Review Detail

Following the $1 billion acquisition of OML 17 block by Shell in January, ECP reported in February that Heir Oil & Gas had pledged to boost its production targets to 100,000 barrels of oil per day from the onshore block, an ambitious target expected to restore the block to its peak production levels through the procurement of new and more effective equipment, which had, at the time, fallen by the wayside. Representing one of the largest oil and gas financing ventures in Africa in more than a decade, the deal included the participation of the United Bank of Nigeria, the African Export-Import Bank, and Standard Chartered, making international headlines in February. First reported for ECP by Nzube Nlebedim, the article received nearly 2% of the company website’s traffic throughout the year.