LEKOIL, the oil and gas exploration and production company with a focus on Nigeria and Africa, has entered into a Strategic Alliance Agreement with NAMCOR Exploration and Production Limited through its subsidiary, LEKOIL Exploration & Production Namibia Limited.
NAMCOR Exploration and Production, a subsidiary of the national oil company of Namibia, namely the National Petroleum Corporation of Namibia Pty Limited (“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 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.
“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,” Lekan Akinyanmi, LEKOIL’s Chief Executive Officer remarked.
Immanuel Mulunga, NAMCOR’s Managing Director, added that, “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 the community, while assuring the community that government is going to reclaim the encroached part of the land.
Arigbabu urged other Corporate organisations to emulate what MOMAS has done in this community and also support government under the adoption of school programs initiative.
In his remarks, Engr. Kola Balogun, Chairman of MOMAS said the official commissioning of the project was part of the company’s 25th year anniversary celebration to contribute immensely to the development of public schools within its areas of operations.
