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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. ....
Vanguard News Nigeria’s oil capacity to rise by 3,500 bpd On 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.” ....
Peter Uzoho The investment of over $1billion by Heirs Holdings (HH) in the acquisition of the strategic OML 17 from Shell, ENI and Total, has been described by various analysts as a positive affirmation of confidence in the robustness of the Nigerian economy. The analysts described the deal as a welcome light on the opportunities that are available in Nigeria, especially given the increased pessimism globally and in Nigeria. They highlighted the credentials of Heirs Holdings as a committed indigenous business and the presence of Transcorp, Nigeriaâs largest listed conglomerate, with over 300,000 shareholders in the transaction. According to them, the deal further demonstrates the ability of the Tony Elumelu-led Heirs Holdings to spearhead Africaâs economic resurgence amidst the calamity posed by COVID-19 pandemic. ....