Few companies are paying down debt while staying bullish on exploration plans, but Africa Oil is an exception.
Nigerian National Petroleum Corp. (NNPC) is to introduce a contact-tracing application across its locations in order to help curb the spread of coronavirus.
Africa Oil paid down $45.2 million of its debt during the first quarter, after receiving $87.5mn from its stake in three major Nigerian oilfields.
Petrobras has concluded the sale of its 50% stake in Petrobras Oil & Gas BV (POGBV), through which it held stakes in Nigeria’s Egina and Agbami fields.
Africa Oil will go it alone in the acquisition of stakes in major fields offshore Nigeria after its partners, Delonex Energy and Vitol Investment Partnership, both withdrew.