Africa Oil plans to double output to 35,000 bpd by acquiring full control of Prime Oil & Gas in Nigeria. Partnering with TotalEnergies and Chevron, it targets higher profits through low costs and infill drilling. It also holds a 40% stake in Namibia’s Orange Basin, with a potential oil hub by 2030.Africa Oil Corporation is boosting cash generation and expanding in Nigeria and Namibia.
By acquiring full ownership of Prime Oil & Gas, it aims for higher output and profitability in Nigerian fields with TotalEnergies and Chevron. Its 40% stake in Namibia’s Orange Basin signals future growth, aligning with TotalEnergies’ infrastructure push.
These strategic moves strengthen Africa’s role in the global oil market and attract investor interest.Africa Oil is expanding in Nigeria and Namibia, strengthening Africa’s role in global oil. With TotalEnergies driving Namibia’s infrastructure, its investments boost regional influence and market shifts.
Acquiring full ownership of Prime Oil & Gas will double production to 35,000 bpd, reserves, and liquidity, says CCO Oliver Quinn.“These barrels hold significant value due to their low lifting cost of under $10, ensuring high margins and a premium over Brent,” said Quinn.Africa Oil, along with its partners, plans an infill drilling campaign this year to sustain output in mid-life fields.
