Mauritius and South Africa-based commodities trading and advisory company DMWA Resources has signed a memorandum of understanding (MoU) with oilfield services firm Schlumberger to collaborate on African oil and gas projects.
Under the three-year agreement, the companies intend to work together on energy projects in Central and West Africa, as well as the emerging East Africa region.
Discussions have started on the Schlumberger products and services that would be used by DMWA Resources to develop newly acquired upstream assets.
DMWA Resources executive director Sebastian Wagner said: “DMWA is currently looking at assets across Africa. We are successfully leveraging our team’s marketing and trading knowledge with the support of first class upstream firms like Schlumberger.
“We see enormous value-add in offshore and onshore Africa, where huge opportunities have been overlooked by larger operators in the past. We and our partners have a different vision on Africa and are delighted with its geological prospectivity.”
Through the agreement, DMWA Resources is planning to consolidate and grow its upstream oil and gas position across Africa.
DMWA offers technical advisory, pre-financing and marketing services to companies and energy ministries across Africa.
In addition, the company also provides trading and principal investment services.
The firm offered support to a Central African energy ministry, acting as the technical advisor on all trading and marketing related matters in the course of the construction of a $2bn FLNG project.