AfrOil: Gabon Oil Co. to pre-empt sale of Assala Energy to Maurel & Prom

Gabon’s military junta, which seized power in a coup last year, is raising concern about the future of the country’s oil sector by seeking trading houses’ support to finance a $1.3bn deal for Assala Energy, a company owned by private equity giant Carlyle.

This deal, which has both political and financial ramifications, would undermine a bid already accepted from France’s Maurel & Prom (M&P). State-owned Gabon Oil Co. (GOC) had informed Carlyle International Energy Partners (CIEP) in a letter last November that it wanted to pre-empt the sale to M&P.

Under local law, GOC does have the right to claim Assala Energy. But according to S&P Global, Gabon’s decision to challenge the bid serves as yet another signal to investors in African industry that local governments want more control over domestic resources.