SacOil says could exit Nigeria assets

SacOil says could exit Nigeria assets
SacOil Holdings

A South Africa’s oil and gas explorer SacOil Holdings said on Monday it may cancel an agreement to complete an appraisal on a prospective oil asset in Nigeria and could exit other assets as the price of oil tumbles.

SacOil said in August it had acquired 20 percent in a prospective Nigerian oil licence, and later said in November it had completed research of the site.

SacOil said in a statement 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 has previously said it would focus on more cash generative assets.

SacOil reported a 23 percent decline in profit after tax in the six months to August due to higher operating costs.

Check Also

‘Kerosene price hit N1,041.05 per litre in October’

‘Kerosene price hit N1,041.05 per litre in October’

The National Bureau of Statistics has said the average retail price of household kerosene paid …

Leave a Reply

Your email address will not be published. Required fields are marked *

× Get News Alert