Bloomberg: Seplat Seeks to Acquire Nigerian Gas Assets as Prices Climb 67%

Seplat Petroleum Development Co. (SEPL), a Nigerian oil producer that raised about $500 million in a share sale this year, is looking to buy natural-gas assets to take advantage of higher prices in Africa’s biggest economy.

“Two things are driving the gas-commercialization business: the gas price and increasing demand,” Chairman Bryant Orjiako said in an interview yesterday in Cape Town. “Another thing that we’re doing is to find any available source of gas.”

Nigeria, the holder of Africa’s largest gas reserves, raised the price of gas to power plants to $2.50 per million standard cubic feet plus 80 cents for transport in August, from $1.50.
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