The Chairman, Board of Directors, Transcorp Plc, Mr. Tony Elumelu, disclosed that the conglomerate would commence exploratory drilling of crude oil before the end of the year. This was said at the company’s ninth Annual General Meeting, which was held in Abuja.
The conglomerate is interested in four strategic sectors of the nation’s economy; power, oil and gas, hospitality and agriculture.
According to Elumelu, a production sharing contract had been signed with the Nigerian National Petroleum Corporation (NNPC) for the development of the oil block, which is located in Delta State.
“We are in the final stage of securing approval to commence our drilling programme. We expect to begin exploratory drilling on our oil block, OPL 281, before the end of 2015.
Our ambitions are clear in this space as we want to build a fully integrated energy company, owning, producing, distributing and utilizing the gas that is Nigeria’s most valuable long-term natural resources for significantly enhanced power generation.”
Incorporated on November 16, 2004 and quoted on the Nigerian Stock Exchange, Transcorp Plc has a shareholder base of about 300,000 investors, the largest of which is Heirs Holdings Limited, a pan-African proprietary investment company.
Their investments include the award-winning Transcorp Hilton Hotel, Abuja; Transcorp Hotels, Calabar; Teragro Commodities Limited, operator of Teragro Benfruit Plant – Nigeria’s first-of-its-kind juice concentrate plant; Transcorp Ughelli Power Limited, Ughelli Power Plc, owner of the 972MW Ughelli Power Plant and Transcorp Energy Limited, operator of OPL 281.