• Latest
  • Trending
  • All
  • Market Updates
  • Cryptocurrency
  • Blockchain
  • Investing
  • Commodities
  • Personal Finance
  • Technology
  • Business
  • Real Estate
  • Finance
Nigeria’s Seplat moves in to fill gap as foreign oil companies retreat

Nigeria’s Seplat moves in to fill gap as foreign oil companies retreat

January 7, 2025
Can AI Avoid the Enshittification Trap?

Can AI Avoid the Enshittification Trap?

October 18, 2025
Locked out of your Google account? Now a friend can help – here’s how

Locked out of your Google account? Now a friend can help – here’s how

October 18, 2025
Soft Manager – Trading Ideas – 5 August 2025

Smart Prop Ai – Complete Setup Guide: Installation & Configuration – My Trading – 18 October 2025

October 18, 2025
Germany Wants CFD-Like Restrictions for Turbos, Kraken Buys Small Exchange from IG for $100M

Germany Wants CFD-Like Restrictions for Turbos, Kraken Buys Small Exchange from IG for $100M

October 18, 2025
Salesforce CEO Marc Benioff Walks Back On His Support Of Trump’s National Guard Proposal For San Francisco: ‘I Sincerely Apologize’ – Salesforce (NYSE:CRM)

Salesforce CEO Marc Benioff Walks Back On His Support Of Trump’s National Guard Proposal For San Francisco: ‘I Sincerely Apologize’ – Salesforce (NYSE:CRM)

October 18, 2025
Schwab Reports High Crypto Engagement Despite ETF Outflows

Schwab Reports High Crypto Engagement Despite ETF Outflows

October 18, 2025
Developers can now add live Google Maps data to Gemini-powered AI app outputs

Developers can now add live Google Maps data to Gemini-powered AI app outputs

October 18, 2025
US stock market closing levels: Big turnaround for a solid gain

US stock market closing levels: Big turnaround for a solid gain

October 18, 2025
How The Gold Rally Has Been Mirroring Bitcoin’s Momentum Over Time

How The Gold Rally Has Been Mirroring Bitcoin’s Momentum Over Time

October 18, 2025
What student loan borrowers can and can’t do

What student loan borrowers can and can’t do

October 18, 2025
Spending Money to Save Time Is the Best Use of Funds

Spending Money to Save Time Is the Best Use of Funds

October 18, 2025
EUR/USD slides below 1.1700 as tariff fears lift Dollar to 2-week high

EUR/USD slips as Trump softens China tariff stance, US Dollar recovers

October 18, 2025
Saturday, October 18, 2025
No Result
View All Result
InvestorNewsToday.com
  • Home
  • Market
  • Business
  • Finance
  • Investing
  • Real Estate
  • Commodities
  • Crypto
  • Blockchain
  • Personal Finance
  • Tech
InvestorNewsToday.com
No Result
View All Result
Home Commodities

Nigeria’s Seplat moves in to fill gap as foreign oil companies retreat

by Investor News Today
January 7, 2025
in Commodities
0
Nigeria’s Seplat moves in to fill gap as foreign oil companies retreat
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter


Unlock the Editor’s Digest free of charge

Roula Khalaf, Editor of the FT, selects her favorite tales on this weekly e-newsletter.

The Nigerian firm that took over the native operation of ExxonMobil desires to double manufacturing inside six months, after transferring in to make the most of the retreat of overseas majors from the county’s onshore oil sector.

London-listed Seplat accomplished its buy of a spread of oil and gasoline belongings owned by the US power large in December after a delay of greater than two years by Nigerian regulators to log out on the deal.

Seplat senior administration stated the plan was to greater than double output from about 50,000 barrels a day to roughly 120,000 bpd over the six-month interval.

“The belongings have had very minimal investments till now,” Seplat’s chief monetary officer Eleanor Adaralegbe instructed the Monetary Occasions in an interview. “We anticipate that when we are available in there can be a chance to develop that a lot additional.”

The $1.28bn acquisition of Mobil Producing Nigeria Limitless makes Seplat one of many greatest home producers with an asset base of 11 onshore oil blocks, 48 oil and gasoline fields, three export terminals and 5 gasoline processing amenities.

The mixed belongings imply Seplat controls 16 per cent of Nigeria’s current manufacturing capability, in line with chief govt Roger Brown.

Seplat will run the belongings along side state-owned Nigerian Nationwide Petroleum Firm as legally mandated within the nation’s oil and gasoline business.

