Oil Thieves Attack Tony Elumelu’s Oil Firm’s Asset In Rivers State

Tony Elumelu’s oil firm, Heirs Holding Oil and Gas Limited, was attacked by oil thieves at Otamiri-Etche, Etche Local Government Area of Rivers State.

The oil thieves connected an illegal oil bunkering facility to an oilfield, Oil Mining License (OML) 17, belonging to Hiers Holding. 

This resulted in Heirs Holding losing crude oil and revenue to the oil thieves operating the illegal oil facility which was discovered by the Nigeria Security and Civil Defence Corps (NSCDC).

Culprits involved in the oil theft have been arrested by security officials and an investigation into their illegal operation has commenced. 

Elumelu’s company had paid $1.1 billion to Shell, Total and Eni to acquire a combined 45 per cent stake in Oil Mining License 17 in 2021. 

The oilfield produces 40,000 barrels per day, which is higher than the 27,000 barrels per day recorded before Heirs Holding Oil acquired the asset. 

According to the NSCDC Deputy Superintendent in Port Harcourt, Olufemi Ayodele, the volume of crude oil stolen from the oil bloc can’t be ascertained for now, a report by Punch on Wednesday disclosed. 

Ayodele said the pipeline of Heirs Holding Oil has been broken and oil tapped upon discovery, with crude oil loaded inside trucks and containers. 

“We cannot ascertain the quantity of the loss at the bunkering facility. If you watch the videos and look at the pictures, you would realise that wells had been dug, they had reservoirs there already, some of the crudes had been put inside trucks and containers, and the pipeline of the company had been broken into where they tapped the oil from. But they had not started refining the oil when they were busted,” He said. 

The NSCDC Deputy Superintendent added that: “The investigation is still ongoing, and we are about to arrest the owner of the land so he can lead us to the person they sold the land to. 

“Heirs has taken over their products already, and they can now put up structures to guard against further theft.”