We Led TNOG’s OML 17 Acquisition, Says Standard Chartered

We Led TNOG’s OML 17 Acquisition, Says Standard Chartered

Goddy Egene

Standard Chartered Bank acted as Global Coordinator/Financial Advisor to Heirs Holdings Oil & Gas Limited (formerly Trans-Niger Oil & Gas Limited) on its acquisition of a 45 per cent working interest in OML 17 (a producing onshore oil and gas asset in Nigeria) from Shell Petroleum Development Company of Nigeria Limited (SPDC), Total E&P Nigeria Limited (TEPNG) and Nigerian Agip Oil Company Limited (NAOC) a subsidiary of ENI SpA, the bank has said.

In a statement, Standard Chartered said it advised Heirs Holdings Oil & Gas on all aspects of the transaction, including market sounding, investor screening, transaction structuring, negotiation with financiers and the sellers, regulatory engagement, overall process management and completion escrow account structuring and management.

The transaction, which is the largest oil & gas M&A deal in Africa in recent times, it said further demonstrates the bank’s extensive knowledge of the Oil & Gas industry, access to investors and diverse capital sources, strong M&A capabilities and trusted relationship with the key transaction stakeholders.

Speaking on the transaction, Executive Director, Corporate, Commercial and Institutional Banking, Nigeria & West Africa, Standard Chartered, Mr. Korede Adenowo, said: “Standard Chartered is proud to have partnered with Heirs Holdings Oil & Gas to deliver completion on this landmark transaction and we look forward to supporting Heirs Holdings Oil & Gas to realize value from this world-class asset.

“We continue to work with our clients across the oil & gas value chain to support them on their growth aspirations.”

Related Articles