SacOil seals Nigerian stake
South Africa's SacOil said yesterday it had acquired a 20% stake in a Nigerian oil and gas field, its second production deal in the country.
Its joint-venture partner, Equity Energy Resources, has also bought a stake of the same size in the OPL281 field, located onshore in the western delta region of Nigeria.
The remaining 60% has been retained by Transnational Corporation of Nigeria, or Transcorp, SacOil said.
SacOil said the joint venture and Transcorp have agreed to pursue an accelerated development plan for hydrocarbons on the field, subject to regulatory approval.
The company said it had paid an initial farm-in fee of $12.5-million for the stake in the field, and the venture would pay an additional $7.5-million to Transcorp upon necessary approvals.
A final fee of $12.5-million would be paid to Transcorp when the project reaches oil, Sacoil said.
SacOil and EER also bought a 40% stake in another Nigerian oil and gas block in December.