Petroleum Africa
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Thursday, July 11, 2013
Oracle Energy Corp. entered into a MoU with Greenacres Energy Co., a Nigerian registered corporation, which is aimed at participating as a JV partner in assets acquired from foreign firms in Nigeria.
Greenacres was formed in 2010 and comprises a highly experienced team of former oil and gas executives with a proven track record of exploration success and bringing major Nigerian oil and gas fields into production. The acquisitions will take advantage of the government’s push for its local content policy.
Oracle’s chairman Nasim Tyab commented: “Oracle is delighted to be working with Greenacres. Their combination of strong technical skills and senior management experience combined with regulatory expertise is unparalleled. With Oracle’s complementary management team and financing capabilities we are jointly positioned to build a world class Nigerian exploration and producing venture.”
Greenacres chairman Basil Omiyi said: “The company is very pleased to have entered into a joint venture with Oracle whose management skills and record of financing major projects complements the Greenacres team to provide all the attributes for building a successful operation. We are both focused on Health, Safety and Environmental excellence and maximizing Nigerian content in the execution of work programs, and working in harmony with the local communities.”
This is the second MoU signed by Oracle with an indigenous Nigerian company. In August 2012 Oracle entered into an MoU with Bolad Energy Ltd.
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