Chairman of Heirs Holdings Tony Elumelu has restated his commitment to delivering more to the Niger Delta region following the holdings’ unconditional acquisition of a 45 per cent participating interest in Nigerian oil licence OML 17 and related assets.
He stated this in a Twitter thread on Monday while speaking on the latest acquisition.
“TNOG Oil and Gas presents a historic, defining moment for Nigeria. It demonstrates renewed investor confidence in the Nigerian economy, reassures global investors of the nation’s untapped investment opportunities, and affirms our commitment to improve lives and transform Africa,” Mr Elumelu said.
“TNOG Oil and Gas OML17’s current production capacity is 27,000 barrels of oil equivalent per day and 2P reserves of 1.2 billion barrels of oil equivalent, combined with an additional 1 billion barrels of oil equivalent reserves of further exploration potential.
“Led by a board and management with deep expertise in production, exploration, and value creation in the resources sector, TNOG Oil and Gas is committed to the highest standards of safety, health, & community relations, with best practice in governance.
“As an indigene of the Niger Delta, I have always believed that the region needs and deserves far more. At TNOG Oil and Gas, our guiding philosophy of Africapitalism underscores our commitment to inclusive development & shared prosperity with our host communities.”
The transaction is one of the largest oil and gas financings in Africa in more than a decade.