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INVESTMENT
Morocco’s Afriquia

Gaz in talks to acquire
TotalEnergies unit in

Mauritania

Morocco’s energy firm Afriquia Gaz has
announced it will acquire the Mauritanian sub-
sidiary of French energy group TotalEnergies,
the news portal MAP reported, citing the Mau-
ritanian news agency. The details of the overall
cost of the transaction and the targeted assets
have not yet been disclosed.
The news agency pointed out that the acqui-
sition will be finalised in a few weeks. But the
details of the overall cost of the transaction and
the targeted assets have not yet been disclosed.
TotalEnergies has had oil exploration oper-
ations in Mauritania since 1999. It provides its
services through 40 retail stations. The French
energy group operates exploration blocks C15
and C31 in the country, in which it holds a 90%
stake. The group is also involved in the down- shareholders as the denominator for the calcu- majority of Nigeria’s current oil industry is situ-
stream operations. In particular, it manages the lations by which they will determine if they are ated off the coast of the Niger River Delta. This
energy supply of the Tasiast gold mine located in required to notify their interest in, or a change means that the industry will be expanding into
the centre-west of the country. to their interest in, the share capital of the Com- new areas.
Afriquia Gaz is a Morocco-based firm pany under the FCA’s Disclosure Guidance and Oil, which is a huge part of Nigeria’s economy,
engaged in the refining and marketing of LPG. It Transparency Rules. is suffering from a downtown that is having a sig-
provides import, refinery, storage, carriage and Mandhir Singh, Chairman of Wildcat, com- nificant impact on the country’s balance sheet.
distribution services of such gases as propane mented: “The company is delighted to have In September 2022, the country’s oil output fell
and butane, according to the company’s website. raised additional funds to strengthen the balance to a multi-decade low of less than 1.2mn barrels
bna/IntelliNews, October 28 2022 sheet in difficult market conditions.” per day (bpd).
In a separate announcement, Wildcat Q2 2022 also marked the ninth consecutive
Wildcat Petroleum announced that Waterford Finance and Invest- quarter of the country’s oil sector contracting,
ment has completed its subscription of 10mn dropping 11.8% compared to Q2 2021.
announces placement new ordinary shares, as previously announced tor has seen a fall in revenue due to significant
According to the government, the oil sec-
on October 3, 2022.
to raise GBP225,500 Wildcat Petroleum, October 27 2022 growth in oil theft. According to Premium
Times, quoting official figures, Nigeria loses
Wildcat Petroleum, a company targeting invest- Nigeria to open some 400,000 bpd of crude oil to theft. This
ment opportunities in business and assets within translates to a lost daily income of around
the upstream sector of the petroleum industry, bidding for seven oil $40mn.
has announced the placing of 18.04mn new bna/IntelliNews, October 31 2022
ordinary shares at a price of GBP0.0125 rais- and gas licences
ing GBP225,500, net GBP211,970. The new
ordinary shares will rank pari passu with the Nigeria is to open bidding for deep offshore oil PERFORMANCE
Company’s existing issued ordinary shares. The and gas licences for the first time in 15 years,
Company intends to allot and issue these new Bloomberg has reported. Suez Canal revenues
ordinary shares under its existing authorities on Citing Gbenga Komolafe, the chief execu-
a non pre-emptive basis. tive of the Nigerian Upstream Petroleum Reg- jump 27% y/y on higher
The Company will be making its application ulatory Commission (NUPRC), the publication
to admit the new ordinary shares to the Offi- revealed that Abuja will begin accepting bids for traffic and volumes
cial List of the FCA and to trading on the Main seven deepwater blocks in November.
Market (Standard List) of the LSE. Admission is The last time the government issued such Suez Canal revenues jumped by 27% y/y to
expected to occur on November 1, 2022. permits was 2007. $552.9mn in October 2022 on higher ship traf-
Conditional on Admission, the Company’s The available blocks are at depths of between fic as well as trade volumes, Al Mal newspaper
issued ordinary share capital will be 2.42804bn 1,200 and 3,100 metres, Komolafe told Bloomb- reported, citing the Suez Canal Authority (SCA)
ordinary shares, which may be used by erg, and are located off the coast of Lagos. The as a source.

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