One of Nigeria’s most eminent petroleum industry maestros, Mr Austin Avuru, who just retired from the position of Chief Executive Officer at Seplat Petroleum Development Company Plc, will soon be setting up a holding company for his vast interests in the upstream and midstream petroleum industry.
Mr Avuru, one of Nigeria’s finest geologists and versatile petroleum industry investor, told The Oracle Today in an exclusive chat that he would now be involved in promoting new investments and managing existing interests in both Seplat and Platform.
A lot of observers are disappointed at Mr Avuru’s retirement from active participation in the operations of the industry given his immense depth and vibrancy. Some said Mr Avuru is withholding much contribution from the industry.
“Just like 10 years earlier, I retired from Platform Petroleum and moved to Seplat. So, I have retired from Seplat Petroleum and from active paid employment; but that doesn’t mean that I will just return home and sleep,” Mr Avuru told The Oracle Today.
He said that he would set up a family business that would focus on building and promoting new businesses in the upstream and midstream petroleum industry.
“I am setting up a modest investment outfit (let me call it a family outfit which I will personally manage). So, my activities going forward will be managing investments and participating in the ventures where I have in stakes. So, that is what I will do going forward,” he said.
Mr Avuru is positioning to provide leverage to investors who might seek funding and operating partnership, experience and legerdemain in developing their upstream assets. Most likely beneficiaries would be winners of the prevailing marginal field round.
Over the years, most beneficiaries of asset allocations have never been close to the industry and have leveraged existing industry capacity to commercialize their asset potentials.
“Let me use the example of this marginal field exercise for instance. I could participate by joining a winner, help in raising funds and deploy my experience in to set it up and manage it. But in every event, I will look at it and treat it as an investment, and not to sit down there on day to day basis. But because I am an investor in it, I will help set up an efficient team to run it so that I can get my money back. So, that is just an example. So, I will run an investment outfit.”
Austin is not tired. Instead, he is fired to do more.
