Conoil Producing, owned by Nigerian billionaire Dr. Mike Adenuga, has officially begun exporting Nigeria’s newest crude oil grade, the Obodo blend—marking a major milestone for the country’s indigenous oil industry.
Unveiled in April under Adenuga’s leadership, the Obodo blend represents a new chapter in Nigeria’s oil production.
It is a medium sweet crude sourced from the onshore OML 150 block, operated under a production sharing contract with NNPC Limited.
Continental Oil & Gas Limited, a subsidiary of Conoil Producing, manages this block as part of its broader portfolio of six oil licenses in the Niger Delta.
Oando Trading, the trading arm of Oando Group led by CEO Wale Tinubu, became the first buyer and exporter of the Obodo blend.
The inaugural cargo was lifted by Oando’s vessel, the Atlantic Spirit, under the coordination of Century Ports and Terminals, marking the Obodo blend’s debut on the international market.
Wale Tinubu lauded the achievement, stating:
“Congratulations to Dr. Mike Adenuga and the Conoil team for producing Nigeria’s newest crude, Obodo.
Kudos also to Century Group for making history as the country’s top indigenous FPSO operator.
We are proud to have lifted the first export cargo—this is a major win for local excellence on the global stage.”
According to Billionaires.Africa, Century Ports and Terminals played a crucial role in the successful export, managing the Tamara Tokoni FPSO that linked Conoil’s onshore wells to the Atlantic Spirit, a vessel flagged in Panama.
Conoil Producing, originally founded as Consolidated Oil in the early 1990s, reflects Adenuga’s long-standing vision of investing in Nigeria’s untapped energy potential.
In 1991, the company made history with the commercial discovery and production of oil in the shallow offshore waters of Ondo State—becoming a pioneering indigenous oil operator.
Today, Conoil’s oil marketing division continues its upward trajectory, with revenues rising from ₦201.4 billion in 2023 to ₦323.2 billion in 2024.
Net profit also grew from ₦9.9 billion to ₦11.4 billion, reinforcing Adenuga’s enduring legacy of innovation and growth in Nigeria’s energy sector.
