Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Namcor on the acquisition path with Lekoil

Lekoil boss
Lekoil workers. Source: Lekoil and Progressive

Nigeria’s Lekoil has struck a strategic alliance agreement to find producing assets with Namibia’s state-owned Namcor.

Namcor E&P plans to invest in acquiring stakes in “well-managed oil producing assets in politically stable jurisdictions” in order to secure cash flow.

The deal with Lekoil is intended to bring together the parties’ respective skills for evaluating and acquiring assets across Africa. Lekoil has signed the deal via its Lekoil Namibia unit.

Namcor’s managing director Immanuel Mulunga said the company would use “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 an 80% stake in Lekoil Namibia. The local unit has had a 77.5% stake in two offshore permits, Blocks 2514A and 2514B. It relinquished the first block in 2017 and the second in 2019. In June of last year, Lekoil said it was planning on winding up its Namibia unit.

“We are excited by this opportunity to work with Namcor again in evaluating and subsequently investing and developing high value assets within Africa,” said Lekoil’s CEO Lekan Akinyanmi. “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.”

Mulunga signposted this move during a presentation at IN-VR’s Africa Upstream event last week. He said Namcor had held talks with IOCs, which were looking to sell off smaller assets.

“While we wait [for exploration in Namibia], we’re going after some smaller assets to get production and revenue. The aim is to ensure future financial viability,” he said.

Recommended for you

More from Energy Voice

Latest Posts