PARIS: Gabon Oil Company (GOC), the national oil company of Gabon, has announced the acquisition of Assala Energy Holdings Ltd and all of its subsidiaries (Assala) from Assala Energy Investments Ltd (Carlyle), a private equity firm.

The deal, which was signed on 15 February 2024, is based on GOC’s sovereign right of pre-emption and overrides the previous agreement between Carlyle and Etablissements Maurel & Prom S.A. (M&P), a French oil and gas company.

Assala is a leading oil and gas producer in Gabon, with a portfolio of 12 onshore fields and a network of over 500 wells. The company employs over 1,500 people and produces around 40,000 barrels of oil per day. The acquisition will strengthen GOC’s position as a major player in the Gabonese oil sector and support the country’s economic development.

M&P, which had signed a share purchase agreement (SPA) with Carlyle on 15 August 2023 to buy Assala, has expressed its respect for GOC’s decision and reiterated its wish to remain a trusted partner of the Republic of Gabon.

M&P has been operating in Gabon since 2004 and holds interests in several oil fields, including the flagship Ezanga permit. The company also has a strong financial position, with an expected net cash position of approximately $270 million at the end of March 2024 and significant borrowing capacity.

M&P is currently in an important development phase, marked by the ongoing restart of its activities in Venezuela, where it holds a 40% stake in the Petroregional del Lago joint venture. The company is also exploring new opportunities in Africa and Latin America, with a focus on low-carbon and renewable energy projects.

M&P to buy Assala Energy for $1.1 billion in Gabon expansion