The Nigerian economy has a gas distribution and power generation problem. African Infrastructure Investment Managers (AIIM) is playing a part to tackle this, through its investment alongside Savannah Petroleum in assets previously owned by Seven Energy.
Savannah Petroleum expects to generate free cash flow of around $130 million per year from its recently acquired Nigerian assets, based on calculations from CGG Services.
It has been a long time coming, but Savannah Petroleum has completed its acquisition of Seven Energy, broadening its focus from Nigerien exploration to including Nigerian production.
Nigerian financial and energy companies are finding it increasingly hard to get hold of foreign currency due to central bank restrictions and may struggle to repay their debts.