Nigeria: Elumelu takes OML 17 stake

Issue 431 - 28 Jan 2021 | 1 minute read

Nigerian businessman Tony Elumelu’s Heirs Holdings has announced the acquisition of a 45% stake in onshore OML 17 from Shell, Total and Eni. The licence, which includes the Agbada field, has current production capacity of 27,000 boe/d and estimated 2P reserves of 1.2bn boe, with an additional 1bn boe of further exploration potential. The transaction, valued at $1.1bn, was carried out via TNOG Oil and Gas Limited, a subsidiary of Heirs Holdings and Elumelu’s Transnational Corporation of Nigeria (Transcorp) as part of Elumelu’s strategy of creating an integrated energy business.

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