By Pierre-Olivier Rouaud
The acquisition of oil block OML 17 from Total and Shell should allow Tony Elumelu’s group to shake up the hierarchy of local oil operators.
On 15 January 2021, Trans-Niger Oil & Gas Limited (TNOG) and Transcorp plc, two of the companies in the galaxy of 58-year old tycoon Tony Elumelu â along with his Heirs Group â bought 45% of OML Block 17 from Shell (30%), Total (10%) and ENI (5%).
The acquisition is estimated to be worth over $800m. âWho would have thought that when we started this journey, all those years ago, it would take us the better part of a decade to close the deal,â said Elumelu, who is also the chairman of UBA Bank.
Peter Uzoho
Heirs Holdings Oil & Gas (HHOG), Africa’s integrated energy company, has announced the appointment of its management board, with Mr. Osayande Igiehon as the pioneer chief executive officer.
Igiehon’s appointment took effect from May 4, 2021.
The company, in a statement yesterday, said Igiehon would be working with a non-executive board, which brings together leading industry figures with considerable global and regional experience to steer the company to growth and sustainability.
Igiehon, who joins from the Royal Dutch Shell, where he was a vice president with the group in The Hague, Netherlands, brings to HHOG, his over 27 years of experience and expertise in the oil and gas sector with Shell.
The management of Standard Chartered Bank has assured its numerous clients of its commitment to supporting their growth aspirations, no matter the sector they operate in.
The lender made this promise while speaking on the role it played in the recent acquisition of a 45 per cent working interest in OML17 by Heirs Holdings Oil & Gas Limited.
Standard Chartered acted as coordinator/financial advisor to Heirs Holdings in the deal described as one of the largest in the oil and gas sector in Africa.
Heirs Holdings acquired the stakes held by Shell Petroleum Development Company of Nigeria Limited (SPDC), Total E&P Nigeria Limited (TEPNG) and Nigerian Agip Oil Company Limited (NAOC), a subsidiary of ENI SpA, in OML 17, a producing onshore oil and gas asset in Nigeria.
Obinna Chima
Global law firm, White & Case LLP, has disclosed that it advised Trans Niger Oil and Gas Limited (TNOG), a related company of Heirs Holdings Oil & Gas Limited and Transnational Corporation of Nigeria Plc (Transcorp), on the highly innovative acquisition financing of a 45 per cent participating interest in OML 17 and related assets from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI.
TNOG Oil and Gas Limited, now has sole operatorship of the asset.
This is just as White & Case has announced the promotion of Deji Adegoke, one of its officials, who played a key role in the transaction to the position of a Partner in its Global Project Development and Finance Practice.