Peter Uzoho
The investment of over $1billion by Heirs Holdings (HH) in the acquisition of the strategic OML 17 from Shell, ENI and Total, has been described by various analysts as a positive affirmation of confidence in the robustness of the Nigerian economy.
The analysts described the deal as a welcome light on the opportunities that are available in Nigeria, especially given the increased pessimism globally and in Nigeria.
They highlighted the credentials of Heirs Holdings as a committed indigenous business and the presence of Transcorp, Nigeriaâs largest listed conglomerate, with over 300,000 shareholders in the transaction.
According to them, the deal further demonstrates the ability of the Tony Elumelu-led Heirs Holdings to spearhead Africaâs economic resurgence amidst the calamity posed by COVID-19 pandemic.
- 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
In Nigeria: Heirs Holdings Significantly Expands Oil and Gas Portfolio gnnliberia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gnnliberia.com Daily Mail and Mail on Sunday newspapers.
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Peter Uzoho
Despite two Supreme Court judgments, Shell Petroleum Development Company of Nigeria Limited (SPDC) has refused to pay the Ejama-Ebubu community in Tai Eleme Local Government Area of Rivers State, the sum of N182 billion in judgment debt awarded damages against the oil company in an oil spill dispute.
But the Royal Dutch oil giant has contested the valuation.
Shell advised the community not seek to enforce the award while the injunction was in place.
It added that its current valuation of the size of the debt is “overstated” and “remains in dispute” in other court proceedings.
The Royal Dutch company has been involved in a long-running legal battle with the Ejama-Ebubu community of Rivers State, which in 2010 successfully sued the company for millions of dollars in damages for polluting its land.