Africa Oil to buy out BTG's 50% stake in Nigeria joint venture

Prime Oil Chemical Service

24/06/2024 11:38

June 24 (Reuters) - Africa Oil  AOI.TO  has agreed to
buy out BTG Pactual Oil & Gas's 50% holding in their Prime Oil &
Gas joint venture in a deal that will see it take on BTG as a
major shareholder, it said on Monday.
    Prime has offshore producing assets in Nigeria and accounts
for 100% of Africa Oil's reserves and production. The deal is
expected to be completed in the third quarter of 2025.
    On completion BTG is expected to hold about 35% of Africa
Oil's enlarged share capital, and to nominate Huw Jenkins as
non-executive chair of the board and two other non-executive
directors, Africa Oil said. 
    The agreement will "enhance our operations, deliver
identifiable savings, and increase our capital returns to
shareholders on a sustainable basis," said Africa Oil President
and CEO Roger Tucker. 

 (Reporting by Arunima Kumar and Deep Vakil in Bengaluru;
Editing by Jan Harvey)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))