Elumelu’s TNOG has acquired 30% of Shell, 10% of Total, 5% of Eni in OML 17, the company announced on Friday.
The acquisition according to TheCable, includes all assets of the previous owners. TNOG Oil and Gas Limited will also have sole operatorship of the OML.
Heirs Holdings and Transcorp are both chaired by Tony Elumelu, who is also the chairman of United Bank for Africa Plc.
The field currently has a production capacity of 27,000 barrels of oil equivalent per day.
There are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.