OML 26 license contains several oil and gas discoveries including three producing fields on the western part (Ogini, Isoko and Ozoro), and two discovered / appraised fields (Aboh to the East and Ovo in the central area) that are in the process of maturation towards first production.
FHN is committed to achieving the best possible risk-adjusted returns for its stakeholders, and is dedicated to limiting the Company’s impact on the environment in terms of energy usage, waste generation and management, pollution control, good utilisation of resources, and its mitigation of various risks that could harm the environment.
Corporate governance is a fundamental part of FHN’s practice to promote fairness, accountability, and transparency in our responsibilities to stakeholders. We recognise the importance of good corporate governance practices in enabling us achieve our goals, control risks, and assure compliance.
FHN is an independent indigenous oil and gas exploration and production company established in 2009, in response to the Federal Government of Nigeria’s drive for increased indigenous participation in the Nigerian oil and gas sector through the ownership of participating interests in oil mining licenses
FHN acquired its highly prolific asset OML 26 in 2011 from Royal Dutch Shell, Total, and Eni. Nigerian National Petroleum Corporation (“NNPC”) subsequently transferred its 55% stake in the block to Nigerian Petroleum Development Company Limited (“NPDC”).
OML 26 holds 2P+2C oil and gas reserves and resources in excess of 600MMBOE, as well as significant prospective resources which include approximately 1-2TCF of gas.
FHN has a strong and growing portfolio of assets in Nigeria, a committed management team with a proven track record of developing assets from exploration, through to appraisal, development and production, with deep experience in securing local and international financing for upstream oil and gas opportunities. The Company has grown production organically whilst continuously improving its operational efficiency.
African Capital Alliance, one of the most respected Private Equity firms in Africa, through its vehicle, Cape Energy Nigeria Limited, owns 19.9% of FHN. Other shareholders are Vertex Energy Limited (40%), Earl-Act Global Associated Company Limited (25.1%), and FHN Management SPV Limited (15%).
In 2016, FHN with a 45% participating interest in OML 26, assumed operational and technical leadership through an Asset Management Team on behalf of the NPDC/FHN Joint Venture.
Production is from three fields, namely Ogini, Isoko, and Ozoro whilst Aboh and Ovo fields are under development for both crude oil production and maturation of their gas reserves.
FHN has strong relationships with its host communities, supported by good community relations programmes promoting trust and confidence.
As a result, FHN has a stable operating environment which facilitates the creation of shared value across its various stakeholders.
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