Russian oil company Rosneft and Nigeria-based Oranto Petroleum signed a memorandum of understanding to cooperate on oil and gas projects in Africa, on Friday at the St. Petersburg International Economic Forum.
According to the agreement, the two companies will collaborate on further exploration and development of assets across the continent, in particular with relation to Oranto's existing portfolio, acquisition of new assets, gas monetization schemes and implementation of refining, commerce and logistics projects.
The company holds 21 oil and gas licenses across 11 jurisdictions, from producing assets in Equatorial Guinea and Nigeria to its newly-acquired exploration acreages in South Sudan and Uganda.
'We look forward to working with Rosneft for the development of our existing fields, as well as planning new projects that will pump fresh energy into Africa's oil and gas sector,' said Prince Arthur Eze, Chairman of Oranto Petroleum.
Through the deal, Russia's Rosneft significantly increases its reach into Africa, where it already holds exploration and production assets in Egypt and Mozambique.
By Huseyin Erdogan