Nigerian oil mogul Tein Jack-Rich has put his company, BelemaOil Producing Limited, up for sale, just months after resuming operations at Oil Mining Lease 55 (OML 55) in October 2024. Production had previously been halted for three years due to oil theft and pipeline vandalism.
Founded in 2012, BelemaOil is Nigeria’s first indigenous oil exploration and production firm established by a local oil-producing community in the Niger Delta. The company owns 40% of OML 55, which consists of five oilfields located about 40 kilometers west of the Bonny oil export terminal. Since restarting operations, the block has been producing roughly 14,000 barrels of crude oil and over 70 million standard cubic feet of gas daily.
Key Developments:
- Expansion Efforts: In June 2023, BelemaOil obtained a license from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for the Belema Sweet Export Terminal. This facility, Nigeria’s first hybrid crude export terminal, has a capacity to process over 400,000 barrels per day and store up to eight million barrels.
- Leadership & Philanthropy: Jack-Rich, recognized for his contributions to national development, received the Commander of the Order of the Niger (CON) award from former President Muhammadu Buhari in 2022. He has also supported philanthropic initiatives, including scholarships, clean water projects, and job creation.
- Recent Appointments: In September 2024, BelemaOil named former NNPC Group General Manager of Finances, Ahmadu Sambo, as its new Managing Director and Chief Executive Officer. Emmanuel Onos was appointed as Chief Financial Officer to help drive the company’s strategic direction.
Market Impact:
The sale of BelemaOil represents a significant opportunity for investors in Nigeria’s oil and gas industry. With assets such as its OML 55 stake and newly licensed export terminal, the company is an attractive acquisition target. Possible buyers include domestic firms looking to expand their operations or international investors seeking entry into the Nigerian market.
As the sale process unfolds, stakeholders will closely watch potential buyers and its impact on local communities.
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