Home » Norwegian company acquires stake in Nigerian billionaire Tunde Folawiyo’s oil field

Norwegian company acquires stake in Nigerian billionaire Tunde Folawiyo’s oil field

by Feyisayo Ajayi
Tunde Folawiyo

Oslo-listed PetroNor E&P has announced a binding agreement with New Age (African Global Energy) to acquire New Age’s interests in OML 113, which is operated by Yinka Folawiyo Petroleum, owned by billionaire Tunde Folawiyo. OML 113 contains the Aje field.

Under the terms, PetroNor will give New Age $6 million upfront and a deferred future gas production payment, capped at $20 million, to buy New Age’s holdings that have a 32-percent economic and voting interest in the OML 113 Joint Operation Agreement (JOA).

Once finalized, this deal will enhance PetroNor’s economic share and bolster its active participation and sway in the license partnership for Aje field’s redevelopment.

PetroNor initially entered OML 113 by buying Panoro Energy’s Nigerian stakes in 2022.

PetroNor and OML 113 operator, Yinka Folawiyo Petroleum (YFP), are forming a jointly-owned company, Aje Production AS. This entity will possess a 39-percent economic and JOA voting interest.

After these transactions, the combined JOA voting and economic interest for PetroNor and YFP-associated companies will be 71 percent.

The Aje field is believed to have recoverable assets of 480 billion cubic feet of gas and 54 million barrels of oil, condensate, and LPG. With the New Age Aje stakes purchase, PetroNor’s net 2C contingent resources in Aje will rise from 27.1 mmboe to 70.1 mmboe.

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