Delonex Energy to invest US$600 million in oil prospecting in Africa

22 July 2013

Delonex Energy Ltd, an energy sector company, plans to invest US$600 million in financing oil and gas projects in several African countries, including Mozambique, the company said in a statement.

One of the investment areas will be East Africa’s rift valley, which runs from the Red Sea through Ethiopia, Kenya, Uganda, Tanzania and Mozambique.

The main investor in this project is a consortium led by Warburg Pincus LLC, a private equity company, which previously financed Kosmos Energy allowing it to discover an oil field in Ghana.

“The central and eastern region of Africa has significant unexplored resources,” said the chief executive of Delonex Energy, Rahul Dhir, who until August 2012 headed up Cairn India Ltd.

Delonex Energy, a London-based company, will join companies prospecting for oil and natural gas in East Africa, such as US group Anadarko Petroleum and Italy’s ENI, which have found huge natural gas reserves in Mozambique. (macauhub)