Replies to post #225454 on ERHC Energy Inc (ERHE)

[brez63]

The who could also be a company who may require "protection" from locals? SEO could offer such "protection" by having a stake in the producing field?

cheers
Brez

[kingpindg]

South African company SacOil...

seems to think they have met indigenisation laws through their JV with London based, Nigerian led EER...

SacOil enters into JV with Nigerian partner

SacOil, the JSE listed oil and gas company, said it has entered into an unincorporated joint venture agreement with a Nigeria's Energy Equity Resources.

SacOil, the JSE listed Pan African independent upstream oil and gas company, on Tuesday said it has entered into an unincorporated joint venture agreement with a Nigerian local partner Energy Equity Resources (EER).

The joint venture's envisaged initial transaction in onshore Niger Delta has a recoverable contingent resource of 100 million barrels of oil equivalent and a potential to produce up to 30,000 barrels of oil per day.

EER is a Nigerian led and managed London based Pan African oil and gas company operating in Nigeria and Nigeria/Sao Tome joint development zone for over seven years.

It has been involved in developing several assets in the region and worked with Shell, ExxonMobil, Chevron, Addax and Anadarko.

EER has also worked with several independent and local oil and gas companies such as Afren Plc and Oriental Energy Resources.

EER chief executive officer Osamede Okhomina said SacOil's access to the South African capital market and deep institutional investor base would ensure that the joint venture has necessary access to funding that meets its aggressive expansion objectives.

SacOil has an exploration interest in the Democratic Republic of Congo and produces manganese sulphate and oxide for the feed, fertiliser and chemical industries at its Greenhills plant in Mpumalanga, South Africa.

The company's new strategic focus is to acquire production and near production oil and gas fields on the African continent.

It is targeting production assets in established oil and gas production basins in Africa with Nigeria being the first stop.

"Nigeria has many discovered but undeveloped oil and gas fields and there is active divestment of certain production assets by international oil companies because of, inter alia, Nigeria's Indigenisation Laws," the company said.

To acquire production assets, SacOil needed a local Nigerian partner.

http://news.za.msn.com/article.aspx?cp-documentid=154858573