Forte Oil to Divest from Upstream Assets

Thursday, May 10, 2018

Nigerian petroleum distribution company, Forte Oil, revealed that it would divest its upstream assets in Nigeria and exit Ghana to focus on its core business, distributing petroleum products to Nigeria.

Previously the company had planned to enter into the development of marginal oil fields in Nigeria to stimulate its upstream activity.

The company did not offer up any information as to why it was changing its strategy.

Forte Oil has two storage depots, five aviation fuel depots and one lubricant blending plant. It also has a fleet of 100 trucks for the distribution of products through its more than 500 points of sale.

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