Nigeria Upstream OG Precedent Transactions Analysis
STRICTLY PRIVATE AND CONFIDENTIAL
Nigerian Upstream Oil & Gas Transaction Multiples
A range of factors influence valuation metrics on a boe basis, including maturity, scale, off-take and local issues
Precedent transactions in
Nigeria average US$5.8 per 2P boe Offshore transactions have commanded a premium over onshore On-going Shell divestment process will provide a number of further benchmarks
(US$ per 2P boe)
$9.0
Announced
Date
Asset/Target
Value
(US$ MM)
Acquired
Stake
(%)
Acquirer
Description
Onshore/Offshore
Total 2P
Reserves
(mmboe)
2P Reserves
Multiple
(US$ per boe)
05-Jul-2013
First Hydrocarbon
Nigeria
105
23
Afren
Acquisition of a 23% stake in a corporate entity with a 45% working interest in OML 26 in the
Niger Delta
Onshore
14
7.46
1,550
100
Oando
Acquisition of ConocoPhillips entire Nigerian operations, consisting of five onshore and offshore oil and gas assets
Offshore / Onshore
221
7.00
20-Dec-2012;
ConocoPhilip’s
not complete(1) Nigerian Assets
04-Apr-2011
OML 30 Block
850
45
Heritage Oil
Acquisition of a 45% working interest in an onshore block located in the Niger Delta from
Shell, Total and Agip
Onshore
506
1.68
01-Apr-2011
OML 40 Block
154
45
Elcrest Exploration and Production
Nigeria
Acquisition of a 45% interest in one onshore block in the Niger Delta
Onshore
28
5.49
25-Nov-2010
Seven Energy
International
100
15
Petrofac
Acquisition of a 15% stake in a corporate entity owning several oil and gas interests in the Niger
Delta
Onshore
19
5.17
31-May-2009
Gulf of Guinea
Energy
120
n/a
Seven Energy
International
Corporate acquisition of an entity holding a 40% participating interest in the Uquo Field in the
Niger Delta
Onshore
72
1.67
12-Jan-2009
OML 125 / OML
134
197
15
Oando
Acquisition of two blocks from Agip which are both located in offshore Nigeria
Offshore
(Deepwater)
25
7.94
09-Jan-2006
OML 130
Exploration
License
2,692
45
CNOOC
Acquisition of a 45% working
Nigerian Upstream Oil & Gas Transaction Multiples
A range of factors influence valuation metrics on a boe basis, including maturity, scale, off-take and local issues
Precedent transactions in
Nigeria average US$5.8 per 2P boe Offshore transactions have commanded a premium over onshore On-going Shell divestment process will provide a number of further benchmarks
(US$ per 2P boe)
$9.0
Announced
Date
Asset/Target
Value
(US$ MM)
Acquired
Stake
(%)
Acquirer
Description
Onshore/Offshore
Total 2P
Reserves
(mmboe)
2P Reserves
Multiple
(US$ per boe)
05-Jul-2013
First Hydrocarbon
Nigeria
105
23
Afren
Acquisition of a 23% stake in a corporate entity with a 45% working interest in OML 26 in the
Niger Delta
Onshore
14
7.46
1,550
100
Oando
Acquisition of ConocoPhillips entire Nigerian operations, consisting of five onshore and offshore oil and gas assets
Offshore / Onshore
221
7.00
20-Dec-2012;
ConocoPhilip’s
not complete(1) Nigerian Assets
04-Apr-2011
OML 30 Block
850
45
Heritage Oil
Acquisition of a 45% working interest in an onshore block located in the Niger Delta from
Shell, Total and Agip
Onshore
506
1.68
01-Apr-2011
OML 40 Block
154
45
Elcrest Exploration and Production
Nigeria
Acquisition of a 45% interest in one onshore block in the Niger Delta
Onshore
28
5.49
25-Nov-2010
Seven Energy
International
100
15
Petrofac
Acquisition of a 15% stake in a corporate entity owning several oil and gas interests in the Niger
Delta
Onshore
19
5.17
31-May-2009
Gulf of Guinea
Energy
120
n/a
Seven Energy
International
Corporate acquisition of an entity holding a 40% participating interest in the Uquo Field in the
Niger Delta
Onshore
72
1.67
12-Jan-2009
OML 125 / OML
134
197
15
Oando
Acquisition of two blocks from Agip which are both located in offshore Nigeria
Offshore
(Deepwater)
25
7.94
09-Jan-2006
OML 130
Exploration
License
2,692
45
CNOOC
Acquisition of a 45% working