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Heirs Oil & Gas clinches ‘Deal of the Year’ award

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HEIRS Oil and Gas (HHOG) has been given the ‘Africa Deal of the Year 2021’ award by Project Finance International (PFI).

The award followed HHOG’s $1.1 billion financing and acquisition of 45 per cent stake in OML 17 in 2021, according to a statement emailed to The ICIR.

OML 17 is a large onshore licence that includes the northern half of Port Harcourt, the largest city in the Niger Delta.

The Executive Director of the energy firm, Samuel Nwanze, was full of appreciation to PFL in London during the award ceremony, which held on Monday, May 9, 2022.

Nwanze said, “On behalf of the HHOG team, I would like to thank PFI for this great honour which recognises the OML 17 acquisition deal, while also acknowledging the efforts of the entire team involved in the transaction.

The statement explained that the deal, announced in January 2021, saw Heirs Holdings, the leading African strategic investor, partnering with affiliated company Transnational Corporation (Transcorp), to acquire a 45 per cent participating interest in Nigerian oil licence OML 17.

The deal also included related assets from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited, and ENI.

Reacting to the award, the Chief Executive Officer, Heirs Oil & Gas, Osayande Igiehon, said “This great recognition reiterates our commitment to excellence in our bid to fulfil Africa’s unique energy needs and ensure that Africa’s natural resources are directed towards value creation on the continent.”

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The PFI awards is organised by Project Finance International (PFI), a leading source in global project finance reporting, covering all the major sectors, including transport, power, oil & gas, infrastructure and mining.

Heirs Oil & Gas is a leading African, indigenous owned, integrated energy company headquartered in Nigeria, whose assets include Nigerian oil block OML 17, with a current production capacity of over 30,000 barrels of oil equivalent per day and reserves of 1.2 billion barrels of oil equivalent, with an additional one billion barrels of oil equivalent resources of further exploration potential.

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Experienced Business reporter seeking the truth and upholding justice. Covered capital markets, aviation, maritime, road and rail, as well as economy. Email tips to jolaoluwa@icirnigeria.org. Follow on Twitter @theminentmuyiwa and on Instagram @Hollumuyiwah.

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