Indigenous Company Set to Acquire IOC’s Oil Fields

Oil production
  • Indigenous Company Set to Acquire IOC’s Oil Fields

Baywood Continental Limited, an indigenous and integrated oil and gas technical service company, said it is set to acquire matured oil fields from multinational oil companies in the country as part of its expansion drive in the sector.

President and chief executive officer of the Baywood Group, Chris Baywood Ibe, who stated this in Lagos, also said that his company would explore new frontiers in the energy sector such as cluster power generation, using abundant gas for upcoming new cities and towns.

“The future for Baywood Continental Ltd is extremely exciting and we are looking to upscale our operations especially, marginal fields, acquisition of matured oil fields from oil majors and explore new frontiers in the energy sector such as cluster power generation using abundant gas for upcoming new cities and towns.

“Baywood Continental Limited is re-branding to achieve a brand equity balance between current and projected profile of the company. We have developed the broad and specific elements of the company strategy to actualize this vision. Therefore, the BCL organizational brand is one to watch out for, we will be more active across the print, electronic and social media platforms within the nearest future.”

According to Ibe, BCL has achieved over 30 million man-hours with an industry unparalleled zero fatality record while providing cost-effective and fit for purpose solutions for their Client’s projects in challenging onshore and offshore locations.

He explained that Baywood fully acknowledges that operational, economic, environmental, public, and social issues are all integrally relevant to its immediate and future business objectives. “We have constantly supported our clients towards ensuring value- for- money audit in such areas as facility upgrade and construction enabling them to produce, process and export through the export terminals where we have held our own.

These terminals include and not limited to Escravos Terminal, operated by Chevron, Forcados Terminal operated by Shell, Bonny Terminal operated byShell,Akpo FPSO operated by Total in deep water, Sea Eagle FPSO operated by Shell.

“Each of these terminals supports NNPC and her joint venture partners thereby ensuring that Nigeria’s production and export quotas are achieved in alignment with national economic objectives,” he added.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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