Petroleum Africa
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Thursday, January 23, 2014
Dangote Group is considering the purchase of some onshore oil and gas fields as it looks to secure feedstock for a planned $9 billion oil refinery and petrochemical complex in southwest Nigeria. The company would also use any produced petroleum as feedstock to power its cement plants in Nigeria, according to Dangote’s Group Executive Director Devakumar Edwin in an interview with Bloomberg.
“We’re seriously thinking of investing in oil blocks both for gas and for oil,” Edwin said. “We’ve started talking with some companies who are divesting from onshore,” he said, declining to name them.
Over the past several years there have been plenty of onshore blocks put on the market by major international firms, such as Shell, ENI unit Agip, Total, and Chevron. The blocks put on the market have enabled indigenous firms to pick up acreage.
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