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
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Existing Production Capacity of 27,000 barrels of oil equivalent per day Estimated 2P Reserves of 1.2 billion barrels of oil equivalent
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Lagos, Nigeria, January 15, 2021
– 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.
By Obinna Chima
The Managing Director of Financial Derivatives Company Limited (FDC), Mr. Bismarck Rewane has said Heirs Holdingsâ (HH) $1.1 billion investment in the acquisition of the strategic OML 17 from Shell, ENI and Total, will lead to job creation, transfer of technology and improved management skills.
Rewane, who said this during a chat on BBCâs âNEWSDAY,â noted that the investment serves the objective of economic patriotism.
âFirst and foremost the profit is retained by Nigerians, so that helps. Everywhere across the world, sovereign nations and host communities are trying to have a skin in the game, rather than having the structure where the multinationals come in and get all the revenues out.
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.
Elumelu assures of shared prosperity, economic devt, acquires 45% in OML 17 guardian.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from guardian.ng Daily Mail and Mail on Sunday newspapers.