Soco and Oilinvest Form Exploration Joint Venture
Oilinvest and SOCO announce the formation of a specific purpose upstream joint venture, ODEX Exploration Limited, initially to identify, develop, produce and market hydrocarbon opportunities in Libya and the surrounding countries in northern, central and western Africa. The joint venture is held 57% by Oilinvest and 43% by SOCO North Africa Ltd, a subsidiary of SOCO. Mutually beneficial, the JV provides Oilinvest with an entry into the upstream oil and gas industry and provides SOCO with an entry into areas where it wishes to establish new core business opportunities.
ODEX is expected to be a strong regional contender in the upstream hydrocarbon sector. Oilinvest brings its specialized financial knowledge and management strength of its downstream petroleum operations. As a group experienced in international upstream operations, SOCO has special expertise and success in identifying and exploiting complex upstream petroleum opportunities and accessing international financial networks. SOCO's financial strength and its status as a publicly listed company provide access to public financing.
ODEX has been formed to capitalize on the strengths of Oilinvest and the SOCO group to identify and secure delineated oil and gas projects, which by reason of size, complexity, economic or other reasons are available for development. ODEX will then pursue oil and gas exploration opportunities in previously identified prospective regions, which, again by reason of size, complexity, economic or other reasons are not subject to extensive competition.