Social Login

Remember me
News

SacOil to exit Nigerian asset over sliding crude oil prices Featured

Post by
06 February 2015
Rate this item
(0 votes)

THE Johannesburg-based oil and gas explorer, SacOil Holdings has expressed desire to pull out of a Nigerian asset agreement, after acquiring 20 per cent of a prospective oil license and completing research for the site.

  The company said in a statement on it website that it could exit other assets as a result of the continued fall in global oil prices.

  SacOil said it would also make a decision on whether to continue exploration on similar assets in Malawi, Mozambique and the Democratic Republic of Congo as the price of oil dips to six-year-lows on oversupply concerns.

  The company stated: “With reference to the cautionary announcement published on 18 December 2014 on the Stock Exchange News Service of the JSE and on the regulatory News Service of the London Stock Exchange, SacOil shareholders are advised that the Company is still in the process of considering its portfolio rationalisation, which, if successfully concluded, may have a material effect on the price of SacOil ordinary shares.

  “In particular, SacOil is considering the cancellation of an agreement to participate in an appraisal asset in Nigeria. As yet, no transaction has been formalized and there can be no guarantee as to the terms or conditions attached to any cancellation of this asset. Further updates will be made in due course”.

  Transnational Corporation of Nigeria Plc (Transcorp) signed a joint venture (JV) agreement with SacOil Holdings Limited of South Africa (SacOil) few years ago to develop OPL 281 in collaboration with Energy Equity Resources Limited (EER).   

  Subject to the approval of the Minister of Petroleum Resources and Nigerian National Petroleum Company (NNPC), the JV, consisting of SacOil Holdings Limited and EER 281 Nigeria Limited was to acquire 40 per cent of the 100 per cent participating interest of Transcorp in the Production Sharing Contract (PSC) for OPL 281. 

  The ownership of the Joint Venture would be shared among SacOil Holdings Limited acquiring 20 per cent, EER 281 Nigeria Limited, a subsidiary of Equity Energy Resources, controlling 20 per cent and Transcorp retaining the residual 60 per cent in the oil block. The compelling case for Transcorp’s energy sector investment and the landmark agreement is supported by expert views on the vast potential of the African continent to contribute up to 20 per cent of global oil production- compared with less than 10 per cent today – as oil resources in America and the North Sea become exhausted. Currently, on- and off-shore wells in Africa produce more oil than North America wells. Informed estimates project that by 2020, Africa will be the world’s third-biggest oil region. Through this partnership with SacOil, Transcorp is demonstrating its determination to realise the full potential of its energy asset through credible partnerships with SacOil, the pan-African energy company, and Energy Equity Resources, an indigenous energy company and parent company of EER 281 Nigeria Limited.

- See more at: http://www.ngrguardiannews.com/business/196836-sacoil-to-exit-nigerian-asset-over-sliding-crude-oil-prices#sthash.asBd0d7g.dpuf

Read 15543 times Last modified on Friday, 06 February 2015 00:12

85435 comments

  • Comment Link India Wednesday, 25 May 2016 03:48 posted by India

    こんにちは。僕は来週で33歳と8カ月になります。そして子に季節になりました。ですからできればいらない毛は除毛をやりたいですよね。今では、全国に脱毛専門のエステサロンがいっくらでもあります。やりたい部分は、人それぞれですが、特に脱毛したいのは産毛です。私は、人気店のシースリーで脱毛しています。そのおかげで、かなりムダ毛がなくなっています。やはり自分で処理するのとは、比べようもないです。あとちょっとシースリーに行ってムダ毛を少なくしたいです。でも、医療クリニックに通ったとしても知りたいのは脱毛にかかる料金です。それについては、従業員に聞けばいいでしょう。他にも気になるのが、長い間通わないといけないのかです。私はできれば、3カ月くらいですべて終わってくれると助かりますね。まあ、今から行く人は相談してみましょう。

  • Comment Link Norris Wednesday, 25 May 2016 03:48 posted by Norris

    Delivered in a gift box materiel Silver plated pewter.

  • Comment Link Andrew Wednesday, 25 May 2016 03:45 posted by Andrew

    There is a ten-day routine telling you which combinations of foods from the list to eat, as well as you
    eat six meals each day.

  • Comment Link Sommer Wednesday, 25 May 2016 03:44 posted by Sommer

    If you are going for most excellent contents like I do, just pay a visit this web site every day as it provides quality contents, thanks

  • Comment Link auto inkoop utrecht Wednesday, 25 May 2016 03:43 posted by auto inkoop utrecht

    I would like to thank you for the efforts you've put in penning this blog.
    I am hoping to check out the same high-grade content by you later on as well.
    In fact, your creative writing abilities has inspired me
    to get my own site now ;)

  • Comment Link crabbyadage490.blog.com Wednesday, 25 May 2016 03:33 posted by crabbyadage490.blog.com

    Hey! Do you know if they make any plugins to protect against hackers?
    I'm kinda paranoid about losing everything I've worked hard on. Any tips?

  • Comment Link Mahalia Wednesday, 25 May 2016 03:32 posted by Mahalia

    Excellent post, I think webmasters ought to learn so much from this web blog its user-friendly as well as posts are great.

  • Comment Link Seth Wednesday, 25 May 2016 03:31 posted by Seth

    My brother recommended I may like this blog.
    He used to be totally right. This put up truly made my day.
    You can not imagine just how so much time I had spent for
    this information! Thank you!

  • Comment Link fat loss pills walmart Wednesday, 25 May 2016 03:27 posted by fat loss pills walmart

    The scientific research is clear: if you're planning to control your weight and supercharge your fat loss, you should regulate this hormone.

  • Comment Link Http://Doloresquaint.Com/?Option=Com_K2View=ItemlistTask=UserId=249439 Wednesday, 25 May 2016 03:26 posted by Http://Doloresquaint.Com/?Option=Com_K2View=ItemlistTask=UserId=249439

    Woah! I'm really digging the template/theme of this website.
    It's simple, yet effective. A lot of times it's challenging
    to get that "perfect balance" between superb usability and appearance.
    I must say you have done a excellent job with this.
    In addition, the blog loads very fast for me on Opera.
    Outstanding Blog!

Leave a comment

Make sure you enter the (*) required information where indicated. HTML code is not allowed.

Our Office

+234 803 309 1270
144A, Aba-Port Harcourt Expressway, (By St. John's Busstop), Port Harcourt, Rivers state, Nigeria.
admin@remmyorthon.com; remmyorthon@gmail.com

Popular News

Our Vision

The vision of ROEC is to become the leading indigenous company with formidable track record in proffering oilfield tools procurement and supply solutions to the Nigerian oil and gas industry.

OUR REGION

Our services are concentrated in the Niger Delta region and beyond.

Request a quote