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Seplat looking to acquire fresh Nigerian acreage

Nigerian independent Seplat Petroleum Development could be in the hunt for fresh acreage in the West African oil producer, with both onshore and offshore tracts of interest.

The London and Lagos-listed player is open to acquiring onshore acreage or even tracts in the Niger Delta shallows, “And not excluding the deep water”, chief executive Austin Avuru said as the company unveiled a lower profit for last year amid higher revenues but a sizeable tax bill.

“But it’s Nigeria first, a formal round would mean cheaper acquisition but there isn’t much open acreage available and the farm-in route is more likely,” the chief executive added. The indigenous Nigerian operator’s production for 2019 is projected at 27,000 barrels of oil equivalent, with gas output likely to nudge 164 MMcfd, despite payment issues dogging the market.

Source: Upstream