The management of Standard Chartered Bank has assured its numerous clients of its commitment to supporting their growth aspirations, no matter the sector they operate in.
The lender made this promise while speaking on the role it played in the recent acquisition of a 45 per cent working interest in OML17 by Heirs Holdings Oil & Gas Limited.
Standard Chartered acted as coordinator/financial advisor to Heirs Holdings in the deal described as one of the largest in the oil and gas sector in Africa.
Heirs Holdings acquired the stakes held by Shell Petroleum Development Company of Nigeria Limited (SPDC), Total E&P Nigeria Limited (TEPNG) and Nigerian Agip Oil Company Limited (NAOC), a subsidiary of ENI SpA, in OML 17, a producing onshore oil and gas asset in Nigeria.
Standard Chartered Bank acted as Global Co-Ordinator/Financial Advisor to Heirs Holdings Oil & Gas Limited (formerly Trans-Niger Oil & Gas Limited) on its acquisition of a 45% working interest in OML 17 (a producing onshore oil and gas asset in Nigeria) from Shell Petroleum Development Company of Nigeria Limited (“SPDC”), Total E&P Nigeria Limited (“TEPNG”) and Nigerian Agip Oil Company Limited (“NAOC”) (a subsidiary of ENI SpA).
Court rules Shell must pay farmers over oil spills
Shell Nigeria is liable for damages from pipeline leaks in the villages of Oruma and Goi, the Hague Court of Appeals said in a ruling
Image: Friends of the Earth Europe
A Dutch court has ordered the Nigerian subsidiary of Shell must pay compensation to farmers over oil spills in Nigeria’s Niger Delta.
The Hague Court of Appeals has ruled in favour of four Nigerian farmers on most points in an oil pollution case that was first brought against Shell in 2008.
Shell Nigeria is liable for damages from pipeline leaks in the villages of Oruma and Goi, the court said in a ruling.
31 January 2021 21:57 GMT Updated 1 February 2021 14:46 GMT in London
A Dutch appeal court has decided that supermajor Shell is responsible for environmental damage caused by oil leaks in the Niger Delta and must pay compensation to affected Nigerian farmers.
The court also ordered the Anglo-Dutch giant to install appropriate equipment to prevent future damage to oilfield infrastructure.
Lengthy case
The case was launched by four Nigerian farmers in 2008, who alleged that widespread pollution on their land was caused by leaks from oil infrastructure due to a lack of repair and maintenance activities.
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SPDC sold interest in Oil Mining Lease 17 AK&M 230 AK&M 20 January 2021 09:11 The Shell Petroleum Development Company of Nigeria Limited (SPDC), January 15 completed the sale of its 30% interest in Oil Mining Lease (OML) 17 in the Eastern Niger Delta, and associated infrastructure, to TNOG Oil and Gas Limited, a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc (Transcorp), for a consideration of $533m, as it was informed by SDPC. A total of $453m was paid at completion with the balance to be paid over an agreed period. Completion follows the receipt of all approvals from the relevant authorities of the Federal Government of Nigeria.