Conoil Producing, the oil exploration company owned by Nigerian tycoon Mike Adenuga, has made a significant move within Africa’s energy sector by starting to export Nigeria’s latest crude oil variety, called the Obodo blend, onto the global stage.
In April, led by Adenuga—the pioneering Nigerian business figure who achieved success in the oil sector—Conoil Producing inaugurated the Obodo blend, signaling a new era for Nigeria’s petroleum sector. The extraction process was conducted pursuant to a production-sharing agreement with NNPC Limited.
The Obodo blend is a medium sweet crude extracted from the onshore OML 150 block. This block is managed by Continental Oil & Gas Limited, one of the operating companies under Adenuga’s Conoil Producing, which holds six oil blocks across the Niger Delta.
Oando Trading, the trading arm of Oando Group, led by Group Chief Executive Wale Tinubu, became the first company to purchase and lift the new Obodo blend.
The offloading was conducted by the Atlantic Spirit, one of Oando’s ships, with oversight from Century Ports and Terminals, signaling the first appearance of Obodo crude on the global market.
Wale Tinubu celebrated the achievement of Adenuga’s Conoil Producing by extending his congratulations to Adenuga, the Conoil team, and noted that the Oando Group takes pride in having dispatched the initial shipment for global trade aboard the Atlantic Spirit.
He said, “Congratulations to Dr. Mike Adenuga (GCON) and the entire CONOIL team for successfully producing OBODO Crude, Nigeria’s newest medium sweet crude grade blend. Hats off to Century Group, as well, for making history as the country’s leading indigenous FPSO operator. We’re honoured to have played a part in this chapter of your story by lifting the first cargo for international export on board the Atlantic Spirit — a bold leap for indigenous excellence on the global energy stage.”
According to Billionaires.Africa, the milestone was achieved alongside Century Ports and Terminals, whose management of the Tamara Tokoni, a floating production, storage, and offloading vessel, created the crucial link between Conoil’s onshore wells and Oando’s export tanker, and ensuring the first barrels of Obodo crude set sail smoothly under Panama’s flag.
Conoil Producing, originally established as Consolidated Oil in the early 1990s, witnessed a telecommunications tycoon investing over $100 million in Nigeria’s sector, a market largely controlled by international corporations at the time.
Adenuga took a daring step that resulted in the exploration and drilling of oil fields in 1991. This marked a significant moment as his was the first Nigerian firm to successfully discover and commercially extract oil from the shallow waters off Ondo State.
Today, Conoil Producing continues to be a major participant, overseeing six prospective blocks in the Niger Delta region, where reserves amount to over 400 million barrels of oil and 1.8 trillion cubic feet of natural gas.
Based on its Unaudited Financial Statement for the fiscal year 2024, Conoil’s petroleum distribution division has maintained robust growth, with revenues surging from ₦201.4 billion ($125.3 million) in 2023 to ₦323.2 billion ($201 million) in 2024. Additionally, profits increased from ₦9.9 billion ($6.15 million) to ₦11.4 billion ($7.1 million). This demonstrates that despite achieving initial success many years ago, Adenuga continues to expand, develop, and establish new benchmarks.
Credit: Billionaires.Africa
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