Nigeria's FirstBank and a unit of energy giant Shell said on Friday members of a community in southern Nigeria had no right to seize assets from a bank branch this week in a dispute over compensation for an oil spill more than five decades ago.
By Udeme Akpan, Energy Editor
THE investment of over $1billion by Heirs Holdings in the acquisition of the strategic Oil Mining License, OML 17 from Shell, ENI and Total, has been described by various analysts as a very positive affirmation of confidence in the robustness of the Nigerian economy.
In a telephone interview with Energy Vanguard, weekend, President, Oil and Gas Service Providers Association of Nigeria, Maxi Colman Obasi, said: “At a time of increased pessimism globally and in Nigeria, the huge deal shows a welcome light on the opportunities that are available in Nigeria. Heirs Holdings is a committed indigenous business and the presence of Transcorp, Nigeria’s largest listed conglomerate, with over 300,000 shareholders in the transaction would impact on operations.”
The Shell Petroleum Development Company of Nigeria (SPDC), 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, a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria (Transcorp), for a consideration of $533m. 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. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area.
DGAP-News: Heirs Holdings Significantly Expands Oil and Gas Portfolio
vom 18.01.2021, 06:06 Uhr
Bild: pixabay.com
Heirs Holdings Significantly Expands Oil and Gas Portfolio
18.01.2021 / 06:06
Heirs Holdings Significantly Expands Oil and Gas Portfolio
- Acquires 45% of OML 17 from Shell, Total and ENI
- Existing Production Capacity of 27,000 barrels of oil equivalent per day Estimated 2P Reserves of 1.2 billion barrels of oil equivalent
- Estimated Additional 1 billion barrels of oil equivalent of further exploration potential
Lagos, Nigeria, January 15, 2021
- Heirs Holdings ( HH ), the leading African strategic investor, in partnership with affiliated company Transnational Corporation of Nigeria Plc ( Transcorp ), Nigeria s largest publicly listed conglomerate, announced today the unconditional acquisition of a 45% participating interest in Nigerian oil licence OML 17 and related assets, through TNOG Oil and Gas Limited (a related company of Heirs Holdings and Transcorp)