Petronas Completes Divestment of Engen Stake to Vivo Energy

Malaysian national oil and gas company Petroliam Nasional Bhd. (Petronas) has completed the transfer of its 74 percent stake in Engen Ltd. to Vivo Energy, which is now the major shareholder of Engen.

Petronas said in a press release that as part of multinational company Vitol and with a strong foothold in Africa’s energy sector, Vivo Energy is well-positioned to guide Engen through its next phase of growth. The Phembani Group, Petronas’ long-standing partner in Africa and Engen’s broad-based Black Economic Empowerment shareholder, will continue as a shareholder in Engen alongside Vivo Energy. Petronas said it had initially acquired shares in Engen in 1996 and became its majority shareholder in 1998.

Engen’s core business focuses on the marketing of petroleum, lubricants, functional fluids and chemicals, as well as retail convenience services. Engen has around 1,300 service stations spread across seven countries in sub-Saharan Africa and islands in the Indian Ocean. In another development, Petronas together with its partners TotalEnergies EP Angola Block 20 and Sonangol Pesquisa e Produção SA (Sonangol P&P) reached a final investment decision (FID) to develop the Cameia and Golfinho fields in Block 20/11, located 62 miles (100 kilometers) offshore Angola.

Petronas holds a 40 percent participating interest in the block, the same as operator TotalEnergies, while Sonangol P&P holds the remaining 20 percent. The project will involve the conversion of a very large crude carrier into a floating production storage and offloading unit, which will be connected to the subsea production system. It will incorporate technologies to reduce greenhouse gas emissions and will be designed to prevent flaring by reinjecting associated gas back into the reservoirs, Petronas said in a separate statement.