15. August 2013 Falcon

Falcon Petroleum Targets Upstream Expansion, NSE Listing

Falcon Petroleum Limited, an indigenous natural gas distribution company, has said that expansion into the upstream segment of the oil and gas industry is a possibility it is set to achieve.

Prof. Joseph Ezigbo, Managing Director of the company, in an interview with our correspondent, said the company recently signed a Memorandum of Understanding with an exploration company for distribution of Natural Gas to industries in Enugu State.

Though Ezigbo said Falcon would begin gas distribution in Enugu between the end of 2013 and the first quarter of 2014, he disclosed that the agreement would most likely lead to a participation in exploration of a gas production well in the state.

He said, “We signed an MOU recently with our partners in Enugu to take gas but the discussion is also hovering around participating in drilling a well. This is because the company has only drilled one well, which has enough gas with about 1.5 million to 3 million standard cubic feet per day and this will last for about 20 years.

“The well has been drilled and capped. If all goes well, we will slowly hitch our way into upstream. The movement to marginal fields will of course flow in naturally.”

(Source)

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