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SEPLAT to Complete Acquisition in OMLs 4, 38 & 41

Source: www.gulfoilandgas.com 8/3/2010, Location: Africa

SEPLAT Petroleum Development Company has completed its acquisition of a 45% stake in OMLs 4, 38 and 41, onshore Nigeria, from Shell Petroleum Development Company of Nigeria (SPDC), Total E&P Nigeria and Nigeria Agip Oil Company. Maurel & Prom owns a 45% stake in SEPLAT, a Nigerian-registered company. SEPLAT's other shareholders include the Nigerian operators Platform Petroleum (22%) and Shebah Petroleum Development Company (33%).

With the commissioning of metering systems during the month of August 2010, global production from these OMLs is expected to be 52,000 bpd of fluids (with approx. 30,000 bpd of crude oil) and 120 mmscf of natural gas, of which SEPLATís allocation will be 45% of the global production, with a royalty rate of 20% for oil and of 7% for gas. Consequently M&P allocation after royalties will be 16.2% of the global production of oil and 18.83% of the gas production.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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