Construction giant, Julius Berger has announced plan to diversify into the oil and gas sector through a strategic partnership and joint investment agreement with Petralon Energy Limited for the acquisition and development of oil fields in Nigeria.
Julius Berger on Tuesday, June 20, in a statement said the alliance was in line with its strategic goal to diversify into the Oil and Gas Sector.
The construction firm added that it would provide further details to the Market as the transaction progress, Worldstage reports.
Petralon Energy is a Nigerian upstream energy company, established to acquire, develop, operate and finance hydrocarbon assets in the Nigerian oil and gas sector, with an overriding strategy to build an upstream energy company with a focus on the mature, marginal and non-conventional sector of the Nigerian oil & gas industry.
It said it resourcefully sought out oil and gas prospects in other African countries with rapidly evolving oil and gas sectors, such as Ghana, Kenya, Namibia, Uganda and Angola.