• News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
MSME Africa
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
  • News
  • Business
  • Opportunities
  • Articles & Resources
  • Spotlight
  • Views
    • Interviews
    • Opinions
  • MSME Jobs
  • More
    • Africa
    • World
  • webmail
  • Terms of Use
No Result
View All Result
MSME Africa
No Result
View All Result

Oando Secures $375 Million Loan Upsize to Boost Oil and Gas Expansion Plan

Olusola Blessing by Olusola Blessing
June 5, 2025
in Business, News
0
Oando Secures $375 Million Loan Upsize to Boost Oil and Gas Expansion Plan
Share

Nigeria’s leading energy company, Oando PLC, has announced the successful upsizing of its Reserve Based Lending (RBL2) facility to $375 million, marking a major milestone in the company’s long-term strategy to scale operations and boost energy output.

The refinancing, led by the African Export-Import Bank (Afreximbank) with support from global energy trader Mercuria, extends the facility’s final maturity to January 30, 2029. The loan, structured around Oando’s proven reserves—estimated at one billion barrels of oil equivalent—positions the company to further leverage its expanded asset base following recent major acquisitions.

Oando’s Chief Executive described the refinancing as a strategic move that will help unlock over \$11 billion in net cashflows over the life of its joint venture assets. The company has made significant progress in deleveraging its debt, reducing the original $525 million RBL2 facility signed in 2019 down to $100 million by the end of 2024. This disciplined debt management approach enabled the successful upsize and refinancing.

The newly secured funds will be channelled into key growth initiatives including intensified drilling campaigns, critical infrastructure upgrades, and advanced operational efficiency enhancements across the company’s energy portfolio. These efforts are part of Oando’s ambitious plan to reach 100,000 barrels of oil and 1.5 billion cubic feet of gas per day by 2029.

This development follows Oando’s landmark $783 million acquisition of Nigerian Agip Oil Company (NAOC) from Italian energy group ENI in August 2024. That acquisition significantly expanded Oando’s footprint in Nigeria’s oil and gas sector. It added twenty-four producing fields, forty exploration prospects, a vast pipeline network, three gas processing plants, the Brass River Oil Terminal, and power infrastructure with a combined capacity of 960MW.

The successful refinancing and recent acquisitions highlight Oando’s strategic intent to become a more dominant player in the region’s energy landscape. It also signals strong investor confidence in the company’s growth trajectory and capacity to deliver long-term value in Nigeria and beyond.

 

 

Post Views: 18
Share

Related Posts:

  • Africa must prepare for the inevitability of a global food crisis - Akinwumi Adesina
    Overcoming Binding Constraints to Competitive…
  • Nigeria Lost 362 Million Barrels of Crude Oil in 10 Years – NEITI
    Nigeria Lost 362 Million Barrels of Crude Oil in 10…
  • MSME Africa Unveils Top 50 Remarkable MSME Founders 2023, Awards them $25,000 in Media Credits
    MSME Africa Unveils Top 50 Remarkable MSME Founders…
  • Best Cities to live as an Entrepreneur in Nigeria
    Ultimate 2025 Guide to the Top Business Enabling…
  • Afreximbank and MobiHealth Sign Project Preparation Facility to Drive Digital Healthcare Solutions Across Africa
    Afreximbank and MobiHealth Sign Project Preparation…
  • Afreximbank finalizes US$925 million accordion disbursement for Project Gazelle Funding LimitedAfreximbank finalizes US$925 million accordion disbursement for Project Gazelle Funding Limited
    Afreximbank finalizes US$925 million accordion…
Tags: Oando PlcReserve Based Lending (RBL2Sahara Upstream
Previous Post

Call for Applications: Africa Deep Tech Challenge 2025 ($20,000 in prizes)

Next Post

Ilorin Innovation Hub Partners with Paystack to Boost Kwara’s Startup Ecosystem

Next Post
Ilorin Innovation Hub Partners with Paystack to Boost Kwara’s Startup Ecosystem

Ilorin Innovation Hub Partners with Paystack to Boost Kwara’s Startup Ecosystem

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

No Result
View All Result
Join MSME on Whatsapp
Subscribe To Our Newsletter
Enter your email to receive a weekly round-up of our best posts. Learn more!
icon
By subscribing, you agree with our privacy policy and our terms of service.

Recent Posts

  • FAAN, Plateau Partner on Food Cargo Hub to Cut N3.5 Trillion Food Losses
  • Adamawa Trains 120 Farmers on Smart Livestock Practices, Cliimate Resilience
  • NITDA Seeks Inclusive Digital Policies for 35 million Nigerians with Special Needs
  • World Bank Urges Impact-Driven Partnerships for Africa’s Development
  • Starlink Suspends South African Users Amid Regulatory Crackdown

Recent Comments

  • 10 Reasons Why SMEs Should Invest in Video Marketing - MSME Africa on How to Create Viral Videos for Social Media in 2024
  • link alay4d on 5 Nigerian-based Companies Providing Accelerator Programs for Startups in 2024
  • Damilare Oladeji on Nigerian Government Agencies that Support Entrepreneurship in 2024
  • situs alay4d on 50 Best Tools to Boost Your Productivity as an Entrepreneur in 2025
  • Otabor Osayomore Blessing on Ultimate 2025 Guide to the Top Business Enabling Cities for Startup Founders and Entrepreneurs in Nigeria
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.

No Result
View All Result
  • About us
  • Advertise with Us
  • Contact Us
  • Home
  • News
  • Newsletter
  • Submit News
  • Terms of Use

© 2023 MSME Africa - All rights reserved.