Chief Executive Officer,
Avuru spoke at the
The expression of interest by Seplat came on the heels of the company's recent announcement of the completion of its
Avuru said Seplat had positioned itself as an early mover through the acquisition of a 45 per cent operated interest in OMLs 4, 38 and 41 from
Following this landmark deal in 2010, Seplat further grew its portfolio through the acquisition of a 40 per cent interest in the OPL 283 marginal field area from Pillar Oil. In 2015 acquired further interests in OML 53 and OML 55 from
According to him, Seplat has demonstrated its ability to work its assets and produce its reserves despite external negative factors such as downtime and losses.
He noted that Seplat also began to invest in its gas business in 2010 in response to the Nigerian government's initiatives to improve the debilitating impact of poor power generation and supply in the country by opening the domestic supply obligation pricing to market forces.
He assured that the company is strategically positioned to access
'We are delighted to successfully complete the acquisition of Eland, which further enhances Seplat's footprint in
The Guest Speaker at the meeting, Mr. Mascot Ogunjemiyo, who highlighted the various merger and acquisition cases in the Nigerian oil and gas industry so far, said mergers, acquisitions and divestments in the industry were capable of promoting efficiency and further drive growth.
© Pakistan Press International, source