Transcorp Nigeria Embarks on Crude Oil Exploration

Yemisi Izuora/Ijeoma Agudosi

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Tony Elumelu, Chairman, Board of Directors, Transcorp Nigeria Plc has announced the company’s plan to begin the exploratory drilling of its Oil Prospecting Licence 281 (located in Delta state) before the end of this year.

Speaking at the 9th Annual General Meeting of the corporation, Elumelu said: “We are in the final stage of securing approval to commence our drilling programme. We expect to begin exploratory drilling on our oil block, OPL 281, before the end of 2015.

“Our ambitions are clear in this space as we want to build a fully integrated energy company, owning, producing, distributing and utilising the gas that is Nigeria’s most valuable long-term natural resources for significantly enhanced power generation.”

According to him, the management of Transcorp had turned the company into a diversified conglomerate with interest in four strategic sectors of the nation’s economy – power, oil and gas, hospitality and agriculture.

 

 

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