Rivers

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

Published

5 years ago

January 18, 2021

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.

Rivers

Motor Spare Parts, Industrial Generators Dealers’ Union Swears Gets New Chairman in Port Harcourt

Published

1 day ago

July 18, 2025

The Tide

The Owhonda Dickson Motor Spare Parts and Industrial Generators Dealers’ Union operating in Ikoku Port Harcourt, Rivers state has sworn in Mr. Cyril Igbokwe, popularly known as Onyeoma Cy, as its new Chairman.

The brief swearing _in ceremony was held at the union office in Port Harcourt, last Wednesday

In his acceptance speech, Mr. Igbokwe expressed gratitude for the trust and confidence his members had shown in him, despite his perceived educational background compared to others. , “I feel very happy to be the chairman of this great union in this great market. I’m proud of my executives for demonstrating commitment and cooperation.” Notably, the executives raised over ?1 million for the inauguration ceremony within an hour.

The new Chairman promised to tackle key challenges facing the union, including security and indiscipline. He vowed to follow in the footsteps of his predecessor, who he praised for excellent performance, and aimed to possibly do better.

Mr. Igbokwe emphasized maintaining a robust relationship with the host community and conducting his affairs within the ambit of the law.

In his remarks,the Electoral Committee Chairman’, Igwe Amobichukwu Eze Okorie, assured that the elections were conducted in a free, fair, and credible manner. Despite facing challenges such as non-compliance with guidelines and unfounded propaganda campaigns, no formal protest letters had been received.

Also speaking, the Women’s Leader, Lolo Nkechinyere Okolie, expressed faith in the new Chairman, citing his integrity and experience. She highlighted her role in ensuring women’s voices are counted in the union and vouched for the credibility of the election, noting that Mr. Igbokwe was the popular choice among members.

Rivers

CDS Urges Communities To Protect Pipelines

Published

1 day ago

July 18, 2025

The Tide

The Chief of Defence Staff, Gen. Christopher Musa, has urged Trans Niger Pipeline (TNP) host communities to protect national assets located within their areas.

Musa made the appeal at a monthly stakeholders’ meeting organised by Pipeline Infrastructure Nigeria Limited (PINL) in Port Harcourt.

Represented by Navy Capt. Lassie Ozovehe, he said the effects of oil bunkering and pipeline vandalism were mostly borne by the host communities themselves.

He noted that the environmental and health risks from pipeline damage affect locals more than the oil companies operating in the region.

“These assets are on your land. You benefit from them, so you must protect them and safeguard yourselves from the hazards”, he said.

He praised PINL for its consistent efforts in securing the assets, particularly its record of zero infractions on the Trans Niger pipelines.

Earlier, Dr. Akpos Mezeh, PINL’s Community Relations Consultant, urged host communities to collaborate in tackling security challenges in the Niger Delta.

Mezeh said PINL had expanded its mandate to include the security of all oil and gas infrastructure in the Eastern Corridor, including gas pipelines.

He explained that the meeting aimed to reduce pipeline vandalism and oil theft, which have major economic consequences for the country.

He stated that PINL had seen near-zero incidents over the past month, crediting host community cooperation for the achievement.

He, however, identified ongoing issues such as poor information sharing, threats to surveillance guards, stakeholder collusion, and leadership disputes.

A keynote speaker, Mr. Otoyo Sunday, discussed the serious health effects of gas flaring in the Niger Delta region.

He urged people to view the environment as living, warning that harmful activities have long-term consequences for people and nature.

Sunday condemned gas flaring caused by well testing, pressure releases, and illegal refining activities.

On his part, Chairman of the Ijaw Youth Council (IYC), Eastern Zone, Mr. Datolu Sokubo, called for a balanced focus on security and human development.

“You can’t protect pipelines without addressing people’s welfare. Without our cooperation, infrastructure is never truly secure”, he said.

He urged the Federal Government to prioritise development, especially in education and healthcare, across the region.

The Traditional Ruler of Ekpeye Land, Eze Kelvin Anugwu, called on oil companies to end gas flaring immediately.

Represented by Dr. Patricia Ogbonnaya, he urged PINL to raise awareness of the health and environmental concerns of the communities.

“We keep advising our youths against bunkering. But oil firms must take responsibility for the long-term effects of their operations”, he stated.

Other traditional leaders at the meeting requested improved welfare for surveillance workers, chiefs, and communities to maintain stability and protect oil infrastructure.

Theresa Frederick & Charity Amiso

Rivers

Monarch Cautions Youths Against Illicit Drug Consumption

Published

1 day ago

July 18, 2025

The Tide

The Eze Igbu Orlukwor II, Eze Ehie II, HRH Eze Prince Ike Ehie, has cautioned youths in his kingdom and Ekpeye at large on the need to abstain from illicit drugs consumption.

Ehie said this recently while fielding questions from newsmen in commemoration of the 2025 World Drug Abuse Day at his liaison office, Ahoada.

He emphasized that drug abuse was dangerous to the body system as it had harmed many physically, mentally and otherwise.

The Monarch noted that people should always take ‘drugs’ based on prescription by qualified medical and health personnel.

He said youths’ alleged disrespect for constituted authorities, mental challenge and various types of illnesses can be linked to the consumption of illicit drugs.

The Royal Father further noted that except government agencies saddled with the requisite responsibilities synergized with traditional institutions and other like-minded organizations, much may not be achieved against the campaign and fight against illicit drug consumption.

According to him, most youths today can do nothing without taking hard drugs, which he said makes them ‘high’ and hyper elated.

The Orlukwor Monarch wondered how the youths would take over the mantle of leadership at both communities and federal levels with such uncultured behaviour and repugnant attitudes.

The World Day of Drug Abuse, was tagged, “Breaking The Chains, Prevention, Treatment And Recovery For All”.

King Onunwor