RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Sahara Group Aims for 350,000 bbl/d with New Rig Acquisitions

Akpan Edidong by Akpan Edidong
October 6, 2025
in Economy
Reading Time: 2 mins read
A A
0
Crude Oil Prices Soar as Global Supply Shortage Intensifies.
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Sahara Group, a prominent African energy and infrastructure company, has unveiled ambitious plans to increase its crude oil production to 350,000 barrels per day (bbl/d) over the next five years. This expansion is part of a broader strategy to enhance its upstream operations and strengthen its position in Africa’s energy sector.

Leste Aihevba, Chief Technical Officer of Asharami Energy, a Sahara Group subsidiary, shared these goals during a strategic meeting held alongside the Africa Energy Week in Cape Town. Aihevba emphasized that the company’s growth will be fueled by improved exploration and production capabilities, supported by the acquisition of seven new oil rigs designed to boost efficiency.

AlsoRead

Currency in Circulation Climbs to N5.73 Trillion, but Real Value Declines 14%

NGX Weekly Turnover Falls 10.4% to N157.76 Billion as Market Declines

FAAC Shares Record N3.007 Trillion in July as States Benefit Most from Subsidy Removal

“Collaboration across African nations is essential for establishing the continent as a global energy powerhouse,” Aihevba stated. He highlighted the importance of unified efforts in refinery upgrades, gas projects, and power reforms to create a sustainable energy future for Africa.

Strategic Investments in Infrastructure

Sahara Group’s infrastructure investments are transforming its operations, with a focus on expanding reserves and enhancing production. The acquisition of seven new rigs, including drilling and workover units, is a cornerstone of this strategy. These rigs will support Sahara’s target of producing 350,000 bbl/d of oil and 1,000,000 MMScf/d of gas in Nigeria within five years.

Two of the rigs are already operational in Nigeria, with two more expected to arrive by the end of 2025. One rig, the advanced 2000 HP Land rig named L-Buba, has begun drilling a gas development well, while another is being mobilized for an oil development well. These rigs, managed by Sahara’s Arahas Global Oilfield Services, reflect the company’s commitment to operational excellence and community partnerships.

“Our approach prioritizes shared prosperity, working closely with host communities and governments to build local expertise while remaining globally competitive,” Aihevba noted.

Driving Africa’s Energy Transition

Sahara’s investments extend beyond rigs to include human capital development, cross-border collaborations, and technology adoption. These efforts aim to accelerate Africa’s energy transition while ensuring inclusivity for local communities.

Recent data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicates that Nigeria’s crude oil production rose by 5.5% year-on-year in August 2025, reaching 1.43 million barrels per day, achieving 96% of its OPEC quota of 1.5 million bpd. Sahara Group is also contributing to Nigeria’s energy sector through its Afam 2 Power Plant, which now supplies 160 megawatts to the national grid.

With these initiatives, Sahara Group is positioning itself as a leader in Africa’s energy landscape, driving sustainable growth and innovation across the continent

Tags: Sahara
Previous Post

Nigeria’s Naira Surges Amid Central Bank Reforms and Rising Reserves

Next Post

 CBN Imposes N5M Fine for Non-Compliant PoS Devices, Pushes Back Key Rules to 2026

Related News

Naira Strengthens as Anticipation Mounts for $10 Billion Forex Inflows

Currency in Circulation Climbs to N5.73 Trillion, but Real Value Declines 14%

by Jide Omodele
August 27, 2026
0

Currency in circulation in Nigeria rose 72.4 per cent over five years to reach N5.73 trillion in 2025, yet the...

Nigerian Equity Market Sees Impressive N1.08tn Wealth Gain Amidst Bullish Trading.

NGX Weekly Turnover Falls 10.4% to N157.76 Billion as Market Declines

by Jide Omodele
August 24, 2026
0

The Nigerian Exchange recorded a 10.4 per cent drop in the value of shares traded in the week ended August...

IMF Lists Top 10 African Nations with Highest Debt Burdens

FAAC Shares Record N3.007 Trillion in July as States Benefit Most from Subsidy Removal

by Victoria Attah
August 24, 2026
0

The Federation Account Allocation Committee distributed a record N3.007 trillion in July 2026, the first time monthly revenue sharing has...

“U.S. National Debt Rises By $1 Trillion Every 100 Days

United States Lifts 12-Year Security Restriction on Nigerian Vessels

by Victoria Attah
August 20, 2026
0

The United States Coast Guard has lifted the Condition of Entry imposed on vessels that called at Nigerian ports, ending...

Next Post
POS transactions increased by 40% in January 2023.

 CBN Imposes N5M Fine for Non-Compliant PoS Devices, Pushes Back Key Rules to 2026

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Charges on cash transactions skyrocketed by POS agents.

E-Payment Transaction Volume Falls 9.2% as Value Rises to N1.053 Quadrillion in Q1

August 27, 2026

CBN Offers N700 Billion Treasury Bills in Second and Final August Auction

August 27, 2026

Popular Story

  • Nigeria’s Debt to China Surges by $800 Million in One Year

    31 Nigerian States Grapple with N2.57 Trillion Domestic Debt Amid No Foreign Inflows

    0 shares
    Share 0 Tweet 0
  • Fintechs Brace for Disruptions as CBN’s PoS Geo-Tagging Deadline Looms

    0 shares
    Share 0 Tweet 0
  • EFCC Facilitates $60 Million Nestoil Debt Payment to Creditor Consortium

    0 shares
    Share 0 Tweet 0
  • Shareholders to access N100b unclaimed dividends

    0 shares
    Share 0 Tweet 0
  • Nigeria Customs Service Increases Port Exchange Rate to N589.5/$.

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>