Afreximbank and Torxen Energy Resources signed a $75 million development agreement at this year's AEW 2023 for PPL 241, offshore Nigeria.
The pan-African supranational multilateral financial institution, the African Export-Import Bank (Afreximbank), and exploration and production company Torxen Energy Resources, have signed a $75 million development agreement for Petroleum Production Licence (PPL) 241, offshore Nigeria. The agreement was signed on the first day of the strategic programme for African Energy Week (AEW) 2023, which takes place in Cape Town on 17 October.
The agreement was signed by Emmanuel Ogagarue, Managing Director and CEO of Torxen Energy Resources; Taiye Eyewuoma, Executive Director of Finance and Administration and CFO of Torxen Energy; and René Awambeng, Director and Global Head of Customer Relations for Afreximbank.
The agreement will enable Torxen Energy to use capital investment for a range of activities, including the drilling and completion of two oil wells. It will also facilitate the construction of a new oil platform within the licence and the development of a new pipeline.
By providing financing solutions and advisory services for the expansion, diversification, promotion and development of African projects, the agreement will serve to improve operational efficiency within the licence while supporting the West African country's crude oil production.
PPL 241 is located offshore Nigeria, in a water depth of 20 m, in oil lease 90, 24 km from the Escravos region. Located in one of Nigeria's largest offshore fields, PPL 241 has been the subject of extensive 3D seismic data.