March 21, 2018
Nigerian energy conglomerate Sahara Group Ltd. said it revived plans for a share-sale as it looks to increase oil production four-fold to 100,000 barrels per day.
Sahara and other Nigerian firms such as Aiteo Eastern E&P Ltd., Seplat Petroleum Development Co. and Shoreline Group pump about 20 percent of the country’s total daily production of 2 million barrels. They’ve taken advantage of so-called indigenization laws that are meant to boost domestic private companies’ presence in the sector by buying assets from the likes of Royal Dutch Shell Plc, Total SA and Eni SpA.
Sahara wants to buy more oil fields to reach its 100,000-target within four years, he said.
“The option of buying more gas and oil blocs is looking brighter now, more assets have starting coming on the market,” Cole said.