About the project
Seven Energy was founded in 2004 by a group of Nigerian investors and executives. It is an oil and gas company exclusively focused on Nigeria and, in particular, the monetisation of Nigeria’s substantial discovered, but undeveloped gas reserves.
In the second half of 2009 Seven Energy decided to raise funds to cover several key projects:
- Drilling of production wells on Uquo Field
- Further development of the Ukana Field
- Acquisition of Stubb Creek, a marginal field holding proven reserves of 458 Bcf of gas (with additional undeveloped upsides) and 18 MMbls of oil
Seven Energy decided to commit US$50 million to these projects. AFC provided an equity investment of US$20 million
The domestic gas market is critical for the development of the country and has a significant multiplier effect on the growth of various industries and sectors.