Nigeria: Lekoil increases OPL 310 stake
- 04 Dec 2015
Nigerian independent Lekoil has increased its stake in OPL 310 and the Ogo oil discovery by agreeing to buy bankrupt former partner Afren’s 22.86% stake for $13m in cash. Lekoil acquired the stake through the acquisition of Afren Investments Oil and Gas Ltd, and $150m of intra-group loans from Afren Plc and Afren Nigeria Holdings Ltd for a total $13m. The acquisition takes Lekoil’s interest in OPL 310 to a 40% participating interest and 70% economic interest. Operator Optimum Petroleum Development Company holds the other 60%.
Want to read more?
(Access to one 100-400 word article)
Don't have an account?
Register for access to our free content
An account also allows you to view selected free articles, set up news alerts,
search our African Energy Live Data power projects database and view project locations on our interactive map
A member of our team will be pleased to assist you
Sales – Alex Wark
Support – Tara Mulvey
Tel: +44 (0)1424 721667