The company, which operates the Oil Mining Lease 17 it purchased from Shell Plc in 2021, said in August that it plans to double output by 2030 from 55,000 barrels a day, as well as expand operations across Africa.
Nigerian independent oil companies are significantly expanding operations to benefit from an improved operating environment, after acquiring onshore assets of international oil companies shifting to deepwater fields. Other companies including Seplat Energy Plc, Oando Plc and Renaissance Africa Energy Co are reopening shut-in wells and investing heavily in new drilling and infrastructure to help the West African nation ramp up crude oil output.
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