About Tenoil Energy Limited
Tenoil Petroleum and Energy Services (Tenoil) is a subsidiary of Heirs Holdings Ltd, a leading pan-African investment company with investments in financial services, oil and gas, power, real estate & hospitality, agribusiness and healthcare.
Tenoil was incorporated in 2005 to serve as the platform to manage and operate HH investments across the energy value chain, as well as extractive minerals sector. This was in response to the aspiration of the Federal Government of Nigeria for greater participation of indigenous Nigerian companies in the oil and gas sector, as a result of which in 2002, the Federal Government of Nigeria issued new guidelines for the development of marginal oil discoveries s in the country, by which operatorship of such marginal fields was transferred to young indigenous Nigerian companies.
Tenoil took advantage of this development to participate in the 2007 Bid Round organized by the Ministry of Petroleum at which it was awarded OPL 2008, an exploration and production asset in the Eastern Shallow Offshore area of the Niger Delta bordering OML68 operated by Mobil Producing Nigeria Unlimited. The Production Sharing Contract for the block was signed with the Nigerian National Petroleum Corporation (NNPC) in May 20011 by which Tenoil was appointed the operator of OPL 2008. This marked the entry of Tenoil into the upstream sub-sector of the Nigerian Oil and Gas Industry.
Through a robust growth plan, strategic partnerships with proven and well established oil companies and service providers, and a strong and well established relationship with the Nigerian Government and the local community, Tenoil aspires to be a leading indigenous player and in the Nigerian oil and gas industry, and over time, across Africa.
Tenoil is partnering with Transcorp Energy, the Energy subsidiary Transnational Corporation Nigeria and operator of OPL 281 in the Western Swamp of the Niger Delta in Nigeria, in the exploration and production of the oil and gas asset. In this capacity, Tenoil will be providing the technical and managerial expertise necessary for the development of the block.
In addition, Tenoil is partnering with Mobil Producing Nigeria Unlimited (Mobil) in the development and production of Ata Oil Field, a straddle field between the oil blocks of the companies in which Tenoil is the operator. Given the success of this joint development, the Tenoil aspires for further partnership to develop of other similar fields in the vicinity of the current project. This operation of the Ata Oil Field provides an opportunity to demonstrate Mobil’s local content development in Nigeria through their partnership with an indigenous company, the development of human capital and their significant contribution to the economy.
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