Prime Oil & Gas Coöperatief U.A.

What Prime Oil & Gas Coöperatief U.A. does

Prime Oil & Gas Coöperatief U.A. was a Netherlands-incorporated cooperative (Coöperatief U.A.) entity, founded in 2013 and headquartered in Rotterdam, specializing in deepwater oil and gas exploration and production. The company operated as an investee of Africa Oil Corp. (which rebranded to Meren Energy Inc. in May 2025), and its asset portfolio centred on production and development interests in deepwater Nigeria, a leading carried position in the Orange Basin across Namibia and South Africa, and operated licences in Equatorial Guinea. Reported headcount sat in the 11–50 employee band, consistent with a holding-style vehicle whose operational activity is conducted through joint ventures and partner-operated assets rather than direct staffing.

The company's revenue mechanics derived from upstream hydrocarbon production, with output distributed through offtake arrangements with major energy traders and downstream processors — a conventional upstream E&P model with no consumer-facing pricing or product layer. Capital structure management was an explicit strategic lever: a 2023 debt refinancing increased debt capacity, extended maturity, and enabled a $125 million dividend to shareholders, demonstrating capital flexibility ahead of the 2025 corporate reorganization.

In 2025, Prime Oil & Gas was amalgamated into Meren Energy Inc. in a transformational transaction that doubled the parent's reserves and production. Following the amalgamation, Prime ceased to exist as a standalone legal entity, and its assets, partnerships (including exposure to the TotalEnergies-operated Venus oil project in Namibia targeting 2026 FID and 2030 first oil), and financial profile are now consolidated within Meren Energy. Post-amalgamation Meren reports $440.7 million EBITDAX, $261.8 million cash flow from operations, $155.3 million net debt at 0.4x Net Debt/EBITDAX, and 2026 WI production guidance of 23.0–28.0 kboepd, though 2025 results included a $31.6 million net loss driven primarily by a $105.3 million non-cash impairment on the Agbami cash-generating unit.

Name

Prime Oil & Gas Coöperatief U.A.

Legal name

Prime Oil & Gas Coöperatief U.A.

Website

https://primeoilandgas.com

Company type

Private

Founded year

2013

Operating status

Acquired

Headcount range

11–50 employees

Short description

Prime Oil & Gas Coöperatief U.A. was a Netherlands-incorporated cooperative specializing in deepwater oil and gas exploration and production across African basins, amalgamated into Meren Energy Inc. in 2025.

Ownership category

akta.pro rank

Product category

Offshore Oil and Gas Exploration & Production

NAICS

Oil and Gas Extraction (2111), Crude Petroleum Extraction (21112), Natural Gas Extraction (211130)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF)

akta.pro secondary industries

Offshore Natural Gas E&P (Shallow & Deepwater) (EUAAAAAF), Production Operations & Artificial Lift (Surface Facilities, Compression, Flow Assurance) (EUAAAAAK)

Keywords

• Deepwater oil production
• Offshore exploration
• Upstream oil and gas
• Hydrocarbon development
• Offshore E&P

Headquarters

HQ city

Rotterdam

HQ country

Netherlands

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Others

Core offering

Prime Oil & Gas Coöperatief U.A. was an independent upstream oil and gas company engaged in the exploration, development and production of hydrocarbons, primarily from deepwater assets. Its portfolio included production and development assets in deepwater Nigeria, a leading carried position in the Orange Basin across Namibia and South Africa, and operated licences in Equatorial Guinea, all of which were consolidated into Meren Energy Inc. through the 2025 Prime amalgamation.

Differentiator

Problem solved

Functional benefit

Products and services

• Deepwater Nigeria Production and Development Production and development of crude oil from deepwater assets offshore Nigeria, serving international energy traders and downstream processors via offtake agreements. Represents the company's core producing asset base prior to amalgamation into Meren Energy.
• Orange Basin Exploration Interests (Namibia and South Africa) Leading carried position in exploration acreage across the Orange Basin spanning Namibia and South Africa, including exposure to the TotalEnergies-operated Venus oil project in Namibia which is on track for 2026 FID with first oil targeted for 2030.
• Equatorial Guinea Operated Licences Operated upstream oil and gas licences in Equatorial Guinea, contributing additional production and development activity to the company's West African offshore portfolio.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• TotalEnergiescoreStrategic or Co-development Partner · 1 January 2026TotalEnergies operates the Venus oil project in Namibia, which represents Meren Energy's key long-term growth driver. The Venus project is on track for a 2026 FID with first oil targeted for 2030.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Eco (Atlantic) Oil & Gas: Independent E&P with material carried interest exposure in the Orange Basin (Namibia and South Africa), directly overlapping Prime's carried position in the same play.
• Kosmos Energy: Independent deepwater-focused E&P with material West African production (Equatorial Guinea, Ghana) and significant Orange Basin exposure. Closely comparable business model and asset geography.
• Panoro Energy: West Africa-focused independent E&P producing from deepwater and shallow-water assets in Equatorial Guinea and Gabon, overlapping Prime's Equatorial Guinea operations.
• Impact Oil & Gas: Africa-focused exploration company with a carried interest in the Venus discovery (Block 2913B, Namibia), directly comparable to Prime's Orange Basin position and partner overlap with TotalEnergies.
• Africa Energy Corp: Independent E&P with exposure to the Orange Basin through its interest in Block 2B (South Africa) and the Exploration Right for Block 11B/12B (South Africa), closely aligned with Prime's Orange Basin strategy.
• BW Energy: Independent E&P focused on production and development in West Africa (Gabon - Dussafu, Namibia - Kudu), with a similar business model of acquiring and developing producing assets in the region.
• VAALCO Energy: Independent E&P with offshore West Africa production (Equatorial Guinea - Etame), partially overlapping Prime's asset base. Comparable scale and operating model.
• Tullow Oil: West Africa-focused independent E&P with deepwater Ghana (Jubilee, TEN) production and exploration in frontier basins. Directly comparable geographic and operational profile.

Emerging players

• Reconnaissance Energy Africa: Emerging African-focused exploration company pursuing frontier basin development. Less mature asset base but comparable in scope and regional focus.

Broad incumbents

• Meren Energy Inc. Former parent of Prime Oil & Gas (formerly Africa Oil Corp.). Same underlying asset base post-2025 Prime amalgamation; operates deepwater Nigerian production, Orange Basin exposure, and Equatorial Guinea licences. Most directly comparable given the structural integration.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pogbv

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Prime Oil & Gas Coöperatief U.A.