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Article: Last of the independents: Africa lost the last of its home-grown oil companies when Energy Africa was purchased by Tullow Oil. How will this affect Africa's energy industry?(Oil and Gas)
- Article from:
- African Business
- Article date:
- August 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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More than two years of wrangling over the fate of South African-based Energy Africa has finally come to an end. The company has been taken over by Irish firm Tullow Oil, thereby sealing the fate of Africa's only real independent oil company.
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Energy Africa's takeover had been likely since Malaysian oil giant, Petronas, was thwarted in its bid to buy out the company last year. However, whether the deal is good or bad news for the creation of an African oil industry depends upon Tullow's commitment to Africa.
Tullow's offer to pay $500m for the company was accepted by more than nine out of 10 shareholders, who were offered ...