New investment fund, Engota, will begin working internationally within the finance industry to build a portfolio of oil exploration and production assets in the lucrative Nigerian market, the Business Wire reported yesterday.
“Nigeria holds some of the richest and lowest cost of production oil deposits in the world. Engota’s indigenous status opens the door to significant opportunities,” the chief executive officer of Engota Fund, Sayo Daniel, was quoted to have said.
Nigeria is the largest oil producer in Africa, with a maximum crude oil production capacity of 2.5 million barrels per day. It is one of the world’s largest oil producing countries and has the largest natural gas reserves in Africa.
The Nigerian oil and gas market offers attractive investment opportunities for companies that can obtain financing and have the expertise to develop the oil rich deposits.
More opportunities have opened in recent years as the playing field has become more level and indigenous companies are stepping up to fill needs previously met by international companies.
The Engota Fund would also seek opportunities for funding Nigerian Exploration and Production companies that offer a significant risk to reward investment profile.
As an indigenous Nigerian operator, Engota would target additional opportunities that overseas companies may not have access to.
The Engota Fund would pursue control of targeted Oil Prospecting Licences and Oil Mining Licenses that offer attractive returns.
“Engota’s uniquely placed team on ground in Nigeria will work to uncover quality opportunities that can be exploited to produce superior financial return,” the Vice-President of Investments, Engota Fund, Chuck Kowalski said.
By Nume Horsefall