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Heirs Holdings Acquisition of OML 17 Will Create Jobs – Rewane

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The investment of over $1 billion by Heirs Holding’s in the acquisition of the strategic OML 17 from Shell, ENI and Total, is good news for investors, government, as well as multinationals as it will result in the creation of jobs, transfer of technology and management skills, according to renowned economist  Bismarck Rewane.

Rewane who was a guest speaker at British Broadcasting Coproration (BBC) London said billionaire Tony Elumelu Chairman of Heirs Holdings has the capacity to undertake the investment.

“What has happened is that there has been an optimization of assets by the multinationals on the back of the precipitous drop in crude oil prices. The good tidings are that profit will be retained by Nigerians. That’s why you choose the kind of Nigerian investors that have the capacity,” Rewane said.

The deal, which was announced last weekend, saw Heirs Holdings, in partnership with affiliated company Transnational Corporation of Nigeria Plc (“Transcorp”), acquire a 45 percent participating interest in Nigerian oil licence OML 17 and related assets, through TNOG Oil and Gas Limited (a related company of Heirs Holdings and Transcorp), from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI.

The remaining 55 percent stays with Nigeria’s national oil company NNPC.

In addition, the Heirs Holdings Group will take over operatorship of OML 17.

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