Delonex Energy Ltd., a new exploration and production company (E&P) focused on Central and East Africa, has received an investment of up to $600 million from an affiliate of private equity firm Warburg Pincus.
Delonex Energy is led by CEO Rahul Dhir, the former CEO of Cairn India Ltd. Under Dhir's leadership, Cairn India increased its market value to close to $13 billion, with an operated production of more than 200,000 barrels of oil equivalent per day. Dhir was also recently an executive-in-residence at Warburg Pincus, where he worked in close collaboration with the firm over the past several months to formulate Delonex's business plan.
Delonex Energy's strategic areas include the East African Continental Rift System, which extends from the Red Sea through Ethiopia, Kenya, Uganda, Tanzania to Mozambique; the Central African Rift System from Chad to South Sudan, and the coastal margins of East Africa. Delonex Energy plans on accessing opportunities in these areas through farm-in and direct awards from host governments.
Dhir commented, "I am excited to be launching an African E&P company with backing from Warburg Pincus. There is significant, underexplored resource potential in Central and East Africa, and our team has the experience, technology and capital to unlock these hydrocarbon resources and create value for our host governments."
Delonex Energy is headquartered in London, with subsidiaries in UK, India and Kenya.