By Adedapo Adesanya
Lekoil has entered into a strategic alliance agreement with NAMCOR Exploration and Production Limited through its subsidiary, Lekoil Exploration & Production Namibia Limited.
The company in a statement said that the strategic alliance agreement will leverage the technical capabilities of the respective parties towards the joint evaluation and acquisition of low-risk quick-to-production oil and gas assets across Africa.
NAMCOR Exploration and Production, a subsidiary of the national oil company of Namibia, National Petroleum Corporation of Namibia Pty Limited seeks to invest capital in the acquisition of interests in well-managed oil-producing assets in politically stable jurisdictions as a means of securing long-term sustainability.
Mr Immanuel Mulunga, NAMCOR’s Managing Director, said: “We will greatly leverage from Lekoil’s wealth of experience in operating and managing oil-producing assets, as well as its deep knowledge of key African markets.
“At the same time, I believe Lekoil will benefit from strategic commercial relationships that NAMCOR as a national oil company enjoys with a number of oil majors.”
Lekoil has a long-standing history in Namibia with its holding of an 80 per cent stake in Lekoil Namibia, providing an entitlement to 90 per cent of income distributed by the subsidiary.
Lekoil Namibia previously owned a 77.5 per cent participating interest in two Namibian offshore exploration blocks (Blocks 2514A and 2514B) and continues to maintain a strong relationship with NAMCOR.
The company also announced that it signed an infrastructure agreement for Otakikpo development.
Speaking about the new deal, Lekoil’s Chief Executive Officer, Mr Lekan Akinyanmi, said the company is “excited by this opportunity to work with NAMCOR again in evaluating and subsequently investing and developing high-value assets within Africa.
“We look forward to benefitting from the synergies of this partnership as we share our considerable technical experience in oil and gas development and production in Africa”.
Lekoil is an Africa focused oil and gas exploration and production company with interests in Nigeria and Namibia. The company was founded in 2010 by a group of leading professionals with extensive experience in the international upstream oil and gas industry as well as in global fund management and investment banking.
Modupe Gbadeyanka