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Heirs Oil & Gas’ OML 17 wins PFI Africa deal of the year

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HHOG recognised by Project Finance International (PFI) for Africa’s Largest Oil and gas financing in more
than a decade.
Heirs Oil & Gas (HHOG), Africa’s integrated energy company has been awarded
the ‘Africa deal of the year 2021’by Project Finance International (PFI), following
the $1.1 billion financing and acquisition of 45% stake in OML 17 in 2021. The
award ceremony which took place on Monday, May 9 2022 in London was a
gathering of senior industry leaders across various sectors to celebrate excellence.
“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.” said Executive Director, Heirs Oil & Gas,
Samuel Nwanze.
The deal, which was announced in January 2021, saw Heirs Holdings, the leading
African strategic investor, in partnership with affiliated company Transnational
Corporation (Transcorp), acquire a 45% participating interest in Nigerian oil license
OML 17 and related assets from the Shell Petroleum Development Company of
Nigeria Limited, Total E&P Nigeria Limited, and ENI.
While acknowledging the award, 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 toward value creation on the continent.”
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.
About Heirs Oil & Gas
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 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1
billion barrels of oil equivalent resources of further exploration potential.
Heirs Oil & Gas (HHOG) is jointly owned by Heirs Holdings, the leading African
strategic investor and affiliate company Transnational Corporation Plc (Transcorp),
Nigeria’s largest publicly listed conglomerate.

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