecting the field.
• SchlumbergercoreTechnology or IntegrationService agreements covering comprehensive infrastructure upgrades and field management services for the planned upstream drilling program at Otakikpo, including phased drilling of up to seven new wells.
• Cambridge Growth PartnerscoreStrategic or Co-development PartnerJoint venture partner in Cambridge LNG, established to participate in development of Nigeria's natural gas reserves and reduce gas flaring and carbon footprint.
• First Otakikpo Midstream Limited (FOML)majorImplementation/ SI/ Consulting PartnerCompany established to manage the gas business at Otakikpo, handling gas extraction plant and gas-to-power operations. Inaugurated by Federal Government in 2025.
• Shell Western Supply and Trading LimitedcoreChannel Partner/ Reseller/ DistributorOfftake partner for crude oil sales from Otakikpo field. Agreement renewed annually for lifting and purchase of produced crude oil.

Scale indicators6 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Panoro Energy: West Africa-focused independent E&P company with producing assets offshore Nigeria (OML 113) and Equatorial Guinea. Closest international small-cap peer in scale and Africa-focused upstream strategy with similar JV operator dynamics.
• Oando Energy Resources: Nigeria-focused upstream oil and gas company with producing assets in the Niger Delta and offshore. Comparable indigenous E&P operator with overlapping asset base, JV structures, and regulatory environment to Lekoil.
• Seplat Energy: Nigeria-focused independent E&P company listed on the London Stock Exchange, operating onshore and shallow offshore assets in the Niger Delta. Directly comparable indigenous operator with producing oil and gas assets and a similar mix of producing acreage plus appraisal opportunities.
• ND Western (Niger Delta Western): Nigerian upstream joint venture operator in the Niger Delta with producing assets and gas-to-power exposure. Comparable indigenous operator profile with overlapping service providers and customer base.
• Aiteo Eastern E&P Company: Major indigenous Nigerian E&P operator controlling OML 29 and other Niger Delta acreage. Comparable in upstream focus, indigenous ownership profile, and Nigerian operational environment, though significantly larger in scale.
• First E&P (First Exploration & Petroleum Development): Nigerian-focused upstream operator with producing assets in the Niger Delta. Direct competitor in the same basins, sharing the local content and indigenous operator dynamics that define Lekoil's competitive position.

Emerging players

• Tower Resources: UK-listed Africa-focused E&P company with appraisal/exploration assets including in Cameroon and South Africa. Smaller-scale, more pre-revenue peer with similar listed-small-cap upstream profile and Africa concentration.

Regional players

• Eroton E&P: Nigerian upstream operator with producing assets in the Niger Delta. Comparable indigenous E&P focus though primary engagement is on OML 18 and related acreage rather than offshore Dahomey Basin exposure.

Broad incumbents

• Oranto Petroleum International: Africa-focused independent E&P company with assets across multiple West and Central African jurisdictions. Comparable in pan-African upstream strategy and indigenous operator narrative, though broader geographic footprint.
• NNPC / NPDC (Nigerian National Petroleum Company / NPDC): Nigeria's state-owned national oil company and its upstream subsidiary NPDC dominate the country's upstream landscape. Relevant as the dominant operator that indigenous players like Lekoil partner with or compete against for acreage and infrastructure access.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/lekoil
• YouTubeyoutube.com/@lekoil
• Facebookfacebook.com/Lekoillimited
• LinkedInlinkedin.com/company/lekoil-limited
• Instagraminstagram.com/lekoillimited

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about LEKOIL