By The Rainbow Listen to article
Trans Niger Oil and Gas Limited (TNOG) obtained a $250 million facility from Afrieximbank of the $1.1 billion it used in the acquisition of a 45% stake in the OML 17 onshore oil field.
This makes Afreximbank largest creditor, subscribing about a quarter of the financing, in three deal that enabled TNOG to purchase shares in OML 17 from Shell Petroleum Development Company, Total E&P Nigeria Limited and ENI.
Other participating donors include Africa Finance Corporation, Union Bank, Shell, Hybrid Capital and Schlumberger, with TNOG advised by United Capital Plc
The five-year US$1.1 billion facility, which was signed in December 2020, despite the economic headwinds caused by the COVID-19 pandemic, was led, as Mandated Lead Arrangers, by Afreximbank, Standard Chartered Bank and ABSA. Following this acquisition, TNOG will now operate the OML 17 onshore oilfield on behalf of the Nigerian National Petroleum Corporation, which owns the remaining 55% wor
The African Export-Import Bank (Afreximbank) has announced the disbursement of $250 million as part of its support for Trans Niger Oil and Gas Ltd (TNOG) to acquire 45 per cent stake in Oil Mining Lease (OML) 17 onshore oilfield.
The fund is part of the $1.1 billion which is required by the oil firm for the acquisition of the 45% stake in the oilfield in which the Nigerian National Petroleum Corporation (NNPC) holds 55% equity in the Lease.
According to a press statement from Afreximbank, the $250 million Reserve Based Lending facility, is the largest amount to be disbursed for this purpose, underwriting about a quarter of the financing that enabled TNOG to acquire stakes in OML 17 from Shell Petroleum Development Company, Total E & P Nigeria Limited and ENI.
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.
Regulatory News: Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has completed the divestment of its 10% interest in onshore Oil Mining Lease (OML) 17 to the Nigerian company TNOG Oil Gas Limited, a related
- Shell Petroleum Development Company of euro-petrole.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from euro-petrole.com Daily Mail and Mail on Sunday newspapers.