The Chief Executive Officer of Transnational Corporation of Nigeria(Transcorp), Mr. Emmanuel Nnorom, has said the withdrawal of SacOil Holdings Limited from participating in OPL 281 will not affect the funding and production prospect of the oil block, This Day reports.
Transcorp had in May 2014, signed the Production Sharing Contract (PSC) for OPL 281 with the Nigerian National Petroleum Corporation (NNPC) and received full regulatory approvals to commence oil and gas prospecting in OPL 281. Transcorp also entered into partnership agreement with SacOil Holdings of South Africa. However, SacOil last week announced its withdrawal as part of its ongoing portfolio rationalisation.
However, in a notification to the Nigerian Stock Exchange (NSE) yesterday, Nnorom assured stakeholders that the withdrawal would not affect the oil block, adding that SacOil’s withdrawal would have no impact on the funding of the project.
According to him, since signing the PSC with NNPC, Transcorp has pursued an aggressive work programme aimed at bringing OPL 281 into oil and gas production by the end of 2017, and has so far acquired and evaluated some 150 sq km of 3D seismic, with its first well planned for drilling by the end of this year.