(Xinhua) -- U.S-based
oil and gas exploration firm, ERHC Energy, said Tuesday it has
retained the services of Deloitte Corporate Finance (DCF) to
advise on the company’s oil assets in Kenya and Chad for
possible joint ventures amid drop in global oil prices.
firm’s CEO Peter Ntephe said in a statement that the drop in
global oil prices has prompted consolidation among oil
exploration companies. It said DCF will advise ERHC on matters
related to possible joint ventures, alliances sales and
divestitures on the Kenya and Chad licenses.
are challenging times for all oil exploration companies and we
are leveraging DCF’s depth of skills and experience to
support us in making decisions based on information that is
constantly evolving,” Ntephe said in the statement received
currently holds a 100 percent interest in Block BDS-2008 in
Southern Chad and a carried 35 percent interest in Block 11A in
discoveries of oil and gas across the East Africa region have
positioned the region as a lucrative investment destination in
Africa for foreign investors who have been scouting for
opportunities. Some five upstream oil and gas companies are
ramping up activity in Kenya, as the country becomes a focal
exploration point in a dash for the commodities.
has shown that discoveries in the last few years are more than
that of any other region in the world, and the boom is expected
to continue for the next five years.
impressive position is, however, becoming less significant as
global oil prices continue to fall. Experts said further decline
threatens the region’s economic prospects.
anticipate DCF’s involvement will be valuable as we pursue
strategic options through access to their global network of
corporate finance professionals around the world,” Ntephe
its assets in Chad and Kenya, ERHC also is seeking new strategic
investment into the company itself.
current valuation of ERHC presents an exceptional opportunity
for equity investors to gain access to ERHC’s rich portfolio
of licenses,” Ntephe said.