Increased financing key to strengthening indigenous oil companies – Sephia Energies MD
The Sepha Energies boss, however, identified access to capital as one of the biggest challenges confronting indigenous service providers, stressing that local content ambitions cannot be fully realised without adequate indigenous financing.
Agho explained that the confidence of clients and financial institutions enabled Sepha Energies to invest in strategic drilling assets, including a 2,000-horsepower, 10,000 PSI land rig, a 460-horsepower workover unit, and access to one of the world’s leading 3,000-horsepower, 15,000 PSI swamp drilling rigs, which can be mobilised into Nigeria within three months.
If local content is to reach its full potential, indigenous service companies must have access to sustainable financing that enables us to invest, innovate and compete globally,” she stated.
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