Eland Oil & Gas PLC (AIM: ELA), an oil & gas production and development company operating in West Africa with an initial focus on Nigeria, is delighted to announce that through its joint-venture subsidiary, Elcrest Exploration and Production Nigeria Ltd ("Elcrest"), it has completed drilling phase of the Gbetiokun-3 appraisal/development well.
In December, I was accompanying OPEC Secretary General Mohammed Sanusi Barkindo and Africa Oil and Power CEO, Guillaume Doane on a working visit to Angola. This is an oil market that has been under a lot of scrutiny by many industry players and there is no question that Angola’s oil sector is at a time of transformation. It is now clear that when President João Lourenço’s promised he would clean the country’s administration and revamp its economic engine, namely the national oil company Sonangol, he meant business.
Total has agreed to develop joint activities in the downstream petroleum sector in Angola, with national company Sonangol. Already long-term partners in the upstream business, the two companies have decided to establish a Joint Venture company to develop a common retail and distribution activity in the country, the fourth largest market in sub-Saharan Africa.