Nigeria’s Transcorp To Begin Oil Production

November 19, 2013

Transnational Corporation of Nigeria Plc, a conglomerate with interests in energy and hospitality has announced plans to produce its first oil next year, the Nigerian paper Leadership reported on November 19.

The company said on November 18 in an emailed note to investors that it would pump oil from Lease 281 in the Niger River delta by the end of 2014. It also plans a 5-star hotel in the oil-rich region.

Nigerian-owned companies are boosting their share of the country’s oil output by taking up fields in restive areas of the delta as international energy producers retreat. For Lagos-based  Transcorp, the start of crude output may help restore profit after earnings slumped 58 per cent last year.

Transcorp also took control of the Ughelli power plant this month as part of a privatisation programme.

Copyright: Leadership, 2013