A Nigerian oil company, controlled by a computer services firm, that outbid TotalEnergies SE and Chevron Corp for blocks last year, is among emerging local companies taking over the nation's crude fields.

Panout Oil & Gas Ltd., registered days before the bidding round was announced in May 2024, is owned by Saheed Alao, chief executive officer of Blueprint Business Technologies Ltd., a Lagos-based information and communications technology firm, according to registry documents seen by Bloomberg. Both businesses are listed on Awolowo Street in the upmarket area of Ikoyi.

Source: Bloomberg Business

Author: Nduka Orjinmo