News listings
EP Opps relaunch

energy-pedia general news

Nigeria flagNigeria

Middle East / Africa >>> Nigeria

Nigeria: Africa Oil enters into amended agreement to increase its interest in deepwater Nigeria fields

03 Nov 2019

Photo - see caption

Africa Oil has entered into an amendment to the share purchase agreement signed on October 31st, 2018, between Petrobras International Braspetro BV ('PIBBV') and Petrovida Holding B.V. ('Petrovida'), the company formed by the consortium of  Africa Oil, Delonex Energy and Vitol Investment Partnership II Ltd to acquire an ownership interest in Petrobras Oil and Gas B.V. ('POGBV'). This follows Vitol and Delonex decisions to withdraw from the previously announced purchase of 50% of the share capital of POGBV. Consequently, Africa Oil will be the sole acquirer of the 50% interest in POGBV with Vitol and Delonex exiting Petrovida.

The primary assets of POGBV are an indirect 8% interest in Oil Mining Lease ('OML') 127, which contains the producing Agbami Field, operated by affiliates of Chevron, and an indirect 16% interest in OML 130, operated by affiliates of TOTAL, which contains the producing Akpo and Egina fields.

It remains the intention of the Company to complete the transaction on the previously announced terms, subject to all necessary regulatory and third-party approvals, including the Department of Petroleum Resources ('DPR') in Nigeria.

Africa Oil has also announced that it has agreed the terms of a credit committee approved term sheet with BTG Pactual ('BTG') for a guarantee and loan facility ('Bridge Loan') of up to US$250 million. The Bridge Loan together with the available cash provide the necessary funds for the Company to cover its POGBV deal completion payments and 2020 budget.

Africa Oil President and CEO Keith Hill commented:

'Africa Oil considers this to be a unique and transformational opportunity to acquire an increased interest in world class producing assets operated by Chevron and TOTAL. We remain committed to completing this acquisition and look forward to working with Petrobras and all stakeholders to accomplish that goal.'

Original article link

Source: Africa Oil

Bookmark and Share

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Subscriber Only Deals

Current Deals

Current Upstream Deals: 354

Completed Deals

Completed Upstream Deals: 5457

Company Profiles

Current Company Profiles: 2709

Corporate Activity

Current Corporate Activity articles: 3478

Companies Looking

Current number of articles: 437

Company Sales

Current Company Sales articles:1414


Current Geostudies articles: 721

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

Union Jack Oil 149
Rose & Assocs 149
KL Publishing
Government of South Australia
SLR Consulting logo
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675