Nigeria: SacOil pulls out

Following its pullout from the OPL 281 joint venture with Transcorp, SacOil said on 20 May it had terminated its JV with Nigdel United Oil Company for OPL 233. SacOil announced a deal to take 20% in OPL 233 in December 2010. On 1 April, the AIM and Johannesburg listed company said it had terminated a JV with Transcorp for OPL 281 agreed in February 2011.The South African company said it had embarked on a process of balancing and rationalising its portfolio of assets in line with its strategy to focus on proven resources as a basis for growth. SacOil agreed to buy Cyprus-registered Mena International Petroleum Company in September 2014 and is developing the Lagia heavy oil field in Egypt.