CAMAC International Oil Company, owned by Nigerian-born US based oil guru, Dr. Kase Lawal, will be owning a majority and controlling stake of a US based, New York Stock Exchange company, Pacific Asia Petroleum, as part of a deal between CAMAC and Pacific to commence production of off-shore Oyo Oilfield, whose Oil Mining Lease is held in Nigeria by CAMAC’s affiliates Allied Energy.
The deal signed recently in New York includes a payment of over $38 million to CAMAC to retire existing debts related to the development of the oilfield and also gives Lawal’s company the control of the New York stock traded international oil company founded by senior Texaco officials.
In the event, both the US stock traded company and CAMAC, will now be collaborating for production phase of the Oyo oilfield.
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