LONDON – Bracewell (UK) LLP advised Vaaris Resources, an indigenous Nigerian upstream oil and gas energy consortium, on the acquisition from TotalEnergies EP Nigeria of a 10 percent participating interest in the NNPCL / Renaissance JV, being the largest Nigerian portfolio of onshore and shallow-water oil mining leases. Bracewell advised Vaaris Resources JVCo Limited on the $600 million secured borrowing base facilities with a syndicate of lenders to part fund the acquisition.
Eimear Murphy commented: “We are delighted to have advised Vaaris on this strategically important transaction in Nigeria’s upstream sector. The deal involved navigating complex acquisition and financing workstreams, and we were pleased to work alongside the Vaaris team and its other advisers to bring this milestone transaction for Vaaris to a successful close.”
Adam Blythe commented: “This was a complex transaction and a notable example of the transition in ownership of onshore oil and gas assets to Nigerian companies.”
Kazeem Raimi, CEO of Vaaris Resources JVCo Limited, said: “The Bracewell team’s pragmatic advice, steady counsel and tireless efforts throughout the transaction made a real difference. Novel and complex transactions like these are never without challenges, and we really valued having the Bracewell team in our corner every step of the way.”
Bracewell lawyers involved in the transaction include:
Partners: Eimear Murphy and Adam Blythe
Counsel: Leslie Hansen
Senior Associate: Onis Chukwueke-Uba
Associates: Thomas Howard and Olivia Wynne-Thomas