Home » Nigerian businessman Tony Elumelu’s Heirs Holdings set to begin work on oilfield

Nigerian businessman Tony Elumelu’s Heirs Holdings set to begin work on oilfield

by Mfonobong Nsehe

Nigeria-based investment holding company, Heirs Holdings, has launched a tender for work on its OML-17 Multiphase Pump Gathering Station Project located in southern Nigeria.

Heirs Holdings is a family-owned investment holding founded by Nigerian multimillionaire businessman Tony Elumelu in 2010.

Aside from its investments in financial services and real estate through Afriland Properties and United Capital Plc, the company maintains active operations in the power, oil and gas, hospitality, healthcare and insurance industries.

A recent statement issued by the holding revealed that its oil and gas unit, HeirsHoldings Oil & Gas Limited, was seeking interested and pre-qualified contractors to carry out work on its oil field under an engineering, procurement, installation and commissioning agreement.

The general scope of work includes starting a multiphase pump gathering station to collect well fluids from the Elelenwo West manifold to the Agbada-1 station for processing. 

The Agbada field is in the middle of the licensed area, while Elelenwa is in the south, close to Port Harcourt, the fifth-largest city in Nigeria after Lagos, Kano, Ibadan and Kaduna.

The contract also includes mini front-end engineering and design works, followed by a detailed engineering design that includes the provision of a schedule, site surveys and power generation.

Upon the completion of the work, the contractor will provide two years of operational spares, deliver the pump and other facilities to site, carry out performance testing and finally hand over the oil field to the operations team at HeirsHoldings Oil & Gas Limited.

The move to kickstart operations on the oil field comes nearly a year after the investment holding acquired a 45-percent stake in OML 17. The field has the capacity to produce 30,000 barrels of oil equivalent per day. 

While giving the investment case for the field’s acquisition, the management said investments in infrastructure in the area could allow production to rise to 200,000 barrels per day of oil and 300 million cubic feet per day of gas.

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