Page 16 - AfrOil Week 19 2021

AfrOil NEWS IN BRIEF AfrOil

Heirs Oil & Gas is a leading African, indigenous management team with diverse and comple-
owned, integrated energy company, headquar- mentary skillsets capable of delivering Afentra’s
tered in Nigeria, whose assets include Nigerian growth strategy.
oil block OML 17, with a current production Afentra, May 05 2021
capacity of 30,000 boepd and 2P reserves of
1.2bn boe, with an additional 1bn boe in Heads of NOC and
resources of further exploration potential.
Heirs Oil & Gas (HHOG) is jointly owned Sonatrach meet to
by Heirs Holdings, the leading African strategic
investor and affiliate company Transnational discuss co-operation
Corporation of Nigeria Plc (Transcorp), Nige- stakeholders’ ESG focus as a central part of its
ria’s largest publicly listed conglomerate. business risk and opportunity management. On Tuesday morning, May 4, 2021, the Chair-
Heirs Oil & Gas, May 06 2021 Afentra has embedded ESG into its operat- man of the Board of Directors, Mustafa Sanalla,
ing model with the imperative to reduce ener- met with Toufik Hakkar Adle, Chairman and
gy-related emissions, whilst also protecting the General Manager of the Algerian company
COMPANIES positive socio-economic impact of oil and gas Sonatrach, at its headquarters, in the presence
revenues. of the CEO of Sibiki Company and a number of
Launch of Afentra offers through implementation of a buy and build During the meeting, developing of ways of
Afentra’s growth strategy is to achieve scale heads of oil services companies in Algeria.
new opportunities for model - positioning itself as a trusted partner of mutual cooperation between the two sides was
divesting IOCs and host governments to build discussed and the possibility of Sonatrach’s
energy transition in Africa a portfolio of assets that progress the growth return to work in Libya, through completing its
strategy. The Company is specifically targeting contractual obligations in Contract Areas 065
AIM-listed Afentra, the upstream operator producing assets and discovered resources in and 96/95, especially after the improvement of
focused on opportunities in Africa, has been Africa where the team has existing knowledge, security conditions and stability in an encour-
launched with a clear mandate to look at oppor- experience and network. aging manner, as the results of good exploration
tunities to invest in the energy transition in The Company is focusing on operated posi- drilling for these Areas and finalising develop-
Africa. Spearheaded by CEO Paul McDade, the tions but will also consider non-operated posi- ment plans for production were discussed in
foundations have been laid with the develop- tions alongside credible operators with shared detail.
ment of a comprehensive corporate strategy and standards. Target assets must be value accretive, A brief presentation was also made by the
appointment of team members, including a new adding potential for robust cash flow and proven service companies of Sonatrach (construction,
CFO that can deliver against this new vision. reserves. drilling and implementation of projects), where
The name Afentra, which stands for African Once acquired, the Company intends to lev- the Chairman of the Board of Directors com-
Energy Transition, reflects the Company’s stra- erage its deep operating capabilities to increase mended the ability of Algerian companies and
tegic imperative of capitalising on opportunities efficiencies, enhance production, reduce oper- called them to develop twinning programmes
resulting from the accelerating energy transi- ating costs and improve environmental perfor- with their counterparts from the service compa-
tion on the African continent. Afentra has been mance. Afentra’s overall aim is to support the nies affiliated with the National Oil Corporation
established to support sustainable change in the energy transition in Africa by responsibly real- such as (National Oil Wells Drilling and Work-
African energy industry, in a sector that needs ising the full potential of assets for the benefit of over Company, Construction Company and a
further responsible, well-managed, independent all stakeholders. Taknia Libya Engineering company). Sonatrach
operators. Afentra has assembled a strong team with service companies welcomed the idea and it was
The global energy transition is being driven an established network with IOCs and Host agreed to form joint committees in this field
by political, corporate and civil society in pursuit Governments, a proven track record for busi- and to sign memoranda of understanding in
of the goals set by the international community ness delivery and high operating standards. The particular.
to decarbonise. The energy industry is seeing Oil team is actively screening a pipeline of oppor- The vocational training programmes and the
and Gas majors recalibrate their strategies and tunities, consistent with the strategy and aims preparation of technical personnel in welding
business models to a lower carbon energy port- to announce a transaction within the next 12 and inspection were also discussed and the two
folio. A significant divestment cycle of legacy months. Companies will work to implement these pro-
assets is expected in Africa similar to the indus- The Company also announces the appoint- grammes in the shortest time.
try transition that occurred in both the Gulf of ment of Anastasia Deulina as Chief Financial The meeting was attended by Abulgasem
Mexico and the North Sea, generating a com- Officer and to the Board of Directors of the Shengeer, Member of the Board of Directors
pelling market dynamic for agile and innovative Company. Anastasia joins from Tullow Oil, for Exploration and Production at National Oil
consolidators. where she was Group Head of Strategy, Plan- Corporation, Khalifa Amru, Chairman of the
As the global energy transition progresses, ning and M&A. She brings over 20 years’ experi- Management Committee of Harouge Oil Oper-
hydrocarbons will continue to play a critical role ence working in the energy sector within global ations Company, Mammeri Benyoucef Exec-
in future energy and economic systems. Respon- investment banks, private equity and corporates, utive Director of GTP Company, Abdel Ghani
sible supplies of oil and gas will be a necessary and adds extensive expertise in strategy devel- Bendjebbaa, CEO of GCB Company, Mohamed
part of a transition to a lower carbon world. Nat- opment, M&A, deal origination, structuring Benzar, CEO of ENAFOR, Nour El-Houda
ural resources are central to the economic and and execution and business transformation and Boghalem, Director of Corporate Affairs at
social development of the continent and will growth. Sonatrach, and Nacera Merghani, General Man-
require continued access to capital. To access Anastasia’s appointment completes ager of SIPEX BVI.
capital markets, Afentra will need to address the assembly of an experienced executive NOC, May 04 2021

P16 www. NEWSBASE .com Week 19 12•May•2021