Oando Energy Resources
Oando Energy Resources is a Nigeria-focused upstream oil and gas exploration and production company (TSX: OER), wholly-owned by Oando PLC, operating 14 licenses with FY 2024 production of 23,937 boepd and 996.8 MMboe of 2P reserves. It serves international oil company divestors and offtake buyers through acquisition-led portfolio expansion.
- Company typePublic
- Founded2011
- HeadquartersLondon, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Oando Energy Resources does
Oando Energy Resources Inc. (TSX: OER) is an upstream oil and gas exploration and production company headquartered in Lagos, Nigeria with a secondary office in London. The company is a wholly-owned subsidiary of Oando PLC, which is listed on both the Nigerian Exchange Limited and the Johannesburg Stock Exchange. OER operates a portfolio of 14 exploration, development, and production licenses spanning onshore, swamp, and offshore assets in the Niger Delta and the Exclusive Economic Zone of São Tomé and Príncipe, with FY 2024 net average production of 23,937 boepd and 996.8 MMboe of proved plus probable reserves as of December 2023.
The company's core operations are organized across three asset tiers: producing assets (Qua Iboe OML 13, Ebendo OML 56, and OML 60–63 within the NAOC joint venture), development assets (Akepo OML 90, OML 122), and exploration assets including deepwater blocks OPL 321 & 323 and OML 145 (operated by ExxonMobil). Product output consists of light and medium sweet crude oil (50–52° API in some fields), condensates, and natural gas processed through facilities such as the 1,000 MMscf/d Ob-Ob gas plant and a 10,000 bbls/day flowstation at Ebendo. Revenue is generated through offtake agreements with refiners, trading companies, and gas buyers (including power plants), with pricing tied to international benchmarks such as Brent crude and Henry Hub.
OER's business model is B2B enterprise sales targeting asset acquisitions from international oil companies divesting Nigerian onshore and shallow-water assets, complemented by participation in government bid rounds. The strategy combines organic development of the existing portfolio with inorganic expansion through landmark acquisitions — most notably the $1.5 billion ConocoPhillips Nigeria acquisition completed in 2014 and the $783 million NAOC acquisition completed in 2024. Partnerships with operators including Nigerian Agip Oil Company, NEPN, Energia Limited, Sogenal, KNOC, Kosmos Energy, GALP Energia, and ExxonMobil provide technical and operational scaling across non-operated and operated interests.
Oando Energy Resources firmographics
Firmographics- Name
- Oando Energy Resources
- Legal name
- Oando Energy Resources Inc.
- Website
- https://oandoenergyresources.com
- Company type
- Public
- Founded year
- 2011
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Oando Energy Resources is a Nigeria-focused upstream oil and gas exploration and production company (TSX: OER), wholly-owned by Oando PLC, operating 14 licenses with FY 2024 production of 23,937 boepd and 996.8 MMboe of 2P reserves. It serves international oil company divestors and offtake buyers through acquisition-led portfolio expansion.
- Ownership category
- akta.pro rank
Oando Energy Resources industry classification
Industry- Product category
- Upstream Oil and Gas Exploration and Production
- NAICS
- Oil and Gas Extraction (211)
- SIC
- Crude Petroleum & Natural Gas (1311)
- akta.pro primary industry
- Offshore E&P (Shallow/Deepwater, Subsea Production Systems) (EUALAAAI)
- akta.pro secondary industry
- Onshore Natural Gas E&P (Conventional Fields) (EUAAAAAG)
Keywords
Where Oando Energy Resources is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Oando Energy Resources business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Supply Chain, Infrastructure, Personnel, Marketing or Sales
Revenue model
- Oil and Gas Production Sales: OER generates revenue primarily from the sale of crude oil, condensates, and natural gas produced from its portfolio of producing assets across Nigeria. Production is sold through offtake agreements and spot market sales to refiners and traders.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Oando Energy Resources product offering
Product offeringCore offering
Oando Energy Resources is an upstream oil and gas exploration and production company operating 14 licenses across Nigeria (Niger Delta onshore, swamp, and offshore) and São Tomé and Príncipe. It produces and sells crude oil (light and medium sweet), condensates, and natural gas from a portfolio of producing, development, and exploration assets. The company's growth strategy centers on acquiring near-term producing fields from international oil companies divesting onshore Nigerian assets and participating in governmental bid rounds.
