Vitol in long term Nigeria crude purchase agreement with Sterling Global Oil Resources
The Vitol Group confirms that it has entered into a pre payment and long term purchase agreement with Sterling Oil Trading and Sterling Oil Exploration, part of Sterling Global Oil Resources, for their new Nigerian Okwuibome crude oil production. This is currently estimated at 10,000 barrels per day and expected to grow to 25,000 barrels per day by the end of 2012. The company has a license to explore and produce crude oil from four onshore blocks with a total acreage of almost 2,000 sq km in Nigeria.
About Sterling Global Oil Resources.
Sterling Global Oil Resources is part of the Sandesara Group. The Sandesara group is a diversified group with varied interests in high growth industries. With an estimated Group valuation of around US$ 6.9 billion, it has over 25 years of industrial experience. Their business interests include Pharmaceuticals, Healthcare, Oil & Gas, Engineering, Infrastructure, Onshore rigs, Seismic studies and Oil trading.