In a significant move amplifying Africa’s energy sector, the African Export-Import Bank (Afreximbank) has forged a $75 million development agreement with Torxen Energy Resources. The landmark deal, earmarked for Petroleum Production License (PPL) 241 in Nigeria’s offshore expanses, was a highlight of the inaugural day at African Energy Week (AEW) 2023 in Cape Town on October 17.
Strategically assembled at the signing table were Emmanuel Ogagarue, Managing Director and CEO of Torxen Energy Resources; Taiye Eyewuoma, the company’s Executive Director for Finance and Administration, and CFO; and Rene Awambeng, Afreximbank’s Director and Global Head of Client Relations.
The investment breathes financial life into an array of crucial operations, including the drilling and subsequent completion of two oil wells. Furthermore, it catalyzes the construction of an innovative oil platform within the licensed area and fosters the development of a contemporary oil pipeline.
This collaboration isn’t merely a financial transaction; it’s a gateway to enhanced operational efficiency within PPL 241 and a boost for Nigeria’s crude oil output. Nestled 24km from the Escravos area in Oil Mining Lease 90, and residing in modest water depths of 20 meters, PPL 241 sits in one of Nigeria’s most prolific offshore fields, already backed by comprehensive 3D seismic data studies.
Afreximbank’s commitment transcends basic financing, venturing into advisory realms to bolster the expansion, diversification, and overall evolution of African enterprises. This deal underscores the bank’s strategic role in nurturing operational efficacy and contributing to the continent’s economic fortitude.
The initiative reflects a broader vision, one where partnerships like that between Afreximbank and Torxen Energy Resources pioneer the pathway for African projects, driving growth, and charting the future course of the continent’s energy landscape.