Product overview
Oando Energy Resources operates as an upstream oil and gas exploration and production company with a portfolio of 14 licenses spanning onshore, swamp, and offshore assets in Nigeria and the Exclusive Economic Zone of São Tomé and Príncipe. The company's asset portfolio is organized across three stages: producing assets (Qua Iboe OML 13, Ebendo OML 56, OML 60, OML 61, OML 62, OML 63), development assets (Akepo OML 90, OML 122), and exploration assets (OPL 321 & 323, EEZ Blocks 5 and 12, OML 131, OML 145). The company focuses on acquiring near-term producing assets from international oil companies during divestment programs and participates in governmental bid rounds. Production includes light and medium sweet crude oil, condensates, and natural gas, with FY 2024 net average production of 23,937 boepd and proved plus probable reserves of 996.8 MMboe as of December 2023.
Differentiator
Problem solved
Functional benefit
Companies that use Oando Energy Resources
Customer profileSegments1 record
Ideal customer profiles3 records
Oando Energy Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Oando Energy Resources partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and minor.
- GALP EnergiacoreGALP farmed into 20% of Kosmos's interests in Blocks 5 and 12 in 2016. In 2019, GALP became operator of Block 12 after Kosmos withdrew, and acquired Kosmos's interest in Block 5.
- Kosmos EnergycoreIn December 2015, Kosmos farmed into Blocks 5 and 12 in São Tomé and Príncipe EEZ, becoming operator and acquiring 65% of EEL's participating interests. In 2019, Kosmos withdrew from Block 12 (GALP became operator) and Block 5 (interests redistributed).
- Equator Exploration Limited (EEL)coreOER holds 81.5% equity in Equator Exploration Limited, which holds interests in deepwater blocks in Nigeria (OPL 321, 323) and São Tomé and Príncipe EEZ (Blocks 5, 12). EEL was awarded PSCs for these blocks in 2010 and 2012.
- Nigerian Agip Oil Company (NAOC)coreNAOC operates OML 60, 61, 62, and 63 under joint venture arrangements with NNPC and OER. These assets are the largest in OER's portfolio by production and reserves, including the Ogbainbiri gas plant (200 MMscf/d), Ob-Ob gas plant (1,000 MMscf/d), and associated infrastructure.
- Network Exploration and Production Nigeria (NEPN)coreNEPN holds 60% working interest and operates Qua Iboe (OML 13) where OER holds 40% WI as technical partner. The asset includes producing fields and a 10,000 bbls/day flowstation commissioned in Q4 2014.
- Energia LimitedcoreEnergia operates Ebendo (OML 56) with 55% WI while OER holds 42.75% WI. The field produces light sweet crude oil (50-52 API) with associated gas.
- SogenalminorSogenal operates Akepo (OML 90) with 60% WI while OER holds 40% WI as technical partner under a Financing, Technical and Management Services Agreement.
- Peak Petroleum Industries Nigeria LimitedminorPeak holds OML 122 where Equator Exploration (81.5% owned by OER) holds working interest in oil (4.08%) and gas (9.8%) through a Finance and Service Agreement.
- Korean National Oil Company (KNOC)minorKNOC operates OPL 321 and 323 where Equator Exploration (81.5% owned by OER) holds 30% working interest. Blocks cover 217,000 km² at 950-2000m water depth.
- ExxonMobilcoreExxonMobil operates OML 145 where OER holds 21.05% working interest. The license covers 1,293 km² at 1000-1500m water depth and includes undeveloped discoveries (Uge, Uge North, Nza, Orso) and five prospects.
Scale indicators5 records
Recent moves11 records
Expansion highlights5 records
Oando Energy Resources competitors and assessment
Company assessmentDirect peers
- Seplat Energy Plc: LSE- and NGX-listed Nigerian indigenous upstream E&P operator, operates OML 4, 38, and 41 under NNPC JVs. Closest like-for-like indigenous peer with a similar non-operated JV model, asset mix across onshore and shallow water, and indigenous-content positioning.
- Aiteo Group: Nigerian indigenous E&P independent operating OML 29 under an NNPC JV with material onshore/swamp production. Comparable to OER in indigenous status, NNPC partnership structure, and acquisition-driven growth strategy.
