The Heirs Holdings group of Nigerian Tony Elumelu, has acquired a 45% stake in the Nigerian oil license OML 17 from Shell Total and Eni, through its subsidiary TNOG Oil and Gas Limited.

 This acquisition responds to the ambition of the Abuja government to create a national and African champion in this sector long in the hands of Western companies.

OML 17 currently has a production capacity equivalent to 27,000 barrels/day, 2P reserves of an estimated 1.2 billion barrels, and an additional 1 billion barrels of barrels in terms of exploration potential.

"We have a clear vision: to create Africa's first integrated energy multinational, a quality global company, solely focused on Africa and Africa's energy needs," said Tony Elumelu.