LEKOIL Announces Strategic Alliance Agreement with NAMCOR, Namibia

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LEKOIL, an oil and gas exploration and production company with a focus on Nigeria and Africa, has announced a Strategic Alliance Agreement with NAMCOR Exploration and Production Limited through its subsidiary, LEKOIL Exploration & Production Namibia Limited.

NAMCOR E&P is a subsidiary of the national oil company of Namibia, namely the National Petroleum Corporation of Namibia Pty Limited.

In a statement yesterday, Lekoil said NAMCOR 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.

The statement said the Alliance 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.

LEKOIL has a long-standing history in Namibia with its holding of an 80% stake in LEKOIL Namibia, providing an entitlement to 90% of income distributed by the Subsidiary.

LEKOIL Namibia previously owned a 77.5% participating interest in two Namibian offshore exploration blocks (Blocks 2514A and 2514B) and continues to maintain a strong relationship with NAMCOR.

LEKOIL’s CEO, Lekan Akinyanmi, said in the statement, “We are 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.”

Immanuel Mulunga, NAMCOR’s managing director, added, “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.”

By Chibisi Ohakah, Abuja

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