Jungle Journalist Media Limited
  • News
  • Politics
  • Economy and Business
  • Sports
  • Editorial
  • Education
  • entertainment
  • Health
  • Niger Delta
  • Security
No Result
View All Result
  • News
  • Politics
  • Economy and Business
  • Sports
  • Editorial
  • Education
  • entertainment
  • Health
  • Niger Delta
  • Security
No Result
View All Result
Jungle Journalist Media Limited
No Result
View All Result
  • News
  • Politics
  • Economy and Business
  • Sports
  • Editorial
  • Education
  • entertainment
  • Health
  • Niger Delta
  • Security

UCHE - BILLBOARD

Home » National » $1.1bn deal: Elumelu’s firm buys Shell, Total, ENI stakes in oil block

$1.1bn deal: Elumelu’s firm buys Shell, Total, ENI stakes in oil block

by Jungle Journalist
January 16, 2021
2
SHARES
24
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Three international oil companies operating in Nigeria have sold their combined 45 per cent interest in Oil Mining Lease 17 and related assets in the Eastern Niger Delta to TNOG Oil and Gas Limited, an integrated energy company founded by Mr Tony Elumelu.

Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited assigned their interests of 30 per cent, 10 per cent, and five per cent respectively in the lease to TNOG Oil and Gas.

SPDC announced in a statement on Friday the completion of the sale of its 30 per cent interest in OML 17 and associated infrastructure to TNOG Oil and Gas for a consideration of $533m.

The oil major said the completion followed the receipt of all approvals from the relevant authorities of the Federal Government of Nigeria.

Advertisement. Scroll to continue reading.

TNOG Oil and Gas is a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc, both of which have Elumelu as their chairman.

“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.

ReadAlso

IGP appoints ex force PPRO Frank Mba, Idowu Owohunwa as Ogun, Lagos commissioners

“It is the turn of ndi Enugu” Frank Nweke tells residents, as APGA storms more markets in Enugu

The company said it was committed to transfer OML 17 in an orderly and responsible manner to the new owner, which would help to provide a sustainable long-term plan to unlock its full potential.

“As with previous divestments, we will facilitate a successful transition to new ownership. Shell has been in Nigeria for over 60 years and remains committed to a long-term presence here,” said the Managing Director of SPDC and Country Chairman of Shell companies in Nigeria, Mr Osagie Okunbor.

Heirs Holdings said in a statement that TNOG Oil and Gas would have sole operatorship of the asset.

It described the transaction as one of the largest oil and gas financings in Africa in more than a decade, with a financing component of $1.1bn provided by a consortium of global and regional banks and investors.
[READ ALSO] 2024: Trump will return as president if… –Don
It said the deal also involved Schlumberger as a technical partner and the trading arm of Shell as an offtaker.

OML 17 has a current production capacity of 27,000 barrels of oil equivalent per day and, 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent resources of further exploration potential, according to the statement.

The Chairman of Heirs Holdings, Elumelu, said, “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs.

“The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.

“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.”
Elumelu thanked Shell, Total and ENI for the professionalism of the process, the Federal Government, the Ministry of Petroleum Resources, and the NNPC for the confidence placed in the company.

Share1Tweet1Send
Previous Post

WhatsApp gives in, halts rollout of controversial update

Next Post

2nd wave: Obaseki postpones reopening of schools, reinforces curfew in Edo State

You MayAlso Like

Law

Supreme Court Rejects Bail Request Of Convicted Delta Senator In Hiding

January 27, 2023
Breaking News

JUST IN: Abia PDP Release Details For Conduct Of Fresh Guber Primary Election 

January 27, 2023
National

IGP appoints ex force PPRO Frank Mba, Idowu Owohunwa as Ogun, Lagos commissioners

January 27, 2023
National

“It is the turn of ndi Enugu” Frank Nweke tells residents, as APGA storms more markets in Enugu

January 27, 2023
Breaking News

JUST IN: Court disqualifies Victor Umeh as Labour Party senatorial candidate 

January 27, 2023
Breaking News

BREAKING: Tribunal sacks Adeleke as governor, orders withdrawal of certificate of returns

