| 05 Jul 2009 |
|
TAB Energy awarded major Shell contract for oil exploration in Libya
- Text size
TAB Energy - a subsidiary of Bahrain-based investment firm Capital Management House (CMH)Capital Management House (CMH)
and Libya-focused private equity group Tuareg CapitalTuareg Capital - has won a second major contract from global energy giant ShellShell.In June 2007, CMHCMH
and Tuareg CapitalTuareg Capital launched the Libya Fund to capture the investment opportunities offered across a wide range of Libyan sectors, including energy services. The strategy of the energy services venture is to create a leading Libyan oilfield services group, offering a pool of high-quality drilling assets that can be deployed anywhere in the region and complementary service lines to its customers.The latest contract win from ShellShell
was secured by Etelaf Oil Services, the oilfield services specialist subsidiary of TAB Energy, the Libya Fund's first investment in that country. This follows Etelaf's first contract granted by Woodside Energy of Australia in March 2007.Drilling under the Woodside contract started last year and resulted in a wildcat exploration well discovery in western Libya, Woodside's fourth discovery since it won its licence.
The ShellShell
contract will see Etelaf dedicating one of its two state-of-the-art drilling rigs to ShellShell's exploration needs until at least 2011.Etelaf's General Manager, Tawfiq Zentani, said: "This second win from ShellShell
demonstrates our ability to meet the highest operating standards in oilfield services and win contracts from major energy corporations."Tuareg CapitalTuareg Capital
, which is the manager of the Libya Fund, has leveraged its deep knowledge of the Libyan market to identify value enhancing opportunities in various sectors, especially the oil services industry.Adel Saudi, Chairman and CEO of Tuareg CapitalTuareg Capital
, said: "Our partnership with CMHCMH shows how value can be created through cross-border investments in Mena. CMHCMH has been instrumental in securing both the equity of the fund and debt financing for the rig from leading financial institutions in the GCC."By Staff Writer
x
DISCLAIMER
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Access to this article is subject to specific terms and condition.
Loading ...Free Newsletter
Get the latest news from Oil & Gas and other Free newsletters.
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.