In November 2010, Petrofac entered into a strategic alliance with Seven Energy International Limited (Seven Energy), a leading Nigerian production and development company. The transaction has enabled Petrofac to establish an ongoing presence in Nigeria and provide an opportunity for further growth.
Seven Energy’s activities are currently focused on two core geographic areas of operation in the Niger Delta. It has a 40% working interest in the Uquo field and a 51% interest in the Stubb Creek field. Both onshore assets and are currently under development.
With proven oil and gas reserves estimated at 37 billion barrels and 185 trillion cubic feet respectively, Nigeria;
- is Africa's largest oil producer
- is one of the biggest oil exporters in the world
- represents a long-term market with huge potential in mature onshore redevelopment and new offshore finds
Seven Energy shares Petrofac’s approach to and focus on safety and security issues, and has taken a systematic approach to carefully selecting assets that are located in secure operating areas of the Niger Delta.
We are very excited about working with Seven Energy, a company with complementary skills, assess, credibility and an established track record in the Nigerian oil & gas industry. This opportunity to work with a well respected partner, while deploying some of our own people, will give us the platform needed to establish a local presence in Nigeria.
Gordon East, Managing Director, Production Solutions, February 2011