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Maurel & Prom looking to merge with its former Nigerian unit MPI, others

French energy exploration and production company Maurel & Prom said it would reabsorb its former Nigerian unit MPI as a first step towards tripling in size to cope with the impact of a plunge in oil prices, Reuters reports.

&# Chief Executive Jean-Francois Henin also said that the group would work intensively in the coming weeks to secure another deal with a competitor of its stature.

&# Maurel & Prom and MPI face a tough macroeconomic environment following a 60 percent drop in oil prices in the last year. They see expansion as the route to better access to financing and greater opportunities for external growth.

&# Maurel & Prom said the MPI deal, due to be completed in December, would add Nigeria to its operations in Gabon and Tanzania, giving it presence in three key sub-Saharan oil and gas countries. MPI also had a “strong cash position” with no debt, it said. The combined company would have an enterprise value close to $2 billion, the industry’s fourth largest after Tullow Oil , Premier Oil and Genel Energy it added.
Source : energymixreport.com
Posted On: 8/29/2015 12:00:00 AM

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