TNOG Oil and Gas Limited has said the parent company, Heirs Holdings, invested $1.1 billion into acquiring 45 percent stakes in OML 17 because of the huge potential of the oil asset.
Mr. Samuel Nwanze, the Chief Financial Officer (CFO) who spoke in an interview monitored on Arise TV, said although it has 27,000 barrels of oil equivalent per day capacity, the well has the potential to ramp up to 100,000 barrels per day.
Heirs Holdings and its affiliated company, Transnational Corporation of Nigeria Plc (“Transcorp”) owners of TNOG Oil and Gas Limited recently acquired 45 percent of OML 17 from Shell, Total, and ENI.
“There are also huge employment opportunities (direct and indirect jobs) because we will grow what we currently have there. We see this as an opportunity to make a contribution in the economic and social development of the people,” Nwanze said.
Giving an insight into its community engagement policy because of the volatility of the environment, he said: “There are a lot of things we want to do. First, we want to relate and continue with the community engagement that Shell SPDC has been having with the communities.
“But we want to enhance that because we are indigenous. This is our home so we intend to apply the principles that we have done on the other assets we own.”