African gas producer Gasol has struck a £70million takeover deal with GDF Suez for Ivory Coast producer Enerci.
The deal will see Gasol taking full control of the firm, which has a 12% participating interest in a gas producing licence in the Ivory Coast basin.
The field, which produces 137million standard cubic feet of gas per day, is reponsoble for a third of the entire Ivory Coast gas output.
“We are delighted to have reached an agreement to acquire a 12% interest in the CI-27 licence, which is the largest gas field offshore the Côte d’Ivoire and has an extensive production history,” said Gasol chief operating officer Alan Buxton.
“The acquisition provides us with an opportunity to bring a revenue-generating, profitable and self-funding asset into the group and, as such, represents a key milestone in our development as well as a stable, financeable cash flow base from which to grow.”