Nigeria’s offshore in uptick  as Canadian firm earns Usd400m 

Olubunmi Martins

Africa Oil Corporation, listed as a Canadian company,  has declared significant profit earnings from its assets in Nigeria’s  offshore terrain. 

The company’s  President and CEO Keith Hill commented: “We had a very strong financial year as demonstrated by our record earnings and the full repayment of our corporate debt, and I am pleased that we are now in the robust financial position to be able to announce our inaugural dividend. 

“This strong position will allow us to continue to pursue accretive production acquisition opportunities  while returning excess cash to shareholders. We remain bullish about oil prices and opportunities in the current energy transition environment.”

He further said “the Company’s focus remains on buying producing assets offshore West Africa and the management will consider both operated and non-operated opportunities as well as oil and natural gas assets” “The Board may also consider corporate merger and acquisition opportunities if there is strong strategic rationale for such a transaction with strong prospects to increase shareholder value.

The company which  owns participatory interests in oml 127 through an indirect partnership with Chevron and Famfa Oil is similarly involved  in oml 130 development alongside Total and SAPETRO. 

OML 130 , made up of 4 major oil fields, has  a high potential to produce 3 million barrels a day and significant gas yield. 

Buttressing its confidence in the current market trend, Africa Oil confirmed  that it has sold upfront, a good percentage of its 11-13 crude oil cargo entitlements  for the year 2022, disclosing that each cargo amounts to a million barrels of crude oil.