Daily Newsletter

27 September 2023

Daily Newsletter

27 September 2023

Samos Energy eyes $1bn E&P investments across Africa and South America

The investment strategy marks co-founder Jacques Tohme’s shift away from the UK North Sea.

Shivam Mishra September 26 2023

Samos Energy plans to invest $1bn in exploration and production (E&P) assets across Africa and South America, as reported by Bloomberg.

Co-founded by Jacques Tohme, Samos Energy is an investment company focused on upstream energy assets in Asia, Africa and South America.

The investment strategy marks Tohme’s shift away from the UK North Sea.

Tohme's Tailwind Energy acquired fields in the UK North Sea before selling them to Serica Energy earlier this year.

The retreat also comes amid declining output from the ageing basin and companies there experiencing profit erosion because of the UK Government's 2022 windfall tax.

“The UK Treasury has become very unstable and lacks engagement with the industry,” Tohme told the publication.

In July of this year, Samos Energy acquired a 100% stake in PetroFirst Infrastructure companies.

PetroFirst owns floating energy infrastructure, and currently, its fleet of three offshore production vessels is operational in South East Asia. Samos Energy is considering making additional investments in that region.

Additionally, it will focus on established basins in South America and Africa, with any purchases being "direct" or debt-financed.

Tohme further added: “As global energy systems get dramatically rewired and decarbonised, Samos Energy is positioned to acquire and harvest mature assets, primarily in emerging markets.”

Last year, the UK imposed a windfall tax on oil and gas companies’ profits.

The tax impacted smaller, North Sea-focused E&P companies, with several of them being forced to reduce investments.

Last week, it was reported that UK North Sea-focused oil and gas explorer Waldorf is looking to sell its operations.

Earlier this week, reports emerged that French oil and gas major TotalEnergies is planning to sell its stake in natural gas fields in the Greater Laggan Area.

Quantum computers could transform oil and gas research

Although quantum computing is still in the R&D stage, its potential use cases in the oil and gas industry are numerous and are likely to expand. Oil majors, such as BP and ExxonMobil have joined IBM’s Q Network to develop quantum computers that will increase the understanding of subsurface geology. Companies are also looking at these computers to study molecular modeling and emission mitigation.

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