Brown stated his firm was assured that it might work with NNPC to lift general manufacturing, a said purpose of Nigeria’s President Bola Tinubu. NNPC has been criticised for many years of alleged corruption and mismanagement and final yr admitted it owed its suppliers cash, estimated to be greater than $6bn.

“We’ve got no considerations working with NNPC . . . There’s been a large change with President Tinubu, realising that manufacturing is an effective way of getting {dollars} into the nation and supporting the foreign money,” Brown stated.

Most of the Nigerian belongings require time and funding to allow them to produce once more after being left idle. “We’ve got over 600 wells drilled and barely 200 of them are producing,” stated chief working officer Samson Ezugworie. “We’ve got vital idle wells that should be rejuvenated and introduced again into manufacturing inside a brief time frame.”

Exxon’s sale comes as worldwide oil teams exit Nigeria’s troubled onshore and shallow water sector, which has been beset by many years of environmental damages, and extra just lately by declining manufacturing. Worldwide teams corresponding to Italy’s Eni, Norway’s Equinor and Addax Petroleum have all departed.

Shell, which is synonymous with Nigeria’s oil business and drilled the nation’s first profitable nicely in 1956, has bought its onshore enterprise to native consortium Renaissance for $1.3bn. Prospects of higher returns with fewer environmental considerations have attracted overseas oil corporations to offshore oilfields.

Seplat is now amongst a rising cohort of native Nigerian oil teams moving into the hole. Nigerian corporations have lengthy sought to extend their manufacturing capability and are betting that their data of the native nation would serve them nicely as they search to interact with native communities, who’ve typically been at loggerheads with worldwide teams over environmental injury.

Critics say native teams are buying undesirable belongings with little life left in them, though this assertion is rejected by Seplat. Ezugworie stated the corporate believed its new belongings had “vital scope and alternative” to provide and that there have been ample reserves left to faucet.



Source link

Tags: companiesfillforeigngapmovesNigeriasoilretreatSeplat
Share196Tweet123
Previous Post

In These 11 Counties You Can Still Buy Homes For $100k and Under

Next Post

Bitcoin miners stockpile coins to ride out profit squeeze

Investor News Today

Investor News Today

Next Post
Bitcoin miners stockpile coins to ride out profit squeeze

Bitcoin miners stockpile coins to ride out profit squeeze

  • Trending
  • Comments
  • Latest
Private equity groups prepare to offload Ensemble Health for up to $12bn

Private equity groups prepare to offload Ensemble Health for up to $12bn

May 16, 2025
The human harbor: Navigating identity and meaning in the AI age

The human harbor: Navigating identity and meaning in the AI age

July 14, 2025
Equinor scales back renewables push 7 years after ditching ‘oil’ from its name

Equinor scales back renewables push 7 years after ditching ‘oil’ from its name

February 5, 2025
Niels Troost has a staggering story to tell about how he got sanctioned

Niels Troost has a staggering story to tell about how he got sanctioned

December 14, 2024
Why America’s economy is soaring ahead of its rivals

Why America’s economy is soaring ahead of its rivals

0
Dollar climbs after Donald Trump’s Brics tariff threat and French political woes

Dollar climbs after Donald Trump’s Brics tariff threat and French political woes

0
Nato chief Mark Rutte’s warning to Trump

Nato chief Mark Rutte’s warning to Trump

0
Top Federal Reserve official warns progress on taming US inflation ‘may be stalling’

Top Federal Reserve official warns progress on taming US inflation ‘may be stalling’

0
Can AI Avoid the Enshittification Trap?

Can AI Avoid the Enshittification Trap?

October 18, 2025
Locked out of your Google account? Now a friend can help – here’s how

Locked out of your Google account? Now a friend can help – here’s how

October 18, 2025
Soft Manager – Trading Ideas – 5 August 2025

Smart Prop Ai – Complete Setup Guide: Installation & Configuration – My Trading – 18 October 2025

October 18, 2025
Germany Wants CFD-Like Restrictions for Turbos, Kraken Buys Small Exchange from IG for $100M

Germany Wants CFD-Like Restrictions for Turbos, Kraken Buys Small Exchange from IG for $100M

October 18, 2025

Live Prices

© 2024 Investor News Today

No Result
View All Result
  • Home
  • Market
  • Business
  • Finance
  • Investing
  • Real Estate
  • Commodities
  • Crypto
  • Blockchain
  • Personal Finance
  • Tech

© 2024 Investor News Today