Ophir Energy
{{short description|Former British oil and gas company}}
{{Infobox company
| name =Ophir Energy plc
| logo = Ophir Energy logo.svg
| type = Public limited company
| traded_as = {{lse|OPHR}}
| foundation = 2004
| location = London, England
| key_people = Nicholas Smith (Chairman)
Nicholas Cooper (Chief Executive Officer)
| industry = Oil and gas
| products = Petroleum
| revenue = US$161.1 million (2015){{cite web |url=https://d2r6vymf4z8qpc.cloudfront.net/wp-content/uploads/2016/04/Ophir-Annual-Report-2015.pdf|title=Annual Report 2015 |publisher=Ophir Energy plc |access-date=10 April 2016}}
| operating_income = US$368.8 million (2015)
| net_income = US$322.5 million (2015)
| num_employees =
| }}
Ophir Energy plc was an oil and gas exploration and production company based in London. It owned both operating and non-operating assets in Africa, Asia, and Mexico.
History
The company was founded by Alan Stein and Jonathan Taylor in 2004{{cite web |url=http://www.unquoted-analyst.com/uploads/t1psim/148239_Project_Zanzibar_Final_clean_without.pdf|title=Prospectus |publisher=Ophir Energy |date=July 2011|access-date=2011-09-17}} with backing from Tokyo Sexwale.[http://mg.co.za/article/2010-08-06-fixer-guns-for-vodacom Fixer guns for Vodacom] Mail and Guardian online, 6 August 2010 It was listed on the London Stock Exchange in July 2011.{{cite web |url=https://www.bloomberg.com/news/2011-07-08/ophir-energy-to-raise-375-million-in-ipo-for-africa-drilling.html|title=Ophir Energy to Raise $375 Million in IPO for Africa Drilling |publisher=Bloomberg News|date=8 July 2011|access-date=2011-09-17}} In March 2014, Ophir Energy sold its 20% stake in its Tanzanian assets for around $1.2 billion to Pavilion Energy.{{Citation
| url = http://www.oilreviewafrica.com/gas/gas/ophir-energy-sells-stake-in-tanzanian-assets
| title= Ophir Energy sells stake in Tanzanian assets
| year = 2014
| publisher = Oil Review Africa
| publication-place = Africa
}}
On 2 March 2015 Ophir Energy purchased Salamander Energy.{{cite news|title=Ophir Energy completes acquisition of Salamander Energy|url=http://petroglobalnews.com/2015/03/ophir-energy-completes-acquisition-of-salamander-energy/|access-date=3 March 2015|publisher=Petro Global News}}
In 2017, the company conducted massive layoffs with addition to restructure the organization due to harsh market conditions.{{cite web|url=https://www.oedigital.com/news/446122-ophir-nears-fortuna-fid-cuts-workforce-by-15|title=Ophir nears Fortuna FID, cuts workforce by 15%|date=12 July 2017|website=Offshore Engineer Magazine|access-date=23 May 2019}}
In 2018, Ophir agreed to acquire a package of Southeast Asian assets from Santos for $205 million. The portfolio of assets included producing assets in Vietnam and Indonesia together with exploration assets in Malaysia and Bangladesh. The transaction was in line with Ophir's stated strategy of rebalancing its portfolio towards a larger production and cash flow base to support the refocused exploration portfolio.{{cite web|url=https://www.offshoreenergytoday.com/ophir-buying-santos-se-asia-portfolio-for-205m/|title=Ophir buying Santos' Southeast Asia oil and gas assets for $205M|website=Offshore Energy Today|access-date=23 May 2019}}
In January 2019, was denied a licence extension on the Fortuna Floating Liquified Natural Gas project in Equatorial Guinea,{{cite news|url=https://www.ft.com/content/bea1ac9c-1263-11e9-a581-4ff78404524e|title=Ophir Energy denied licence extension on Fortuna LNG project|date=7 January 2019|newspaper=The Financial Times|access-date=8 February 2024}} the first of its kind in Africa, which was due to produce its first gas in 2020.{{cite web|url=https://www.naturalgasworld.com/ophir-insists-fortuna-fid-will-be-by-end-2017-53780|title=Ophir Insists Fortuna FID will be By End 2017|website=www.naturalgasworld.com|access-date=23 May 2019}}
In May 2019, Ophir was acquired by MedcoEnergi in a deal valued at £408.4 million ($517.6 million). This step further reflected Ophir's previous objective to be more focused on Asian Producing Assets as well as minimizing exposure to high risk exploration portfolios. The acquisition has made the expanded company one of the largest independent E&P company in South East Asia.{{cite web|url=https://www.offshore-mag.com/business-briefs/article/14033698/medco-completes-ophir-acquisition|title=Medco completes Ophir acquisition|website=Offshore Magazine|access-date=23 May 2019}}
Operations
In Tanzania, the company participated in the planned LNG project together with Tanzanian Government through the Tanzania Petroleum Development Corporation and BG Group.{{cite web|url=https://oilprice.com/Latest-Energy-News/World-News/Tanzania-Drafts-30B-LNG-Export-Project-Deal.html|title=Tanzania Drafts $30B LNG Export Project Deal|website=OilPrice.com|access-date=23 May 2019}}
References
{{reflist}}
External links
- {{official website|http://www.ophir-energy.com}}
{{Energy in the United Kingdom|companies}}
{{Authority Control}}
Category:Companies based in the City of Westminster
Category:Non-renewable resource companies established in 2004
Category:Oil companies of the United Kingdom
Category:Companies formerly listed on the London Stock Exchange
Category:2011 initial public offerings
Category:Defunct oil and gas companies of the United Kingdom