Consortium of Africa Oil, Delonex and Vitol announce acquisition of producing assets in deepwater Nigeria

October 31, 2018

Torys is representing Africa Oil with a team that includes Janan Paskaran, Chris Christopher, Renee Matthews and Aaron Zambonin (oil & gas/M&A).

On October 31, 2018, a consortium led by Vitol, comprised of Africa Oil Corp. ("Africa Oil") (25%), Delonex Energy Ltd. ("Delonex") (25%) and Vitol Investment Partnership II Ltd. ("Vitol") (50%), announced that it entered into a share purchase agreement to acquire a 50% ownership interest in Petrobras Oil and Gas B.V. (“POGBV”) for US$1.407 billion in cash. The transaction is subject to customary conditions precedent.

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 Corporation, and an indirect 16% interest in OML 130, operated by affiliates of TOTAL S.A., which contains the producing Akpo Field and the Egina Field. The three fields in these two licenses are all giant fields, located over 100 km offshore Nigeria, and are some of the largest and highest quality in Africa.

BTG Pactual E&P B.V. will continue to own the remaining 50% of POGBV.

Africa Oil is a Canadian oil and gas company with assets in Kenya and Ethiopia.

Delonex is a leading sub-Saharan oil and gas company focused on exploration, development and production and with operations in Chad, Kenya and Ethiopia.

Vitol is an energy and commodities company. Its primary business is the trading and distribution of energy products globally – it trades over seven million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes.

Further information can be found on Canada Newswire’s website.

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