$1.1bn OML 17 development, operations will boost Local Content — Rewane


Bismarck Rewane
Bismarck Rewane

By Udeme Akpan

THE $1.1 billion Oil Mining License, OML, 17, deal, undertaken by TNOG Oil and Gas Limited, a related company of Heirs Holdings and Transcorp will enhance Local content development in Nigeria’s oil and gas industry.

In an interview with British Broadcasting Corporation, BBC, monitored by Vanguard, Mr. Bismarck Rewane, an economist, said: “Actually, this is an optimization of assets by the multinationals. There are different types of assets in Nigeria. There are the land and swamp, offshore and deep-water. In the offshore and deep water, the water close to the multinationals is much higher than that on the land and swamp. Besides, land and swamp are also full of risk because of the restlessness and activities of the militants.

“So, what happened is that there is a rationalization of the asset because of oil price dropping and, also, it meets the important objective of getting local content. So, we have Heirs Holding, Tony Elumelu Foundation,…

Source: Vanguard Newspaper