French independent Maurel & Prom (M&P) has completed a US$80 million acquisition of Angola Japan Oil Co (AJOCO) 20 per cent interest in two producing and development blocks in shallow waters offshore Angola.
Blocks 3/05 and 3/05A are located in shallow water in the lower Congo Basin.
The deal marks the entry of M&P into Angola, Africa’s second largest oil producer, where it says it is well positioned to capture significant growth opportunities.
In a statement, M&P said it is one of first movers to enter Angola following regulatory changes.
Michel Hochard, chief executive officer of M&P, commented: “The completion of this transaction represents an important new country entry for M&P and a significant milestone in the company’s growth strategy. The new regulatory and institutional landscape in Angola offers exciting opportunities for value creation going forward. As the first independent E&P to enter Angola since these changes came into effect, we are well positioned to capitalise on this growth potential in the region.”
The deal adds material production to M&P’s portfolio adding 4600 bpd.