Ophir Energy

Ophir Energy plc
Company typePublic limited company
LSE: OPHR
IndustryOil and gas
Founded2004
HeadquartersLondon, England
Key people
Nicholas Smith (Chairman)
Nicholas Cooper (Chief Executive Officer)
ProductsPetroleum
RevenueUS$161.1 million (2015)[1]
US$368.8 million (2015)[1]
US$322.5 million (2015)[1]

Ophir Energy plc was an oil and gas exploration and production company based in London. It owned both operating and non-operating assets in Africa, Asia, and Mexico.

History

The company was founded by Alan Stein and Jonathan Taylor in 2004[2] with backing from Tokyo Sexwale.[3] It was listed on the London Stock Exchange in July 2011.[4] In March 2014, Ophir Energy sold its 20% stake in its Tanzanian assets for around $1.2 billion to Pavilion Energy.[5]

On 2 March 2015 Ophir Energy purchased Salamander Energy.[6]

In 2017, the company conducted massive layoffs with addition to restructure the organization due to harsh market conditions.[7]

In 2018, Ophir agreed to acquire a package of Southeast Asian assets from Santos for $205 million. The portfolio of assets included producing assets in Vietnam and Indonesia together with exploration assets in Malaysia and Bangladesh. The transaction was in line with Ophir's stated strategy of rebalancing its portfolio towards a larger production and cash flow base to support the refocused exploration portfolio.[8]

In January 2019, was denied a licence extension on the Fortuna Floating Liquified Natural Gas project in Equatorial Guinea,[9] the first of its kind in Africa, which was due to produce its first gas in 2020.[10]

In May 2019, Ophir was acquired by MedcoEnergi in a deal valued at £408.4 million ($517.6 million). This step further reflected Ophir's previous objective to be more focused on Asian Producing Assets as well as minimizing exposure to high risk exploration portfolios. The acquisition has made the expanded company one of the largest independent E&P company in South East Asia.[11]

Operations

In Tanzania, the company participated in the planned LNG project together with Tanzanian Government through the Tanzania Petroleum Development Corporation and BG Group.[12]

References

  1. ^ a b c "Annual Report 2015" (PDF). Ophir Energy plc. Retrieved 10 April 2016.
  2. ^ "Prospectus" (PDF). Ophir Energy. July 2011. Retrieved 2011-09-17.
  3. ^ Fixer guns for Vodacom Mail and Guardian online, 6 August 2010
  4. ^ "Ophir Energy to Raise $375 Million in IPO for Africa Drilling". Bloomberg News. 8 July 2011. Retrieved 2011-09-17.
  5. ^ Ophir Energy sells stake in Tanzanian assets, Africa: Oil Review Africa, 2014
  6. ^ "Ophir Energy completes acquisition of Salamander Energy". Petro Global News. Retrieved 3 March 2015.
  7. ^ "Ophir nears Fortuna FID, cuts workforce by 15%". Offshore Engineer Magazine. 12 July 2017. Retrieved 23 May 2019.
  8. ^ "Ophir buying Santos' Southeast Asia oil and gas assets for $205M". Offshore Energy Today. Retrieved 23 May 2019.
  9. ^ "Ophir Energy denied licence extension on Fortuna LNG project". The Financial Times. 7 January 2019. Retrieved 8 February 2024.
  10. ^ "Ophir Insists Fortuna FID will be By End 2017". www.naturalgasworld.com. Retrieved 23 May 2019.
  11. ^ "Medco completes Ophir acquisition". Offshore Magazine. Retrieved 23 May 2019.
  12. ^ "Tanzania Drafts $30B LNG Export Project Deal". OilPrice.com. Retrieved 23 May 2019.

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