The investment is projected to add a new magnitude to the oil and gas industry, therefore improving the competitiveness within the market
Seven Energy International Limited, an integrated gas company in the country with oil and gas interests in the South East region, announced on Wednesday that it has secured $100m of new equity capital to boost gas delivery to the domestic market.
According to the company, this include $50m from existing shareholders of the group, including Temasek, Petrofac, Capital International Private Equity, Standard Chartered, International Finance Corporation and IFC African, Latin American and Caribbean Fund, by way of an open offer and $50m invested by the IDB Infrastructure Fund II, sponsored by the Islamic Development Bank and other institutional investors.
In a statement by Seven Energy, the IDB Infrastructure Fund II, with a target fund size of $2bn, invests in infrastructure opportunities across Asia, the Middle East and Africa. The fund is being managed by ASMA Capital Partners B.S.C. (c).
“I am pleased by the continued support shown by our leading shareholders and the vote of confidence in our business plan demonstrated by the investment from the IDB Infrastructure Fund II, the Chief Executive Officer, Seven Energy, Mr. Phillip Ihenacho, Chief Executive Officer, Seven Energy said.
“Seven Energy is now established as a significant participant in the rapidly developing Nigerian gas market. Our gas deliveries have more than trebled during the course of 2015, and are currently running in excess of 110 MMcfpd. This new funding enables us to complete our current development phase, enhancing our pipeline network, which will be capable of transporting 600 MMcfpd of gas to the growing regional market,” he added.
The investment is projected to add a new magnitude to the oil and gas industry, therefore improving the competitiveness within the market.