Oando's Wale Tinubu: Hydrocarbons Essential Amid Instability

Wale Tinubu, the Group Chief Executive of Oando PLC, discussed the increasing priority of hydrocarbons amid global instability during an interview with the BBC at the Africa CEO Forum. He highlighted that rising inflation and geopolitical instability are forcing countries to reconsider their energy transition strategies, emphasizing the need for reliable hydrocarbon supplies to maintain economic stability.

Tinubu pointed out that the realities created by global crises, such as the COVID-19 pandemic and the ongoing Russia-Ukraine war, have pressured governments to reassess their energy strategies. He noted that the demand for hydrocarbons, particularly natural gas, remains strong, especially in developing economies across Africa and Asia.

Tinubu also mentioned Oando's growth targets, aiming to increase oil production to 100,000 barrels per day and natural gas production to 1.5 billion cubic feet per day by 2030. He stressed the importance of hydrocarbons in supporting economic growth and improving living standards, particularly in regions facing significant energy deficits.