Nigerian downstream oil and gas company Swift Oil Limited has acquired a 51 per cent stake in Chorus Energy Limited for nearly US$15mn
Chorus Energy Limited, incorporated in 2001, owns three marginal fields – Matsogo, Amoji and Igbolo in Niger Delta, which are estimated to have 4.5bn cubic metres of proven and probable reserves of gas. However, none of the gas reservoirs have been tested and the fields had only two dimensional (2D) seismic cover, stated reports.
Swift Oil has acquired these three fields and this acquisition is meant to boost local production of oil, stated reports. With this deal, Swift Oil Limited has entered the Nigerian upstream sector.
Chorus Energy Limited is a marginal field player – a company that works in areas that haven't been explored too extensively as they may lack infrastructure and economic viability, or have technological constraints. Swift Oil Limited was registered in 2002 with the main aim of oil exploration, production, refining and sale of liquid and gaseous hydrocarbons.
According to reports, Nigerian exploration and production firm Seplat Petroleum Development Company offered between US$7mn and US$8mn to acquire Chorus Energy's gas fields.
