Ophir Energy

Ophir Energy plc was an oil and gas exploration and production company based in London. It owned both operating and non-operating assets in Africa, Asia, and Mexico.

Ophir Energy plc
TypePublic limited company
LSE: OPHR
IndustryOil and gas
Founded2004
HeadquartersLondon, United Kingdom
Key people
Nicholas Smith (Chairman)
Nicholas Cooper (Chief Executive Officer)
ProductsPetroleum
RevenueUS$161.1 million (2015)[1]
US$368.8 million (2015)[1]
US$322.5 million (2015)[1]

History

The company was founded by Alan Stein and Jonathan Taylor in 2004[2] with backing from Tokyo Sexwale.[3] It was listed on the London Stock Exchange in July 2011.[4] In March 2014, Ophir Energy sold its 20% stake in its Tanzanian assets for around $1.2 billion to Pavilion Energy.[5]

On 2 March 2015 Ophir Energy purchased Salamander Energy.[6]

In 2017, the company conducted massive layoffs with addition to restructure the organization due to harsh market conditions.[7]

In 2018, Ophir has agreed to acquire a package of Southeast Asian assets from Santos Limited, an Australian listed Oil & Gas company for a total of $205 million. The portfolio of assets includes producing assets in Vietnam and Indonesia plus exploration assets in Malaysia and Bangladesh. The Transaction is in line with Ophir’s stated strategy of rebalancing its portfolio towards a larger production and cash flow base to support the refocused exploration portfolio.[8]

In May 2019, Ophir was acquired by MedcoEnergi in a deal valued at £408.4 million ($517.6 million). This step further reflected Ophir's previous objective to be more focused on Asian Producing Assets as well as minimizing exposure to high risk exploration portfolios. The acquisition has made the expanded company one of the largest independent E&P company in South East Asia.[9]

Operations

The company owns Fortuna Floating Liquified Natural Gas project in Equatorial Guinea, the first of its kind in Africa which is due to produce its first gas in 2020.[10] In Tanzania, it participates in the planned LNG project together with Tanzanian Government through Tanzania Petroleum Development Corporation, BG Group (a division of Royal Dutch Shell), Statoil, and Exxon Mobil.[11]

References
  1. "Annual Report 2015" (PDF). Ophir Energy plc. Retrieved 10 April 2016.
  2. "Prospectus" (PDF). Ophir Energy. July 2011. Retrieved 2011-09-17.
  3. Fixer guns for Vodacom Mail and Guardian online, 6 August 2010
  4. "Ophir Energy to Raise $375 Million in IPO for Africa Drilling". Bloomberg. 8 July 2011. Retrieved 2011-09-17.
  5. Ophir Energy sells stake in Tanzanian assets, Africa: Oil Review Africa, 2014
  6. "Ophir Energy completes acquisition of Salamander Energy". Petro Global News. Retrieved 3 March 2015.
  7. "Ophir nears Fortuna FID, cuts workforce by 15%". Offshore Engineer Magazine. 12 July 2017. Retrieved 23 May 2019.
  8. "Ophir buying Santos' Southeast Asia oil and gas assets for $205M". Offshore Energy Today. Retrieved 23 May 2019.
  9. "Medco completes Ophir acquisition". Offshore Magazine. Retrieved 23 May 2019.
  10. "Ophir Insists Fortuna FID will be By End 2017". www.naturalgasworld.com. Retrieved 23 May 2019.
  11. "Tanzania Drafts $30B LNG Export Project Deal". OilPrice.com. Retrieved 23 May 2019.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.