January 27, 2023
Next Post

2nd wave: Obaseki postpones reopening of schools, reinforces curfew in Edo State

Discussion about this post

Recent Posts

  • Supreme Court Rejects Bail Request Of Convicted Delta Senator In Hiding
  • JUST IN: Abia PDP Release Details For Conduct Of Fresh Guber Primary Election 
  • IGP appoints ex force PPRO Frank Mba, Idowu Owohunwa as Ogun, Lagos commissioners
  • “It is the turn of ndi Enugu” Frank Nweke tells residents, as APGA storms more markets in Enugu
  • JUST IN: Court disqualifies Victor Umeh as Labour Party senatorial candidate 
ADVERTISEMENT

Recent Comments

  • Ogbuenyi Sunday on Anambra police arrest river-bathing prophet ‘Onye Eze Jesus’
  • Stephen CE on List of international stars who have joined #EndSARS/#EndSWAT and what they said

Trending

BREAKING: PDP Guber Candidate In Abia, Prof Uche Ikonne Is Dead

Terrorists cut off head of abducted LGA chairman after collecting 6m ransom in Imo

JUST IN: Another Guber Candidate Is Dead

If APC wins, Tinubu will be replaced with Shettima as president, that’s the plan of the North, says Naja’atu Mohammed

JUST IN: Court disqualifies Victor Umeh as Labour Party senatorial candidate 

Customs officers must return to the borders, leave our streets or we revolt —Activist 

6-month-old Baby Boy Dies After Mother Gave Him Tramadol, Lock Him, Go Clubbing

SUSPENSION: Chimaroke Nnamani Dares PDP, Begin Aggressive, Open Campaigns For Tinubu

ADVERTISEMENT

Implications of Chimaroke Nnamani’s suspension

Suspension of Chimaroke Nnamani shows he is a nobody in PDP, lacks political value—Chieftain

    ADVERTISEMENT

    Popular Stories

    • BREAKING: Gunmen Take Over Onitsha-Owerri Road, Set Over 10 Vehicles, Goods Worth Billions Ablaze

      2629 shares
      Share 1052 Tweet 657
    • JUST IN: CBN Governor, Godwin Emefiele sacked

      1652 shares
      Share 661 Tweet 413
    • JUST IN: Daughter of Benin billionaire/CEO of Uyi Technical commits suicide

      443 shares
      Share 177 Tweet 111
    • BREAKING: Enugu LG election turns bloody, 5 killed as unknown gunmen abduct journalists(+Disturbing Images)

      383 shares
      Share 153 Tweet 96
    • BREAKING: Founder of Synagogue for All Nations, TB Joshua dies after programme

      288 shares
      Share 115 Tweet 72
    • DSS, US soldiers discover boxes of explosives in Abuja estate

      280 shares
      Share 112 Tweet 70

    ABOUT US

    Jungle Journalist Media Limited

    Jungle Journalist Media Limited

    Jungle Journalist is an online news and information resource centre dedicated to accurate and timely news reports.

    Read More >>

    CONNECT WITH US

    SECTIONS

    • Agriculture
    • Aviation
    • Biafra
    • birthday
    • Bizarre
    • Breaking News
    • Building and Properties
    • Columnist
    • Community Reports
    • crime
    • Economy and Business
    • Editorial
    • Education
    • Election
    • electricity
    • entertainment
    • Health
    • Holidays
    • Human Rights
    • International
    • Interviews
    • Law
    • Magazine
    • media
    • Money
    • National
    • News
    • Niger Delta
    • North
    • Obituary
    • Oil and Gas
    • Opinions
    • Photos
    • Politics
    • Press Release
    • Religion and Culture
    • Science and Technology
    • Security
    • South East
    • South-South
    • South-West
    • Sports
    • Transport and Aviation
    • Violence
    • Women and Children
    • Worship
    • Youth
    No Result
    View All Result

    NEWS SOURCES

  • Punch
  • Nigerian Tribune
  • The Nation
  • Thisday
  • DailyTrust
  • The Sun
  • Daily Independent
  • PM News
  • Vanguard
  • Premium Times
  • Sahara Reporters
  • The Guardian
  • Leadership
  • Daily Times Of Nigeria
    • About
    • Advertise With Us
    • Privacy Policy

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.

    No Result
    View All Result
    • News
    • Politics
    • Economy and Business
    • Sports
    • Editorial
    • Education
    • entertainment
    • Health
    • Niger Delta
    • Security

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.