Nigeria’s oil capacity to rise by 3,500 bpd

Nigeria’s oil production capacity is set to increase by additional 3,500 barrels per day, bpd, following the expected coming on stream of Ata Field in the Second Quarter (April-June) of 2021.

Ata field, located at Oil Production Licenses, OPL 2008, belongs to Heirs Holdings’ subsidiary, Tenoil, the operator of OPL 2008, which has a production sharing contract with Nigerian National Petroleum Corporation, NNPC.

In a message obtained from its website, TNOG Oil and Gas Limited, a related company of Heirs Holdings and Transcorp, stated: “Heirs Holdings’ subsidiary, Tenoil is the operator of OPL 2008, under a production sharing contract with NNPC. Tenoil is also taking the marginal Ata Field into production, with a capacity of 3,500boe/d expected in Q2 2021.”

Already, the Tony Elumelu-led Heirs Holdings has acquired a 45 per cent participating interest in Oil Mining Licence, OML 17, and related assets, through TNOG Oil and Gas Limited, from the Shell Petroleum Development Company, SPDC, of Nigeria Limited, Total E&P Nigeria Limited, and Nigerian Agip Oil Company Limited.

In a statement obtained by Vanguard, Heirs Holdings, which described the transaction as one of the largest oil and gas financings in Africa in more than a decade, with a financing component of $1.1 billion, provided by a consortium of global and regional banks and investors, had said 30 per cent, 10 per cent and five per cent, came from SPDC, Total and Agip, respectively.