Energy

SacOil set to boost oil production

Published

8 years ago

January 6, 2017

Olu Emmanuel

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Wins NNPC crude contract

SacOil Holdings Limited has declared its readiness to boost crude oil extraction in the country.

The oil and gas firm, SacOil Holdings Limited, last week, celebrated expansion of its business in the sector, acknowledging that one of its joint ventures, SacOil Energy Equity Resources Limited, has been awarded a crude oil term contract by the Nigerian National Petroleum Corporation (NNPC).

The terms of the contract and regulatory of take off by the SEER venture will be dependent on aggregate crude oil production in Nigeria, SacOil was gathered to have said.

“These crude trading operations represent an important part of SacOil’s diverse portfolio of assets and operations, and are in line with the company’s strategy to focus on cash generative, income producing activities across the full industry value chain,” SacOil had said in a statement.

More so, San Leon Energy Plc, had observed that reperforation operations carried out at wells in Oil Mining Lease, OML, 18 located in onshore Nigeria, helped to raise production to about 61,000 barrels of oil per day (bpd).

The increase in production is expected to boost Nigeria’s output. “The well has now been temporarily shut in to allow minor production upgrades and additional work over operations. The reperforation programme will continue to be implemented across a number of wells in this field in the coming months,” the management had said.

San Leon was gathered to have declared that it is still expecting new production sources from at least two other Nigerian oil prospects during the first half of this year.