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UPDATED: Elumelu-led TNOG acquires 30% interest in SPDC’s OML 17 at $533m
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By Udeme Akpan, Energy Editor
THE Tony Elumelu-led TNOG has acquired a 30 per cent interest in The Shell Petroleum Development Company of Nigeria Limited (SPDC), Oil Mining Lease (OML), 17 at the cost of $533 million, in the Eastern Niger Delta.
In a statement obtained by Vanguard, SPDC, which confirmed that TNOG, has already paid $453 million, stated: “The Shell Petroleum Development Company of Nigeria Limited (SPDC), has 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. A total of $453m was paid at completion with the balance to be paid over an agreed period.
Emmanuel Addeh in Abuja
The Shell Petroleum Development Company of Nigeria Limited (SPDC), Friday announced that it had completed the sale of its 30 per cent interest in Oil Mining Lease (OML) 17 and its associated infrastructure in the Eastern Niger Delta.
The oil giant disclosed that the facility was sold 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.
It stated that a total of $453m was paid at completion with the balance to be paid over an agreed period.
According to Wood Mackenzie, OML 17 is a large onshore license within the NNPC/Shell joint venture which includes the northern half of Port Harcourt, extending from the low-lying swamp northwards into drier terrain where the operating conditions are easier.
The Shell Petroleum Development Company of Nigeria Limited has completed the sale of its 30 percent stake in Oil Mining Lease (OML) 17 in the Niger Delta to TNOG Oil and Gas Limited.
The company said in a statement on Friday that the OML 17 and its associated infrastructure were sold to the company for $533million.
TNOG Oil and Gas is a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria (Transcorp) Plc.
Heirs Holdings Limited and Transcorp are both chaired by Tony Elumelu, who is also the Chairman of United Bank for Africa (UBA) Plc.
The OML 17 has a production capacity of 27,000 barrels of oil equivalent per day.