Pan-African supranational multilateral financial institution the African Export-Import Bank (Afreximbank) and exploration and production company Torxen Energy Resources signed a $75 million development agreement for Petroleum Production License (PPL) 241, offshore Nigeria. The deal was signed during the first day of African Energy Week (AEW) 2023’s strategic program, taking place in Cape Town.
The deal was signed by Emmanuel Ogagarue, Managing Director and CEO of Torxen Energy Resources; Taiye Eyewuoma, Executive Director for Finance and Administration and CFO for Torxen Energy; and Rene Awambeng, Director and Global Head of Client Relations for Afreximbank.
The deal will allow Torxen Energy to use capital investment for various activities including drilling and the completion of two oil wells. It will also facilitate the construction of a new oil platform within the License as well as the development of a new oil pipeline.
Providing financing solutions and advisory services for the expansion, diversification, promotion and development of African projects, the deal will serve to improve operational efficiency within the license while supporting the West African country’s crude oil production.
PPL 241 is situated offshore Nigeria in water depths of 20m in Oil Mining Lease 90, 24km from the Escravos area. Positioned in one of the largest offshore fields in Nigeria, PPL 241 has been subject to extensive 3D seismic data.