Benchmark Group is a privately held investment group based in Singapore and Indonesia, that was founded by Al Njoo over 25 years ago. Al started his career in banking with JPMorgan-Chase, covering Asia-Pacific for infrastructure and energy finance. Since 1997, Benchmark Group, a co-founder of Nations Energy (Calgary) has acquired, developed, and successfully monetized three heavy oil developments in Kazakhstan, Azerbaijan, and California. Benchmark is currently on its fourth development in Madagascar.
Outside of upstream oil, the group continues to focus its efforts in the commodity space, especially in the energy and energy transition space (LNG, copper, metallurgical coal).
Benchmark
Successful energy developments
Karazhanbas, Kazakhstan
The most significant of Benchmark’s past developments was the Karazhanbas Field in Kazakhstan. Acquired in 1997, the Group invested US$500M over the next ten years to rehabilitate the oilfield and establishing eventual production of over 50,000 barrels of oil per day.
In 2006, CITIC bought the field for $1.9bn, source.
Mishovdag-Kalameddin, Azerbaijan
At the time of acquisition, there were approximately 900 wells, but only 300 of them were producing. Nations Energy executed an extensive well repair and recompletion program and refurbished the processing facilities. This development program was supported by a US$45 million debt and equity facility from the European Bank for Reconstruction and Development (EBRD).
In 2008, the field was sold to Mikhail Gutseriev for >$300mn, source.
Northwest Lost Hills, California
When Nations Energy acquired a 100% interest in the Northwest Lost Hills, California field, it was a completely greenfield development — there was no production, steam flood infrastructure, nor central processing facilities. Within 5 years, production reached 4,000 barrels of oil per day from 271 wells.
In 2011, the field was sold to Occidental Petroleum for >$500mn, source.