- First Exploration & Petroleum Development Company Limited: Nigerian indigenous upstream operator of OML 83 and OML 85 (East Niger Delta), producing light crude. Highly comparable business model, asset type, and indigenous operating positioning to OER.
- Lekoil Limited: AIM-listed Nigeria-focused upstream E&P company holding interests in OPL 310 and producing the Otakikpo marginal field. Comparable to OER as a small-cap Nigerian upstream pure-play pursuing marginal-field and offshore exploration opportunities.
- Oranto Petroleum International Limited: Africa-focused independent E&P with acreage and producing assets in Nigeria, Equatorial Guinea, Liberia, and other West African jurisdictions. Comparable as a privately-held African independent pursuing IOC-style asset aggregation across the region.
- ND Western Limited: Nigerian independent E&P operator of OML 34 under an NNPC JV, with material Niger Delta production. Comparable as a domestic Nigerian JV operator leveraging indigenous content positioning.
- Panoro Energy ASA: Oslo Børs-listed West Africa-focused upstream E&P with producing assets in Equatorial Guinea, Gabon, and development assets in Senegal. Comparable as a small-mid cap pure-play West African upstream operator with offshore assets.
- Erin Energy Corporation: Formerly CAMAC Energy, US-listed West African E&P independent with offshore Nigeria and Equatorial Guinea assets. Highly comparable as a small-cap West African-focused upstream operator pursuing offshore opportunities.
Broad incumbents
- Kosmos Energy Ltd. US-listed independent E&P focused on West Africa (Mauritania/Senegal, Equatorial Guinea) and the US Gulf of Mexico. Comparable as a deepwater West Africa-focused operator; Kosmos was previously farm-in partner with OER on São Tomé Blocks 5 and 12.
- Tullow Oil plc: LSE-listed West Africa-focused upstream operator with material production in Ghana and Côte d'Ivoire and a history of Nigerian operations. Comparable as a broader West Africa E&P incumbent with overlapping geography and IOC-style asset portfolio.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks7 records
Key highlights6 records
Customer concentration
Oando Energy Resources social profiles
Digital presenceOando Energy Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Oando Energy Resources leadership team
Management profileNumber of profiles
Profiles12 records
Oando Energy Resources subsidiaries and ownership
Company hierarchySubsidiaries2 records
Oando Energy Resources funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Oando Energy Resources M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Oando Energy Resources
What does Oando Energy Resources do?
Oando Energy Resources is an upstream oil and gas exploration and production company operating 14 licenses across Nigeria (Niger Delta onshore, swamp, and offshore) and São Tomé and Príncipe. It produces and sells crude oil (light and medium sweet), condensates, and natural gas from a portfolio of producing, development, and exploration assets. The company's growth strategy centers on acquiring near-term producing fields from international oil companies divesting onshore Nigerian assets and participating in governmental bid rounds.
Is Oando Energy Resources a public or private company?
Oando Energy Resources is a public company. It is classified as corporate owned and is currently operating.
When was Oando Energy Resources founded?
Oando Energy Resources was founded in 2011. It employs 51 to 100 people.
Where is Oando Energy Resources based?
Oando Energy Resources is headquartered in London, United States, in the North America region.
How does Oando Energy Resources make money?
One revenue line is on record: oil and Gas Production Sales.
Who are Oando Energy Resources's main competitors?
Direct peers on record are Seplat Energy Plc, Aiteo Group, First Exploration & Petroleum Development Company Limited, Lekoil Limited, Oranto Petroleum International Limited, ND Western Limited, Panoro Energy ASA and Erin Energy Corporation. Broad incumbents are Kosmos Energy Ltd. and Tullow Oil plc.
Does Oando Energy Resources have an API?
No public API is recorded for Oando Energy Resources.
What industry is Oando Energy Resources in?
Oando Energy Resources's product category is Upstream Oil and Gas Exploration and Production. Its primary akta.pro industry code is EUALAAAI, Offshore E&P (Shallow/Deepwater, Subsea Production Systems), with a secondary code of EUAAAAAG, Onshore Natural Gas E&P (Conventional Fields). Its NAICS code is 211 and its SIC code is 1311.