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In proof of its integrated energy strategy, Heirs Holdings has established a new position in oil and gas with the acquisition of 45% participating interest in license OML 17 from three supermajors Shell, Total and ENI.
Heirs Holdings has had an earlier involvement in energy business with its subsidiary, Tenoil.
The subsidiary operates OPL 2008, under a production sharing contract with NNPC. It also owns the Ata Marginal Field, commencing production with 3,500 barrels of oil per day in early 2021.
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Heirs Holidings Acquisation of the OML 17 Explained
Heirs Holdings achieved the acquisition of 45% OML 17alongside its partner and affiliate Transnational Corporation of Nigeria Plc, Transcorp, Nigeria’s largest publicly listed conglomerate.
More so, the acquisition was established through a related company of Heirs Holdings and Transcorp, TNOG Gas Limited, the sole handler of the asset.
Heirs Holdings made the announcement on Friday.
“The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the oil and gas sector and a tribute to the extremely high-quality management team that we have assembled,” Tony Elumelu said in a statement.
According to the group’s statement, the investment was funded by parts of a $1.1 billion financing deal from a consortium of global and regional banks and investors. The transaction is one of the largest oil and gas financings in Africa in over a decade.
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OML 17
OML 17 is an onshore oilfield with a production capacity of 27,000 barrels of oil equivalent per day. It has estimated reserves of 1.2 billion barrels of oil equivalent and further estimated to have an additional 1 billion barrels of oil equivalent of exploration potential.
Schlumberger was also a technical part of the OML 17 acqusiation.
