Petroleum Africa
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Wednesday, January 10, 2018
Soco International is considering a merger with another independent E&P firm. According to a statement from the company regarding recent press speculation to a possible transaction between it and Kuwait Energy, the company confirmed that “in the context of its stated objective to strategically reshape its business and grow its portfolio, it is evaluating a potential merger of equals with Kuwait Energy.”
SOCO said that discussions with Kuwait Energy’s newly-constituted board of directors are preliminary and no transaction terms have been agreed. SOCO said it will update the market as and when it is appropriate to do so.
SOCO has interests in Vietnam, the Republic of Congo (Brazzaville) and Angola, while Kuwait Energy holding interests in Iraq, Egypt, Yemen and Oman.
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