By the OGJ Online Staff
HOUSTON, Nov. 5 -- Oilinvest (Netherlands) BV and SOCO International PLC have formed a joint venture to explore in Africa.
The new firm, ODEX Exploration Ltd., will focus on Libya and adjacent nations 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. It will provide Oilinvest with an entry into the upstream oil and gas industry and SOCO with an entry into new areas.
The companies said ODEX can identify and secure delineated oil and gas projects, which by reason of size, complexity, economic, or other reasons are available for development. They said ODEX also can pursue exploration opportunities in previously identified prospective regions that may not be subject to extensive competition.
Oilinvest is a private Dutch holding company with interests in all sectors of the downstream oil industry -- supply, refining, distribution, retail and wholesale marketing, and lubricants, as well as being active through associated companies in a number of related sectors such as bunker sales and trading in the chemical and petrochemical markets. It has refineries and retail operations throughout Europe and in parts of North Africa.
SOCO is a public international oil and gas exploration and production company, headquartered in London. It has exploration activities in Viet Nam, Mongolia, Yemen, Thailand, and North Korea with production operations in Yemen, Tunisia, and Mongolia.
