Lekoil may be set to attract the required funding to emerge as a major oil and gas producer as a rating agency has given a green light to investors to invest in the indigenous oil firm, Vanguard reports.
Renaissance Capital yesterday indicated that the high rating of the oil company was based on the ramp-up of commercial production at the Otakikpo field. It said this in a message to investors and other stakeholders.
Renaissance disclosed that it updated Lekoil estimates following the ramp-up of commercial production at the Otakikpo field and its expectation of phase 2 development in the first half of 2018. Renaissance indicated that it is now more optimistic, after seeing operational progress at both the Otakikpo and Ogo fields.topics from