SacOil Holdings Limited set to buy first OML in Nigeria

OML-NigeriaSouth African explorer SacOil Holdings Limited is in talks to acquire its first production oil mining license (OML) in Nigeria

According to Tito Mboweni, chairman of SacOil Holdings Limited, the company has the possibility for buying an asset for a project, currently in production phase in Nigeria.

He, however, declined to provide more details on the stage of negotiations or the location of the asset.

SacOil Holdings Limited also has operational blocks in Malawi, Botswana and DR Congo, where government has recently opened up dozens of exploration blocks.

“The debate within the company is whether we’re going to stay upstream oil and gas or vertically and horizontally integrated,” he said.

The company added that it currently not interested in assets in South Africa.

Mboweni said, “It’s astounding that with such major natural resources in Africa, we don’t have a pan-African giant.

“That is part of the philosophy underpinning SacOil Limited Holding’s existence. We have to be that giant pan-African oil and gas company.”

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