Petroleum Africa
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Monday, January 10, 2011
Nigerian indigenous firm Brittania-U Nigeria Ltd. has completed a $30 million buyout of its foreign partner, Syntroleum Nigeria Litd. The deal, which is for a 40% working interest in the Ajapa marginal field on OML 90, was originally assigned to Syntroleum in February of 2006.
The transaction was completed on November 23, 2010.
According to Mrs. Uju Ifejika, the chairman and CEO of Brittania-U, the decision to assume 100% ownership of the Ajapa marginal field was part of its desire to “take advantage of the government’s local content initiative to grow a home-based oil and gas company that will not only play locally, but regionally and internationally.”
The acquisition of the stake from Syntroleum makes Brittania-U the only indigenous marginal field operator to buy out its foreign partner.
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