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Tony Elumelu’s Heirs Holdings (“HH”), the leading African strategic investor, in partnership with affiliated company Transnational Corporation of Nigeria Plc (“Transcorp”), Nigeria’s largest publicly listed conglomerate, announced today the unconditional acquisition of a 45% participating interest in Nigerian oil licence OML 17 and related assets, through TNOG Oil and Gas Limited (a related company of Heirs Holdings and Transcorp), from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI. In addition, TNOG Oil and Gas Limited will have sole operatorship of the asset,Niyi Tabiti gathered. The transaction is one of the largest oil and gas financings in Africa in more than a decade, with a financing component of US$1.1 billion, provided by a consortium of global and regional banks and investors. OML 17 has a current production capacity of 27,000 barrels of oil equivalent per day and, according to our estimates, 2P reserves of 1.2 bi

Nigeria generalNiger deltaRepublic of beninNiyi tabitiOwen omogiafoTony elumeluGas limitedHeirs holdingStandard chartered plcTony elumelu heirs holdingsMinistry of petroleum resourcesAfam three fast powerTransnational corporation of nigeria plc transcorpUnited capital plcAfam power plcHh group