First Hydrocarbon Nigeria
In 2009, Afren established First Hydrocarbon Nigeria Ltd (FHN), a majority Nigerian owned, indigenous oil and gas company.
In direct response to the Nigerian government’s objective to increase the level of local participation in the Nigerian oil and gas sector, and in line with our strategy of working with indigenous partners and developing indigenous capabilities, we have established FHN in conjunction with two leading Nigerian financial institutions – First City Monument Bank Plc (FCMB) and Guaranty Trust Bank Plc (GTB).
We value our strong track record of working with Nigerian contractors and financial institutions, fully capitalising on local expertise and resources in the oil and gas sector – an objective driven and supported by the Nigerian government. FHN has been created to build on, and extend, this platform.
FHN will fulfil the Nigerian government’s criteria for local operators, and has been set up as an indigenous champion that will be used as a vehicle to acquire substantial oil and gas assets in the country. This will include assets that are currently held by joint ventures between the Nigerian government and Major international oil companies. It may also include assets that could be divested in connection with indigenous licensing rounds, together with the acquisition of assets of other Nigerian companies if appropriate.
Over time, it is planned for FHN to be owned by a wider Nigerian stakeholder base, ensuring diversity of ownership and also a reflection of Nigeria’s national character. Subject to market conditions, FHN will seek a listing on the Nigerian Stock Exchange in due course.