Nigeria’s Lekoil has struck a strategic alliance agreement to find producing assets with Namibia’s state-owned Namcor.
Namcor E&P plans to invest in acquiring stakes in “well-managed oil producing assets in politically stable jurisdictions” in order to secure cash flow. The deal with Lekoil is intended to bring together the parties’ respective skills for evaluating and acquiring assets across Africa. Lekoil has signed the deal via its Lekoil Namibia unit.
Namcor’s managing director Immanuel Mulunga said the company would use “Lekoil’s wealth of experience in operating and managing oil producing assets, as well as its deep knowledge of key African markets. At the same time, I believe Lekoil will benefit from strategic commercial relationships that Namcor, as a national oil company, enjoys with a number of oil majors.”
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