OILSERV SIGNS JOINT VENTURE AGREEMENT WITH GEPETROL

Emeka Okwuosa, Group Chief Executive Officer, OILSERV

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ilserv Limited, a leading indigenous oil and gas EPCIC Company in Nigeria recently signed a Joint Venture (JV) agreement with GEpetrol to expand its global footprint.

The JV Agreement, which resulted in the formation of OILSERV EQUATORIAL GUINEA S.L, was signed between Oilserv Limited and GEpetrol at Malabo, on July 12, 2018.

GEpetrol is state owned Oil Company of Equatorial Guinea that commenced operations between August 27, 2001 and January 2002. The company is the custodian of the state’s interest and remains at the forefront of innovation and strategic partnerships in the country’s oil and gas sector.

In the upstream division, GEpetrol manages Equatorial Guinea’s participation in petroleum contracts, markets the company’s share of production including oil service activities. In the midstream aspect, GEpetrol is a partner in the country’s Liquified Natural Gas (LPG) Company and other ventures. The state owned company also participates in general commercial ventures that enhances economic development of Equatorial Guinea.

The JV Partnership is a collective strategic thinking aimed at driving inbound investment into Equatorial Guinea Oil and Gas landscape and develop necessary local technical capacity to support investment aimed at repositioning national economy.

In the collaboration, Oilserv brings its vast years of technical experience and successful delivery of projects to replicate its achievements in Equatorial Guinea oil and gas industry through partnership with GEpetrol.

The Chairman, Group Chief Executive Officer of Oilserv Group, Engr. Emeka Okwuosa, spoke about the partnership: ‘’As the clear leader in the industry today in Nigeria, we are always looking at innovative approaches to expand our business. This Joint Venture offers Oilserv Limited a strategic foothold in one of the world’s fastest-growing economy and the third largest Oil producing country in sub-Saharan Africa. The joint venture partnership will benefit immensely from our experience and capabilities in navigating local terrains, customs, others and would create more value for the government and people of Equatorial Guinea.”

On his own part during the signing agreement, Director General/CEO of GEpetrol, Senōr Antonio Oburo Ondo said ‘’I am delighted to welcome yet another global brand to GEpetrol, especially a respected and recognized name in the Nigerian Oil and Gas industry. This new partnership is a testament of the government’s continuous efforts in encouraging private sector participation with greater economic liberalization policies and the creation of favourable investment climate and enabling framework.”

According to Ondo, “GEpetrol sees a massive repositioning support in Oilserv in achieving its corporate objectives and national aspirations and had authorized a coordinated forward plan to actualize the joint venture partnership with Oilserv as an integral part of the government efforts at repositioning the national economy by stemming rampant capital flight and boosting job creation in the country”.

The GEpetrol boss is confident that the JV will fit into Oilserv business internationalization model for Africa and Equatorial Guinea which will also transcend to Central Africa sub-region.