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……..by Jenifer Dike……… Heirs Holdings (“HH”), the leading African strategic investor, takes 45 percent of OML 17 to boost it’s oil and gas portfolio in partnership with affiliated company Transnational Corporation of Nigeria Plc (“Transcorp”). Heirs Holden, announced the unconditional acquisition and participating interest in the oil licence OML 17 and related assets, through TNOG Oil and Gas Limited (a ...

The Shell Petroleum Development Company of Nigeria Limited (SPDC), has completed the sale of its 30% interest in Oil Mining Lease (OML) 17 in the Eastern Niger Delta, and associated infrastructure, to TNOG Oil and Gas Limited, a related company of Heirs Holdings Limited and Transnational Corporation of Nigeria Plc (Transcorp), for a consideration of $533m. A total of $453m ...

The Federal Government is to earn about N7.9 billion from 161 oil firms that has been shortlisted by Department of Petroleum Resources (DPR) for the marginal fields bid round which took place last year. The DPR had announced on June 1, 2020 the start of the 2020 Marginal Field Bid Round, which ‘is open to indigenous companies and investors interested ...

Firms and prospective bidders of marginal fields can now breathe a sigh of relief as the Department of Petroleum Resources (DPR) has shortlisted 161 successful companies for the final stage. DPR had earlier announced the selling of Nigeria’s 57 marginal oilfields across the country. Mr. Paul Osu, Head, Public Affairs, DPR, disclosed that the firms were selected from the over ...

A Nigerian firm First Exploration and Production (First E&P), has struck oil from an oilfield it acquired following the divestment of Chevron Nigeria Limited (CNL) from the asset located off Bayelsa coastline. Chevron had in 2015 divested from OMLs 83 and 85 while the asset was acquired by First E&P, an indigenous firm who now operate the oilfields in a ...

The Rivers State Government and Shell Petroleum Development Company are on a collision course over the ownership of Oil Mining Lease 11 and the Kidney Island in Port Harcourt, the state capital. The state government said on Wednesday that it secured the enforcement of its interest in the acquisition of 45 per cent equity stake in OML 11 and Kidney ...

Seplat Petroleum Development Company Plc, has signed a Crude Purchase Agreement (CPA) with Waltersmith Petroman Oil Limited. Seplat stated: “The CPA is for the supply of between 2,000 and 4,000 bopd from existing working-interest production from the Ohaji South Field within OML53, for Waltersmith’s new 5,000 bopd modular refinery at Ibigwe Field, in Imo State.” Previously, Seplat’s share of Ohaji ...

Several energy majors revealed on Thursday that they have agreed to apply six principles as they play their part in the energy transition. The principles – which have been accepted by BP, Eni, Equinor, Galp, Occidental, Repsol, Royal Dutch Shell (RDS.A) and Total – comprising public support for the goals of the Paris Agreement; industry decarbonisation; energy system collaboration; development ...

LEKOIL has confirmed that it is currently in talks with Optimum Petroleum Development Company, the Operator of the OPL 310 Licence over its share of sunk costs and consent fees which fell due on November 30. Optimum had conveyed its plan to enforce a default clause to Lekoil in a letter as payments to cover the portion of sunk costs ...

The Department of Petroleum Resources (DPR) says it will collaborate with the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI) for business sustainability in the oil and gas industry. According to DPR, the aim is also to create wealth for the economy. A statement issued in Lagos by Mr Paul Osu, Head, Public Affairs, ...