Connect with us

Rivers

Transcorp Acquires 45% OML 17 From Shell, Total, Eni

Published

4 years ago

on

Heirs Holdings (HH), an affiliate of Transnational Corporation of Nigeria Plc (Transcorp) has acquired 45 per cent participating interest in Nigerian oil licence OML 17 from Shell Petroleum, Total and ENI.
The OML 17 comprises oil fields in Etche, Ikwerre, Obio/Akpor and Oyigbo local government areas of Rivers State.
This is contained in a statement signed by Mr Chike Anikwe, Acting Group Company Secretary, Transcorp made available on Friday in Lagos.
According to the statement, the transaction is one of the largest oil and gas financings in Africa in more than a decade, with a financing component of $1.1billion, provided by a consortium of global and regional banks and investors.
It said that the transaction was through TNOG Oil and Gas Limited (a related company of Heirs Holdings and Transcorp), which will have sole oparatorshio of the asset from Shell Petroleum Development Nigeria Plc, Total E&P Nigeria Limited and ENI.
Mr Tony Elumelu, Chairman of Heirs Holdings, said in the statement: “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,” he said.
Elumelu further said: “I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us,” he noted.
Speaking on the investment, Mr Owen Omogiafo, the President and Group Chief Executive Officer, of Transcorp, said that the transaction was an evidence of the company’s strategy to power Africa.
“This deal further demonstrates Transcorp’s integrated energy strategy and our determination to power Africa.”
Heirs Holdings was advised by Standard Chartered Plc, as Global Coordinator, and United Capital Plc, with a syndicate of lending institutions, including Afreximbank, ABSA, Africa Finance Corporation, Union Bank of Nigeria, Hybrid Capital, and global asset management firm, Amundi.
The deal also involves Schlumberger as a technical partner, as well as the trading arm of Shell as an offtaker.
According to the statement, OML 17 has a current production capacity of 27,000 barrels of oil equivalent per day and, according to our estimates, 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent resources of further exploration potential.

Related Topics:
Continue Reading

Rivers

NSE Members Tasked On National Dev

Published

6 days ago

on

July 11, 2025

By

Members of the Nigerian Society of Engineers, NSE, have been urged to work hard towards contributing to national development. This call was made at the recent induction of new members by the Port Harcourt branch of the Society. The induction ceremony was used to formally welcome new members and celebrate its elevated new fellows.
Speaking during the ceremony held a in Port Harcourt, the Branch Chairman, Engr. Idaeresoari Ateke Harriet, FNSE, called on members of the NSE to actively participate in the Society’s professional and technical activities in order to contribute meaningfully to national development. He congratulated the new inductees, describing their admission as a testament to their hard work and resilience.
Engr. Ateke also commended the new Fellows for their immense contributions to the engineering profession, reminding them that their elevation is a call to greater responsibility as mentors and role models.
The event featured a lecture by Engr. Prof. Steve Odi-Owei, FNSE, on “Opportunities and Challenges in Nigeria’s Blue Economy.” The Chairman noted that Nigeria’s maritime and aquatic resources remain largely untapped, adding that engineers have a crucial role to play in harnessing these resources for economic growth and environmental sustainability.
He thanked the first female President of NSE, Engr. Margaret Aina Oguntala, FNSE, other dignitaries, sponsors, and families of inductees for gracing the occasion.
Also, engineers, especially those in Rivers State have been advised to adhere strictly to the core ethics of the profession and to always uphold the professional ethics of the body.
This advice was given by an engineering expert, Basoene Benibo, in an interview with at the sidelines of the  induction ceremony and Fellowship celebration of the Port Harcourt Branch of the Nigerian Society of Engineers.
Benibo stressed the need for young engineers in the state to learn and improve on their skills by tapping from the wealth of experience of older professionals in the field to enable them excel.
 Benibo, who is a one-time Chairman of the Port Harcourt Chapter of the Nigerian Society of Engineers, also noted and hailed the efforts of the society in eliminating quackery in the engineering profession.
Some of the new fellows include Prof Jackson Akpa, Pereowei Jose’s and Telema Osima, while the inductees, Engr Mrs Lizzy Onwuso, Engr David Jonathan jnr and Worlu Emmanuel expressed joy in being found worthy to become full NSE members, believing that it would enable them have access to more knowledge, practice rightly and impact the society positively.
Continue Reading

Rivers

VALVA Restates Commitment Education Advancement, Literacy In Nigeria

Published

6 days ago

on

July 11, 2025

By

The President and Chairman of Council, Nigerian Library Association (NLA), Dr. Dominic Amenaghawon Omokaro, has expressed deep commitment to the advancement of education and literacy in Nigeria through the library system.
Speaking through his state Chairman Dr. Chidara Okachukwu Nyemezu, at the formal Launching/inauguration of the Vanguard for Library Visibility And Advocacy (VALVA) at Captain Elechi Amadi Polytechnic in Port Harcourt recently, Omokaro discribed the inauguration of the new body as a significant and  passionate movement aimed at shining the spotlight on one of the underappreciated yet critical institution in Nigeria’s educational system and national development.
“We are gathered here not just to launch a group, but to launch a vision and ignite a movement to reinforce a mission to make libraries visible and valuable again for our people”, he said.
Dr. Omokaro stated that the birth of VALVA is based of the recognition that libraries, particularly school libraries, are the bedrock of  promoting a reading and research culture that includes innovation and lifelong learning in the society, though the system is grossly underfunded and poorly equipped in many cases.
He recalled the theme of its first week under his watch, “Library System for National Development in 2022”, which he hinted was driven by the state chapters.
He explained that the inauguration of VALVA shows an important mission to promote the visibility and development with impact on schools and other libraries through strategic advocacy that will advance quality education and foster lifelong learning culture in Nigeria.
“The vision is clear to promote the visibility where every school and indeed every community will have access to a functional library managed by a professional Liberian”, he said.
Speaking with journalists at the sideline of the event, the founder of the VALVA, Dr. Juliet C. Akex-Nmec, stressed that no society can grow without a functional and  effective library.
She urged government at all levels to ensure the establishment of effective and functional libraries across the country.
Dr. Alex-Nmec, who is also an Associate Professor of Library and Information Science, Rivers State University, called for the appointment of a Special Adviser on Library matters by the state government in order to assist the government on Library matters.
High point of the event was the formal inaugural of the new body and oath of offices to the new executive.
Akujobi Amadi
Continue Reading

Rivers

Rivers Judiciary Denies Issuing Court Order Stopping SOLAD from Swearing in RSCSC Members

Published

6 days ago

on

July 11, 2025

By

The Rivers State Judiciary has denied a media report claiming that Justice Frank Onyiri of the State High Court issued an injunction order restraining the Sole Administrator, Vice Admiral Ibok-Ete Ibas (rtd), from inaugurating the newly appointed members of the Rivers State Civil Service Commission (RSCSC).

 

In a statement issued by the Deputy Chief Registrar in charge of litigation at the High Court, Menenen Poromon (Esq), the state Judiciary disassociated itself from the report, describing it as malicious and fabricated.

 

The statement emphasized that the report was a falsehood and a misrepresentation of what transpeared in the court.

 

Poromon clarified that no such order was issued by Justice Onyiri or any other judge of the High Court of the state and urged the public to disregard the information, as it lacked any iota of truth.

 

The statement however advised the public to verify any information concerning the state Judiciary directly from the office of the Chief Registrar, High Court of the State, to avoid spreading of misinformation.

Continue Reading

Trending