Regions

Warburg Pincus to invest in African oil exploration company

June 17
3:55 PM 2013

Warburg Pincus, in announcement said that it is leading an investment projected to be worth up to US$600 million in Delonex Energy. The private equity firm is set to invest in the new oil and gas exploration and production company to become a player in the African oil market boom. 

Many investors have highlighted the African continent, especially in Mozambique and Tanzania, where gas discoveries have been made. Also making the continent enticing for energy investments is the hydrocarbon discoveries in Kenya and Uganda. The main drawback though is the progress of production, which have taken years before even being started.

Former Cairn India's CEO Rahul Dhir is now leading Delonex Energy and plans mapped out include targetting onshore regions as well as the shallow coastal waters of the region, shying away from the deep waters off the coast. The main points for the development include Chad, Ethiopia, Jenya, Mozambique, South Sudan, Tanzania and Uganda. 

According to Dhir, "My guess is that this is a five year type of time frame. With the right opportunities, we can do it (with) less, we could do it faster."

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