Several months after an initial agreement between Assala Energy and Maurel & Prom, the Gabonese government exercised its preemptive right to “strengthen its control and sovereignty” over oil and gas reserves.
Gunvor’s Financial Support
Commodity trading giant Gunvor played a key role in financing the acquisition of Assala Energy by the Gabon Oil Company (GOC), according to a statement released on Tuesday, June 25, 2024, by the Gabonese national oil company.
Successful Acquisition
The GOC expressed its satisfaction with the successful acquisition of Assala Energy, an oil exploration and production company operating in Gabon with a daily production of approximately 45,000 barrels.
The acquisition is the result of financial backing from the Gunvor Group, one of the world’s leading energy commodities traders.
Strategic Importance for Gabon
Marcellin Simba Ngabi, CEO of GOC, emphasized the acquisition’s paramount importance for Gabon, the sole shareholder of GOC. The deal will enable Gabon to reinforce its control and sovereignty over its oil and gas reserves, significantly increasing its oil revenues.
Gunvor’s Role as Strategic Partner
Stéphane Degenne, a member of Gunvor Group’s Executive Committee, expressed pride in being selected as Gabon’s partner for this strategic acquisition. He highlighted Gunvor’s strengths in global market expertise and financing to support GOC’s energy agenda.
Background of the Deal
In February, the GOC announced exercising its preemptive right to acquire Assala Energy, owned by the US investment fund Carlyle, for $1.3 billion. This deal replaced an earlier agreement signed in August 2023 with Maurel & Prom for $730 million plus a $600 million credit line.
Government’s Strategic Focus
Following a military coup, the new administration expressed interest in the acquisition project in November 2023. The deal aligns with the government’s strategy to strengthen state control over the sector.