Heirs Holdings closes £1.1bn Nigerian oil and gas deal

Published: April 26, 2021

The company bought a stake in the OML 17 oilfield, as international oil majors move offshore and local companies purchase assets. 

Nigerian investment company Heirs Holdings announced it had bought a 45% stake in the onshore oilfield OML 17. The deal, which included £1.1bn in financing, is one of the largest oil and gas transactions to take place in Africa in a decade. 

Joining forces with its investee company, Transnational Corporation of Nigeria (Transcorp), Heirs Holdings purchased the stake from three international oil majors in January including Shell, Total and ENI. Another of Heirs Holdings’ companies, TNOG Oil and Gas Limited, has been tasked with operating the asset.

“Heirs Holdings’ acquisition of OML 17 and its related gas-producing assets, considerably advance our ability to play across the energy value chain,” Samuel Nwanze, chief financial officer at Heirs Oil & Gas tells EMEA Finance. “OML 17 has about 1.2 billion of oil equivalent; it has an additional one billion exploration opportunities; it sits on approximately 2.2 tcf of gas. These are significant resources, and make us one of the largest asset owners in the basin.”

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