Lekoil’s Commitment to Nigeria’s Oil Growth: Insights from Sam Olotu

Nigeria’s crude oil production has risen to 1.8 million barrels per day (bpd), reflecting renewed efforts to stabilize and expand the sector. A key contributor to this progress is Lekoil Nigeria Limited, whose Otakikpo field in Oil Mining Lease 11 (OML 11) has increased output from 10,000 bpd to nearly 20,000 bpd. However, despite this growth, the industry continues to grapple with high production costs, ageing infrastructure, and crude oil theft.

Speaking at the recent Nigerian International Energy Summit (NIES), Sam Olotu, Chief Operating Officer of Lekoil Nigeria Limited, emphasized the need for strategic reforms and investment to sustain the country’s production goals. He highlighted that while government initiatives have driven production gains, achieving a long-term target of over three million bpd requires critical improvements in infrastructure, security, and cost efficiency.

Guardian, Lekoil Nigeria Sam Olotu’s NIES Feature, Pg 21, 5th March 2025

Lekoil has positioned itself at the forefront of industry transformation, leveraging local financing solutions such as its N100 billion bond programme. Olotu reiterated that reliance on outdated pipelines and costly crude evacuation methods must be addressed to ensure sustainable growth. He also noted that indigenous companies stepping in after major oil firm divestments must navigate complex regulatory and operational challenges.

As Nigeria strives for energy security and increased oil output, Lekoil remains committed to innovation, operational efficiency, and stakeholder collaboration, reinforcing its role as a leading player in the country’s evolving oil and gas landscape.

Source: Guardian, Lekoil Nigeria Sam Olotu’s NIES Feature, Pg 21, 5th March 2025