Swift Oil Limited, a leading player in the Nigerian downstream oil and gas industry acquired a 51 percent controlling of Chorus Energy share in three marginal fields- Matsogo, Amoji and Igbolo fields – located in OML 56 in the Niger Delta region.

Although the exact amount of the purchase remains undisclosed, it is believed that Swift paid between $10 million and $15 million for the acquisition that ultimately allows it access to the upstream sector.

Swift Oil emerged victorious against key local operators including Seplat Petroleum Development Company, Nigeria’s largest indigenous exploration and production company.

The acquisition is intended to boost its participation in local gas production.

In 2003, Chorus Energy won the Matsogo, Amoji and Igbolo gas-rich fields under the country’s marginal field programme.

However, the fields have been largely underdeveloped since it was acquired by chorus Energy.

Meanwhile the remaining shares of the field owned by Seven Energy may be up for sale as report has it that the energy company may be seeking buyers.

Culled from Ventures Africa: http://www.ventures-africa.com/2014/06/swift-oil-buys-controlling-stakes-in-chorus-energy/