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Johannesburg - South Africa's SacOil Holdings [JSE:SCL] said on Tuesday it had bought a 20% stake in a Nigerian oil and gas field, which is expected to start producing in 2013.
Its joint venture partner Equity Energy Resources (EER) bought an additional 20% stake in the OPL233 field, located off the coast of the central delta region and next to the Apoi field.
The remaining 60% is held by Nigdel United Oil Company.
The joint venture will pay $8m for the joint 40% stake in the field. The JV will carry all cost for the minimum work programme until first oil production, estimated at $50m, and will have control of financial, technical and operational decisions.
"First oil production is estimated to commence mid-2013 at a production rate of 7 200 barrels per day building up to 10 000 barrels per day," the company said.
SacOil said the joint venture is actively pursuing other short-term production opportunities in Nigeria.
Its joint venture partner Equity Energy Resources (EER) bought an additional 20% stake in the OPL233 field, located off the coast of the central delta region and next to the Apoi field.
The remaining 60% is held by Nigdel United Oil Company.
The joint venture will pay $8m for the joint 40% stake in the field. The JV will carry all cost for the minimum work programme until first oil production, estimated at $50m, and will have control of financial, technical and operational decisions.
"First oil production is estimated to commence mid-2013 at a production rate of 7 200 barrels per day building up to 10 000 barrels per day," the company said.
SacOil said the joint venture is actively pursuing other short-term production opportunities in Nigeria.
