Target hydrocarbons in Gulf of Guinea

Re-Publish this Article

<h1>Target hydrocarbons in Gulf of Guinea</h1><strong> Author: <a href='http://www.articleseen.com/profile_Tom Jui.aspx'>Tom Jui</a></strong><br /><p>Former special adviser to the President on Petroleum and Energy, Dr. Rilwanu Lukman, and four others have teamed up to float a new oil exploration and production company, with an eye for the lucrative Gulf of Guinea 2005 licensing round for Nigerian oil blocks. Lukman's partners in the firm known as Afren Plc are Mr. Egbert Imomoh, former Deputy Managing Director of Shell Petroleum Development Company, Mr. Ethelbert Cooper, a Liberian entrepreneur with more than 20 years' involvement in African natural resources, Mr. Guy Pas, a former chief executive of the Addax Petroleum and Mr. Osman Shahenshah, a managing director and head of the London Office of merchant bank, Taylor-de-Jongh. According to details of Afren Plc released by the International Finance Corporation (IFC), the company was founded and registered as a public limited company in the United Kingdom in late 2004. The IFC is considering taking up equity interest in Afren. According to the Corporation, the total budgeted establishment and operational costs (including contingencies) for Afren's first year of operations amount to $5.7 million (N758.1 million) "IFC is considering an equity investment in the form of ordinary shares of up to $1,000,000 equivalent," the Corporation said. It said Afren is currently in the early stages of reviewing investment opportunities, a process which will be funded through the "seed" capital the company is raising presently. "Investments in specific projects going forward will be financed through a combination of new equity funding rounds and debt." "Afren plc (Afren or the company) is a newly-established independent exploration and production (E&P) company with an exclusive focus on Africa. It plans to engage initially in the highly-prospective Gulf of Guinea, as a platform for longer-term penetration throughout Africa's hydrocarbon provinces. "The company is currently raising seed financing to fund its establishment and initial operating costs,i IFC added. Lukman was until October 2003, President Olusegun Obasanjo's adviser on Energy. He had resigned his appointment after being sidelined in many petroleum policy issues. Before then, Lukman was also a former petroleum minister between 1986 and 1990, and held one time president as well as Secretary General of the Organisation of Petroleum Exporting Countries (OPEC). Imomoh on the other hand, rose to become the second Nigerian deputy managing director of SPDC as the Anglo/Dutch oil giant began to cede very top positions to Nigerians.</p><strong>About the Author:</strong><br />The Article is written by www.ethelbertcooper.com providing <a rel="nofollow" href="http://www.ethelbertcooper.com">Ethelbert Cooper</a>. Visit http://www.ethelbertcooper.com for more information on www.ethelbertcooper.com Products and Services___________________________Copyright information This article is free for reproduction but must be reproduced in its entirety, including live links and this copyright statement must be included. Visit www.ethelbertcooper.com for more services!<p> Article Source: <a href='http://www.articleseen.com/Article_Target-hydrocarbons-in-Gulf-of-Guinea_97190.aspx'> http://www.articleseen.com/Article_Target hydrocarbons in Gulf of Guinea_97190.aspx</a></p>

Article Source : http://www.articleseen.com/Article_Target hydrocarbons in Gulf of Guinea_97190.aspx

Keywords : Ethelbert Cooper, Ethelbert Cooper,

Category : Business : Business