Seven Energy International Limited (“the Company”) Secures additional US$225 million funding for gas development projects in the Niger Delta.
Seven Energy International Limited, the indigenous Nigerian oil and gas production and development company, is pleased to announce the closing of two more rounds of financing for development of its projects onshore in the Niger Delta.
The Company’s wholly owned subsidiary, Septa Energy Nigeria Limited, has arranged a US$150m debt facility led by Standard Chartered Bank, FCMB and First Bank, and the Company has secured a further US$75m investment by Petrofac. This will enable Septa Energy to continue its fast track development of oil and gas projects, with particular focus on the supply of gas to the domestic market for power generation and industrial use and to reduce the country’s dependence upon imported refined petroleum products.
Scott Aitken, Chief Executive Officer said:
“Seven Energy is currently participating in over US$1 billion of development projects which will supply over 3 Tcf gas resources to the domestic market. These projects will result in 450 MMcf/d of reliable long term gas supplies to Nigerian industrial and power sectors, the equivalent of the average energy consumption of 10 million Nigerians. Petrofac and Standard Chartered’s capital investment in the Company will ensure that we can remain aggressive in developing existing and identified oil and gas opportunities.”
Phillip Ihenacho, Executive Chairman, said:
"This is a strong vote of confidence for both Seven Energy's business and for Nigeria."
For further information, please contact:
Seven Energy International Limited
Phillip Ihenacho, Executive Chairman
Scott Aitken, Chief Executive Officer
Kolawole Aluko, Deputy Chief Executive Officer
+44 20 7518 3850
+234 1 738 7981
The Company entered into a Strategic Alliance with Petrofac in November 2010 to deepen its facilities and pipeline project management capability and to gain access to world-class Engineering, Procurement and Construction capacity. Septa Energy Nigeria Limited entered into a Strategic Alliance with the Nigerian Petroleum Development Company Limited (“NPDC”) for the provision of funding and technical services in the development of NPDC’s interests in OMLs 4, 38 & 41 which are operated by Seplat Petroleum Limited.