Warburg Pincus to Invest $600 Million in East African Oil Search
Warburg Pincus LLC, a private-equity firm that helped find Ghana’s largest oilfield, will invest $600 million in a new exploration venture in Central and East Africa.
Warburg Pincus will be the largest shareholder in Delonex Energy Ltd., the companies said today in statement. The New York-based investor previously helped fund Kosmos Energy (KOS) Ltd., part of a venture that discovered the Jubilee field off Ghana.
“There is significant, underexplored resource potential in Central and East Africa,” said Delonex Chief Executive Officer Rahul Dhir, who headed Cairn India Ltd. until August. “Warburg Pincus is one of the leading investors globally in the energy sector and has an impressive track record.”
Delonex, based in London, is joining explorers seeking oil and gas in East Africa after Anadarko Petroleum Corp. (APC) and Eni SpA (ENI) found more than 100 trillion cubic feet of gas off the coast of Mozambique. In West Africa, Ghana became one of the world’s top 50 oil producers because of output from the Jubilee field.
Delonex said its “key strategic areas” will be the East African Continental Rift System from the Red Sea, through Ethiopia, Kenya, Uganda, Tanzania and Mozambique; the Central African Rift System from Chad to South Sudan; and the coastal margins of East Africa.
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