A term sheet for a $635 million reserve-based credit facility has been signed between the African Export-Import Bank (Afreximbank) and Amni International Petroleum Development Firm Limited, an independent oil and gas exploration and production company in Nigeria.
In the presence of Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, the term sheet was signed at the opening of the African Energy Week in Cape Town by Rene Awambeng, Director & Global Head of Client Relations, Afreximbank, and Chief Tunde Afolabi, Chairman/CEO of Amni Petroleum.
It added that the deal will primarily fund the necessary capital expenditure in the OML 52 and OML 112, Okoro and Tubu oil and gas fields in Nigeria, which will help Amni Petroleum to more than double its oil production from about 10,000 barrels per day to 25,000 in 12 months.
In addition, gas to be produced from the gas-rich Tubu field will be used to support liquefied natural gas exports and gas to power generation as part of the company’s drive for cleaner fuels.
Speaking at the signing ceremony, Mr Awambeng, commented: “The deal we are concluding today is of the utmost importance, not only for the significant support it provides to the development of the Okoro and Tubu fields, but especially because of its component relating to the development of gas to power generation. The Tubu gas is a game changer.
“This funding will allow for its full potential to be exploited and exported at the regional and international level. It will help supply the West African sub-region with cleaner energy, as we pursue our global trade mandate to support indigenous African companies in transforming our resources.”
