Vanguard News
Nigeria’s oil capacity to rise by 3,500 bpd
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By Udeme Akpan
Nigeria’s oil production capacity is set to increase by additional 3,500 barrels per day, bpd, following the expected coming on stream of Ata Field in the Second Quarter (April-June) of 2021.
Ata field, located at Oil Production Licenses, OPL 2008, belongs to Heirs Holdings’ subsidiary, Tenoil, the operator of OPL 2008, which has a production sharing contract with Nigerian National Petroleum Corporation, NNPC.
In a message obtained from its website, TNOG Oil and Gas Limited, a related company of Heirs Holdings and Transcorp, stated: “Heirs Holdings’ subsidiary, Tenoil is the operator of OPL 2008, under a production sharing contract with NNPC. Tenoil is also taking the marginal Ata Field into production, with a capacity of 3,500boe/d expected in Q2 2021.”
By Udeme Akpan, Energy Editor
THE investment of over $1billion by Heirs Holdings in the acquisition of the strategic Oil Mining License, OML 17 from Shell, ENI and Total, has been described by various analysts as a very positive affirmation of confidence in the robustness of the Nigerian economy.
In a telephone interview with Energy Vanguard, weekend, President, Oil and Gas Service Providers Association of Nigeria, Maxi Colman Obasi, said: “At a time of increased pessimism globally and in Nigeria, the huge deal shows a welcome light on the opportunities that are available in Nigeria. Heirs Holdings is a committed indigenous business and the presence of Transcorp, Nigeria’s largest listed conglomerate, with over 300,000 shareholders in the transaction would impact on operations.”
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The Shell Petroleum Development Company of Nigeria (SPDC), 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, a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria (Transcorp), for a consideration of $533m. 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. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area.