Seven Energy International Limited, an indigenous Nigerian oil and gas development, production and gas distribution company, has emerged as the winner of the Indigenous Firm of the Year Award conferred by the Petroleum Africa magazine. The award is given in recognition of Africa’s indigenous oil and gas companies for their investment and involvement in upstream, midstream and downstream operations. Phillip Ihenacho, CEO, Seven Energy, said: “We would like to thank Petroleum Africa for this prestigious award. Considering that it was the first time we made the list of finalists, it is a fantastic recognition of all our ongoing efforts and achievements during 2014 in contributing to the development of the Nigerian gas market in a responsible way. We are committed in aiding the development of Nigeria’s gas resources, improving power supply and supporting local economic growth. We are proud to receive this award in recognition of all our hard work.”
Seven Energy came top of a list that included other leading indigenous players from countries such as Ghana, Angola, South Africa, Kenya and Nigeria, after a rigorous review process by Petroleum Africa’s survey committee. Petroleum Africa said Seven Energy for its “well- executed work programme and diversification strategy” in 2014.
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The choice of Seven Energy as the Indigenous Firm of the Year was based on the company’s achievements in 2014, which included the production and supply of gas to the Ibom Power Plant in Akwa Ibom State, the completion of the second train at the Uquo Gas processing facility, achieving 200MMcfpd of gas processing capacity, and the formal commissioning of the Uquo Gas processing facility by President Goodluck Jonathan.
Other achievements in 2014 included obtaining a $170 million 5.5-year loan facility to support the acquisition of East Horizon Gas Company Limited, which owns the 128km East Horizon gas pipe- line and holds a 25MMcfpd gas sales agreement with UNICEM, one of Nigeria’s largest cement plants; and, the acquisition of SRL 905 Holdings Limited, which holds a 40 percent interest in OPL 905. Financially, Seven Energy completed the placement of $400 million senior secured notes, and also secured a $255 million new equity capital from Temasek, the International Finance Corporation (IFC) and the IFC African, Latin American and Caribbean (ALAC) fund to further develop gas opportunities in Nigeria’s domestic gas market.
