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Market Digest Nigeria

Finance

Nigeria’s Heirs Holdings Buys 45% of Oilfield

Nigeria’s Heirs Holding announced on Jan. 15 that it had bought a 45% stake in an onshore oil field in a deal that it said included $1.1 billion in financing from a consortium of global and regional banks and investors.

heirs

International oil majors have been trying to sell stakes in onshore oil fields in Nigeria for years as they pivot their investments to offshore Nigeria assets and to other regions.

Shell, Total and Eni each sold stakes in the OML 17 field, which has production capacity of 27,000 barrels of oil equivalent per day and estimated reserves of 1.2 billion barrels of oil equivalent, Heirs said.

TNOG Oil and Gas Ltd., which Heirs owns alongside Transnational Corp. of Nigeria Plc, officially took the stake.

Tony Elumelu is the chairman of both Heirs Holdings and Transcorp, and is the chairman of United Bank for Africa Plc.

In a separate statement, Shell Production and Development Co. of Nigeria announced a $533 million sale of its 30% stake in the OML.

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