BP Eyes First Deal in Nigeria

By June 15, 2017 Investment News

BP is in talks with an AIM-listed oil explorer that could see it win its first toehold in Nigeria.

City sources said the FTSE 100 giant is in advanced discussions with Sirius Petroleum about a so-called “off-take” agreement.

The deal would see BP lend Sirius between £5m and £10m, and agree to buy some of its oil.

Sirius’s main oil producing asset is the Ororo field in waters off the coast of Nigeria. The debt funding from BP could be used to help the firm buy more assets in the region.

BP’s interest in helping Sirius boost production offshore in Nigeria comes as its main rival, Royal Dutch Shell, sheds assets in the country.

Source: Times Newspapers