You are here: Home » Companies » News
Business Standard

Essel Group ME to invest in portfolios of African oil and gas exploration projects

The company is a wholly owned subsidiary of Essel Group India

BS Reporter  |  New Delhi 

Oil

Middle East, has signed an agreement for acquiring 60 per cent participating interest in the portfolio of African oil and gas exploration projects owned by Simba Energy Inc, a Canadian publicly traded oil and gas company.

The ME is a wholly-owned subsidiary of India. “(Middle East) is pursuing growth by securing strategic resource investments across the globe. It is diversifying into the hydrocarbon sector and this agreement is a significant step towards advancing this strategic initiative,” said a company statement issued Wednesday.

The initial agreement lays the foundation for ME to invest in Simba’s portfolio of existing African exploration projects on a farm-in basis.

For enhancing its operation, the firm is also prepared to invest in other minerals in the near future.  

“Our strategy of securing a position in the African resources base as instrumental in supporting our future growth plans. Having reviewed the available data on Simba’s blocks along with the surrounding exploration and production success by other major groups, we see a highly undervalued opportunity with strong potential. We did not want to pass up on this opportunity in what is fast becoming a very competitive environment,” said Gagan Goel, Managing Director, Middle East.
 
Additionally, to enhance ME’s operation, the firm is prepared to invest in other minerals in the near future. 

First Published: Thu, June 11 2015. 00:41 IST
RECOMMENDED FOR YOU