SAPETRO acquires oil block in Madagascar

THE local content agenda of the Federal Government has got a boost as more local firms operating in the oil and gas industry have begun to test their strength in the international market.The latest was the feat recorded by South Atlantic Petroleum Limited (SAPETRO), which acquired 90 per cent interest in the Maritime Belo Profond block, situated offshore Madagascar in the Mozambique Channel.The Nigerian independent oil and gas exploration and production company, in a statement obtained by The Guardian yesterday, stated that it had reached an agreement with Houston-based Marex MC Incorporation to purchase the block, noting that the purchase was subject to the approval of the Madagascar government.The block, SAPETRO, covers an area of 13,770 sq.km. and contains a significant portion of a new deep-water exploration province adjacent to ENI and Anadarko's recent major discoveries in East Africa.
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