By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Niger Delta Exploration & Production Plc (NDEP), an energy company in Nigeria on Wednesday said it plans to raise fresh funds of $450 million to acquire and develop crude fields in the country, according to a Bloomberg report.

The report affirmed that Layi Fatona, chief executive officer (CEO) of the company said the company is seeking to raise the amount via a public offer or special placement; which will be sought on local or international markets.

“The first tranche of $200 million will be raised before the end of 2014,” Fatona said.

However, the NDEP CEO did not say when the rest of the funds will be raised. He also said the energy company plans to expand in South Sudan and Zambia.

According to the report, smaller Nigerian oil producers are expanding operations as international companies including Royal Dutch Shell Plc and Chevron Corporation scale back operations amid unrest, violence and crude theft in the Niger delta area of Nigeria.

Exxon Mobile Corporation, Shell, Chevron, Total and Eni SpA pump about 90 percent of Nigeria’s oil through ventures with the nation’s Nigerian National Petroleum Corporation (NNPC).

Fatona said financial advisers to the offer are FBN Capital Plc and Chapel Hill Denham.