Heirs yet to balance $80m on OML 17 purchase

TNOG and SPDC have mapped out timetable on payment of balance for OML 17



Heirs Holdings Limited and Transnational Corporation of Nigeria Plc Transcorp) is owing Shell $80 million balance on the much celebrated sale of Oil Mining Lease (OML) 17, New Telegraph gathered.

The company, TNOG, would pay the $80 million balance on OML 17 at an agreed time, a source close to the deals told this newspaper.

“There is $80 million balance to be paid. Despite this, the deal for the sale of Shell’s stakes in OML 17 to TNOG is one of the highlights for the industry,” he said after his anonymity was guaranteed.

Shell Petroleum Development Company (SPDC) also gave an hint on this in a document sighted by this newspaper. It maintained that total amount for a consideration on the sale is $533 million.


“A total of $453 million was paid at completion with the balance to be paid over an agreed period,” the document read.

The document continued: “The Shell Petroleum Development Company of Nigeria Limited (SPDC), has completed the sale of its 30 per cent 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 $533 million.

“A total of $453 million was paid at completion with the balance to be paid over an agreed period.

“Completion follows the receipt of all approvals from the relevant authorities of the Federal Government of Nigeria.”

SPDC will, according to a statement, “retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area.

“SPDC is committed to transfer OML 17 in an orderly and responsible manner to the new owner, which will help to provide a sustainable long-term plan to unlock its full potential.

“The sale also enables SPDC to focus on supporting the Federal Government of Nigeria’s  national


energy agenda in its remaining OMLs through oil and gas production, payment of royalties, taxes and levies as well as advancing local content and providing social investments.”


Osagie Okunbor, Managing Director of SPDC and Country Chairman of Shell Companies in Nigeria, said: “As with previous divestments, we will facilitate a successful transition to new ownership. Shell has been in Nigeria for over 60 years and remains committed to a long-term presence here.”

The other SPDC JV partners, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited, have also assigned their interests of 10 per cent and five per cent respectively, in the lease, ultimately giving TNOG Oil and Gas Limited a 45% interest in OML 17.




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