Mike Adenuga Exports New Nigerian Crude Grade ‘OBODO’ To International Market

FUNSHO AROGUNDADE

Continental Oil & Gas Limited, a subsidiary of Conoil Producing, the oil exploration outfit of Nigerian telecom and oil billionaire, Dr. Mike Adenuga, has made another bold move in Africa’s energy industry by achieving a major milestone: the export of Nigeria’s newest crude oil blend, known as the Obodo blend.

This historic event marks a major breakthrough into the country’s efforts to expand its oil portfolio and increase production capacity.

Mr. Adewale Tinubu, the Group Chief Executive of Oando Plc, Wale Tinubu, announced this feat in a short video posted on his X handle on Friday.

Tinubu disclosed that Oando Trading, a subsidiary of Oando Plc, in a historic first, became the first company to purchase and lift the new Obodo blend.

The Atlantic Spirit tanker from Oando’s fleet successfully carried out the first international export of the Obodo blend under the supervision of Century Ports and Terminals.

The successful offtake marked the debut of Obodo crude on the international market.

In April 2025, Conoil Producing, under the leadership of Adenuga, the first Nigerian businessman to strike oil, officially launched the Obodo blend, marking a fresh chapter for Nigeria’s oil industry.

Production was carried out under a production sharing contract with the Nigerian National Petroleum Company Limited (NNPCL).

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.

In a message to celebrate the milestone, Tinubu wrote on his platform: “Indigenous energy companies are rewriting Nigeria’s energy story — doing it with power, purpose, and pride. This isn’t just progress — it’s a breakthrough.

“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 Ken Etete Group CEO of Century Group, as well, for making history as the country’s leading indigenous FPSO operator, and of course to the industry’s concessionaire NNPCL and its esteemed Group Chief Executive Officer, Mr. Bayo Ojulari.

“We’re honored 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.”

A key part of this milestone was 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.

Their careful coordination birthed the first barrels of Obodo crude set sail smoothly under Panama’s flag.

The teamwork between a local producer, infrastructure provider, and trader highlights how Nigerian companies are stepping up to meet global demand.

As the country pushes to add another one million barrels a day to its oil output, companies like Conoil, NNPCL, Oando Trading, and Century Group are showing they have what it takes.

For Mike Adenuga, it marks another proud chapter in a story that started in the early 1990s, when he took a bold leap into an industry long dominated by foreign giants.

Betting on Nigeria’s potential, Adenuga poured more than $100 million into exploring and drilling oil blocks under Consolidated Oil — now Conoil Producing — and, in 1991, made history as the first Nigerian company to strike and produce oil commercially in the shallow waters of Ondo State.

Today, Conoil Producing remains a key player, managing six promising blocks in the Niger Delta with reserves topping 400 million barrels of oil and 1.8 trillion cubic feet of gas.

Beyond exploration and production, Adenuga’s energy empire continues to expand.

Conoil’s oil marketing arm has continued to make strong gains, with revenue jumping from N201.4 billion in 2023 to N323.2 billion in 2024.

Profits also climbed from N9.9 billion ($6.15 million) to N11.4 billion ($7.1 million), showing that even decades after his first breakthrough, Adenuga is still building, growing, and setting new records.