Tuareg Capital, the private equity group with focus on Libya, and the Bahrain-based financial institution Capital Management House (CMH) said they have acquired majority stake in Libyan oil service company Etelaf Oil Services through the Libya Fund's subsidiary Tab Energy. Tab Energy will act as the fund's platform to capitalise on the highly attractive investment opportunities within the Libyan oil sector.
The acquisition is the first investment by the Libya Fund, created by Tuareg Capital to capture the opportunities available in Libya across a range of sectors including oil services, healthcare, real estate and other service sectors. Tab Energy, through its drilling subsidiary, has already acquired a new generation on-shore drilling rig which will be operated by Etelaf, enabling it to offer world leading drilling technology to concession holders in Libya.
An agreement has already been signed for the provision of drilling services with Woodside International, Australia's largest publicly-traded oil and gas company.
A management team with strong expertise in oil services and extensive experience of the Libyan market has been selected to spearhead Etelaf's operation. Etelaf is already in advanced talks with other leading international oil companies to provide oil sector related services in Libya.