Market News
Nigeria’s Seplat moves in to fill gap as foreign oil companies retreat - FT
Buyer of ExxonMobil’s assets in the west African country wants to double production within six months
The Nigerian company that took over the local operation of ExxonMobil wants to double production within six months, after moving in to take advantage of the retreat of foreign majors from the county’s onshore oil sector.
London-listed Seplat completed its purchase of a range of oil and gas assets the US energy giant owned in December after Nigerian regulators delayed signing off on the deal for more than two years.
Seplat senior management said the plan was to more than double output from about 50,000 barrels a day to roughly 120,000 bpd over the six-month period.
