Heirs Holdings Company, in partnership with Transactional Corporation of Nigeria, announced the acquisition of a stake of 45% in Nigerian Oil License OML 17 and related assets from companies of Shell, Total and Eni through TNOG Oil and Gas limited.

This transaction is funded by a consortium of global, regional banks and investors at a cost of $1.1 billion which is considered one of the largest oil and gas financings in Africa. The current production of OML 17 reached 27,000 barrels of equivalent per day in addition to 2P reserves of 1.2 billion barrels of equivalent with additional 1 billion barrels of equivalent from further exploration potential.

This investment enhances the company’s implementation of its integrated energy strategy and its commitment to Africa’s development.

Chairman of Heirs Holdings, Tony Elumelu stated: “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.”

“We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain,” Elumelu added.