Africa Oil Corporation’s acquisition of a 50% stake in Nigeria-focused Prime Oil and Gas B.V. (POGBV) could be the start of a new wave of mergers and acquisitions in sub-Saharan Africa’s economically important oil and gas sector.

In January, Africa Oil completed the acquisition of a 50% equity stake in POGBV in a deal worth $1.5 billion, with the total cash consideration being approximately $520 million. Standard Bank Group was the sole advisor to Africa Oil, a Canadian grou...