Remmy Orthon - SacOil to exit Nigerian asset over sliding crude oil prices

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SacOil to exit Nigerian asset over sliding crude oil prices Featured

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06 February 2015
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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.

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