Lagos based, Japaul Oil & Maritime Services Plc, a Nigerian petroleum-services company, is shopping for N27 billion ($70 million) in a share offer in November to fund its switch to mining, as crude exploration and production activities wane.

Bloomberg said in a report yesterday that outside the funding challenge, Japaul also has plans to acquire smaller companies that already have licenses for those minerals to boost its production.

Traditionally, the company provides offshore construction, equipment leasing and oilfield-support services, but report say the company’s fortunes experienced a decline as oil prices fell in recent years. Chairman of the company, Jegede Paul, said in Lagos that the situation has forced energy companies to cut back on investments.

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Source: OrientEnergyReview