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0 News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://newsghana.com.gh/mcb-joins-usd360-million-bridge-facility-for-chappal-energies-acquisition-of-equinors-offshore-assets/
Mauritius Commercial Bank (MCB) has announced its participation in a significant USD120 million portion of a USD360 million senior secured bridge facility, aimed at part-financing the acquisition of Equinor’s offshore infrastructure by Chappal Energies in Nigeria.
Chappal, an indigenous Nigerian oil and gas company specializing in brownfield upstream opportunities within Africa, has secured operational rights and a 53.85% ownership stake in the OML 128 and OML 129 fields, along with a 20.21% share in the highly productive Agbami field, which is operated by Chevron. The Agbami field, one of Nigeria’s largest deep-water oil fields, has been a major contributor to the country’s oil output since it began production in 2008.
This acquisition represents a landmark achievement for Chappal as it becomes an influential player in Nigeria’s offshore oil sector, at a time when international oil companies are shifting focus to offshore and integrated gas operations in the region. This transition provides a unique opportunity for indigenous companies like Chappal to strengthen their position within the country’s oil and gas industry and contribute to the nation’s ambition of achieving universal energy access by 2030.
MCB’s involvement in this transaction further solidifies the bank’s role as a leading financial institution in Africa’s energy sector, especially as it pertains to the Mauritius International Financial Centre (MIFC). As one of the few investment-grade banks on the continent, MCB has leveraged its Energy and Commodities expertise, along with a robust track record in the Nigerian oil and gas market, to execute this deal.
The bank’s team of specialized senior bankers, with extensive experience in oil and gas transactions in Nigeria, executed the deal in a remarkably short timeframe, drawing on their deep industry knowledge and relationships with key operators across the value chain. As a senior lender, security agent, and account bank, MCB played a vital role in adding value to the transaction.
Thierry Hebraud, CEO of MCB Ltd, expressed pride in supporting Chappal Energies, highlighting how the acquisition aligns with MCB’s strategy to back the energy sector’s development across Africa. “This transaction demonstrates our commitment to supporting African economies in their energy transition, while empowering homegrown companies with the technical expertise and financial resources needed to drive the future of their industries,” Hebraud said.
Chappal Energies’ Managing Director, Ufoma Immanuel, also praised MCB’s unwavering support throughout the transaction. “MCB’s collaboration has been integral to our success. Their integration into our strategic thinking and effective support across the value chain has been invaluable,” Immanuel commented.
The deal team at MCB included key members such as Avanish Gukhool, Associate Director, Jean Laurent Pyndiah, Keshav Sathyasheel Tohooloo from Specialised Finance, and Ricky Kaniah, Ashna Bhudu from the Credit Analysis and Structuring team, with Sapna Dwarka, Legal Manager, also contributing to the process.
This acquisition and MCB’s participation signify a crucial step for both Chappal Energies and the bank as they work together to drive Nigeria’s energy sector forward.
News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://newsghana.com.gh/mcb-joins-usd360-million-bridge-facility-for-chappal-energies-acquisition-of-equinors-offshore-assets/
