Lekoil Converts to Naira to Fund Otakikpo Expansion

Monday, June 20, 2016

Lekoil has converted around half of its investment budget into naira to fund its oil field expansion in Nigeria. The company’s conversion from USD to naira allows it to benefit from Nigeria’s weak currency.

Lekoil will use the naira to pay for some domestic services. “As a result of the significant devaluation of the Nigerian Naira to the U.S. dollar in 2015, we have moved a significant portion of our capex from U.S. dollars to naira,” Lekoil Chief Executive Olalekan Akinyanmi told Reuters.

The company plans to increase production at its Otakikpo oil field to 10,000 bpd by the end of the year.

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