Lekoil may be set to attract the required funding to emerge as major oil and gas producer as a rating agency has given a green light to investors to invest in the indigenous oil firm, Orient Energy Review 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.