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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.
By Peter Uzoho
Total Exploration and Production Nigeria Limited has said the deepwater royalties stipulated in the amended Deep Offshore and Inland Basin Production Sharing Contract Act (DOIBPSCA) 2019 and related provisions in the Finance Act 2020, has led to significant value erosion of oil and gas assets and a slowdown in investment in the Nigeria oil and gas industry.
Aside the concerns on the new fiscal provisions introduced into the two Acts, the international oil company (IOC) also said the uncertainty coming from the Petroleum Industry Bill (PIB), which it noted does not appear to improve Nigeria’s attractiveness as an investment destination, would continue to stifle investment in the country.
Why we shutdown Total E&P gas plant Rivers community
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By Davies Iheamnachor
Obite indigenes in Ogba/Egbema/Ndoni Local Government Area of Rivers State have an advanced reason for shutting down a gas plant operated by Total Exploration and Producing Nigeria Limited in their domain citing alleged insensitivity of the oil multinational to their plight.
The aggrieved natives, drawn from the five villages of Obite community also lamented the alleged refusal of the oil firm to honour a Supreme Court judgement that compensation is paid to the community for the land acquired in the area for its operations.
CSR: Total selects 13 children for training, capacity building under ADIU
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By Udeme Akpan
Total E&P Nigeria Limited, an International Oil Company, IOC, has selected 13 children for training and capacity building, under its Total Access to Disability Mobility Initiative, ADIU.
The company said the Total ADI is a diversity and corporate social responsibility, CSR, initiative of Total E&P Nigeria Limited, designed with the goal of launching the independence and capacity building of out-of-school, visually impaired children, to prepare them for school.
Speaking at the closing ceremony of ADIU, held at the Women and Children with Disability Initiative, WACWDI, Lagos, recently, Executive Director, Corporate Affairs and Services, Total E&P Nigeria Limited, Mr Abiodun Afolabi, said: “We select 13 children, who are unable to attend school as a result of visual impairment and who are from indigent homes within Lagos State for the programme.