The Joint Venture Agreement, which resulted in the formation of Oilserv Equatorial Guinea S.L, was signed between Oilserv Limited and GEpetrol at the GEpetrol Tower in Equatorial Guinea capital City, Malabo.
GEpetrol was established as the National Oil Company of the Republic of Equatorial Guinea by Presidential Decree on August 27, 2001 and became operational in January 2002. The company is the custodian of the state’s interest and remains at the forefront of innovation and strategic partnerships in the Equatorial Guinea oil and gas sector. In the upstream area, GEpetrol manages the Equatorial Guinea State’s participation in petroleum contracts, markets the State’s share of production and participates in oil service activities. In the midstream area, GEpetrol is a partner in the Equatorial Guinea Liquified Natural Gas Company and in other ventures. GEpetrol also participates in general commercial ventures that enhance the economic development of Equatorial Guinea.
The joint venture partnership is a collective strategic thinking aimed at driving inbound investment into the Equatorial Guinea oil and gas landscape and to develop the necessary local technical capacity to support the investment aimed at repositioning the national economy. In this new 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 in partnership with GEpetrol.
The Chairman / Group Chief Executive Officer of Oilserv Group, 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.”
The Director-General/CEO of GEpetrol, Senōr Antonio Oburu Ondo, during the signing of the agreement said “I am delighted to welcome yet another global brand to GEpetrol, especially a respected and recognised name in the Nigerian oil and gas industry. This new partnership is a testament of the government continuous efforts in encouraging private sector participation with greater economic liberalisation policies and the creation of favourable investment climate and enabling framework.
“GEPetrol sees a massive repositioning support in Oilserv in achieving its corporate objectives and national aspirations and had authorised a coordinated forward plan to actualise 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. We are also confident that this joint venture would fit into Oilserv Limited business internationalisation model for Africa, and indeed for Equatorial Guinea and the Central Africa sub-region.”
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