Erin Energy Profile
Erin Energy Corporation operates as an independent oil and gas exploration and production company focused on energy resources in Africa.
The company’s asset portfolio consists of five licenses across three countries covering an area of approximately 1.5 million acres (approximately 6,000 square kilometers). It owns producing properties offshore Nigeria and conducts exploration activities as an operator offshore Nigeria and conducts exploration activities as an operator offshore Ghana, and as a non-operator offshore The Gambia.
The company’s subsidiaries include Erin Petroleum Nigeria Limited, Erin Energy Kenya Limited, Erin Energy Gambia Ltd., and Erin Energy Ghana Limited. In 2014, the company, through its 50% ownership of its Erin Energy Ghana Limited subsidiary, signed a petroleum agreement with the Republic of Ghana relating to the Expanded Shallow Water Tano block offshore Ghana. An affiliate of the company owns the remaining 50% non-controlling interest in the Erin Energy Ghana Limited subsidiary.
Oil and Gas Activities
Nigeria
In 2014, the company acquired all remaining economic interests in the production sharing contract and related assets, contracts and rights pertaining to the Oil Mining Leases 120 and 121 located offshore Nigeria, including the producing Oyo field, from Allied Energy Plc pursuant to a transfer agreement entered into in 2013 by the company and its affiliates, and Allied Energy Plc.
The Gambia
In 2017, the company entered into a sale agreement with FAR Ltd. (FAR), an Australian Securities Exchange listed oil and gas company, whereby FAR agreed to acquire an 80% interest and operatorship of the company’s offshore A2 and A5 blocks, with the company retaining a 20% working interest in both blocks.
Ghana
In 2014, the company, through an indirect 50%-owned subsidiary, signed a Petroleum Agreement with the Republic of Ghana (the petroleum agreement) relating to the Expanded Shallow Water Tano block offshore Ghana. The contracting parties, which hold 90% of the participating interest in the block, are Erin Energy Ghana Limited as the operator, GNPC Exploration and Production Company Limited, and Base Energy (collectively the contracting parties), holding 60%, 25%, and 15% of the participating interest of the contracting parties, respectively. The company owns 50% of its subsidiary Erin Energy Ghana Limited. The remaining 50% interest is owned by an affiliated company.
Strategy
The company’s strategy is to acquire and develop high-potential exploration and production assets in Africa, and to explore and develop those assets through strategic partnerships with national oil companies, indigenous local partners and other independent oil companies.
History
Erin Energy Corporation was founded in 2005. The company was formerly known as CAMAC Energy Inc. and changed its name to Erin Energy Corporation in 2015.
