Gulf Oil and Gas accountACCOUNT

Strategic Alliance with Seven Energy

Source: www.gulfoilandgas.com 11/25/2010, Location: Africa

Petrofac has entered into a strategic alliance with Seven Energy International Limited (Seven Energy). Subject to certain conditions being met, Petrofac has agreed to invest US$100 million, funded from cash resources, to acquire a 15.0% interest (12.6% on a fully diluted basis) in Seven Energy and will assist Seven Energy with the development of its production, processing and transportation assets.

Seven Energy has also issued warrants to Petrofac which, subject to Petrofacís satisfaction of certain performance conditions and milestones in relation to project execution, will enable Petrofac to invest up to a further US$52 million into Seven Energy, and take its interest to 19.2% on a fully diluted basis. Petrofac will be providing experienced personnel to assist with the delivery of Seven Energyís key existing projects and will be represented on its Board and management committees. The agreements also provide for an arrangement between Petrofac and Seven Energy in relation to co-investment opportunities in Nigeria. In addition to Petrofacís investment, existing and other new investors have agreed to invest a further US$50 million in Seven Energy.

Investment News in Nigeria >>

United Kingdom >>  2/24/2021 - Reabold, the investor in upstream oil and gas projects, is pleased to announce that, further to the announcement on 22 February 2021 , the Company has...
Nigeria >>  2/22/2021 - San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, notes the announcement on the funding arrang...

United Arab Emirates >>  2/22/2021 - The Abu Dhabi National Oil Company (ADNOC) has announced, its Thamama Center of Excellence (Thamama) has generated $1.1 billion (AED 4.04 billion) in ...
United Kingdom >>  2/22/2021 - Integrated subsea technology and services provider Ashtead Technology has invested £1million to develop a new R&D and engineering facility in Aberdeen...

Nigeria >>  2/21/2021 - The Department of Petroleum Resources (DPR) has called on businessmen to invest in the oil and gas industry instead of indulging in illegal refineries...
Italy >>  2/19/2021 - Eni's Board of Directors, chaired by Lucia Calvosa, yesterday approved the unaudited consolidated results for the full year and the fourth quarter of ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Nigeria Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 |

More News

Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.