BelemaOil, one of Nigeria’s leading indigenous oil exploration and production firms, is up for sale as its founder, oil magnate Tein Jack-Rich, seeks to capitalize on his early investment. According to industry sources, the company has been on the market for weeks, with discussions ongoing regarding a potential buyer.
This move comes just five months after BelemaOil restarted production at Oil Mining Lease 55 (OML 55) following a three-year shutdown caused by rampant oil theft and pipeline vandalism. Located about 40 kilometers west of the Bonny Oil Export Terminal, OML 55 operates as a joint venture between BelemaOil and the Nigerian National Petroleum Corporation (NNPC).
From Shutdown to Restart
BelemaOil initially acquired a 40% stake in OML 55 from Chevron Corporation in 2015, marking a major milestone for an indigenous Nigerian oil firm. However, by 2021, production had been halted due to persistent pipeline sabotage, making operations unsustainable.
The company finally resumed production in October 2024, following the arrival of its first floating storage and offloading (FSO) vessel at OML 55. The block, which contains five oilfields, currently produces about 14,000 barrels of crude per day alongside more than 70 million standard cubic feet of gas daily, according to company figures.
Despite these efforts, sources say Jack-Rich is now looking to exit the business, with discussions about the sale being handled quietly among potential buyers.
Expansion Plans and Belema Sweet Export Terminal
Beyond OML 55, Jack-Rich has pursued larger ambitions in Nigeria’s energy sector. In June 2023, his company, Belema Sweet Export Terminal Limited, secured government approval to develop an oil export terminal designed to reduce Nigeria’s reliance on foreign-controlled terminals.
The proposed terminal was expected to:
•Generate over $11 billion in revenue.
•Handle crude exports of more than 400,000 barrels per day.
•Store up to 8 million barrels of crude.
Industry analysts saw it as a bold attempt to challenge foreign dominance in Nigeria’s oil export infrastructure. However, with BelemaOil now on the market, questions remain about the future of this project.
Jack-Rich’s Business Legacy and Philanthropy
Jack-Rich, who lost both parents at the age of 10, built his fortune from the ground up. He founded J+G Global Gas & Oilfield Limited in 1998 and later expanded into full-scale oil exploration and production with BelemaOil. His company made history as the first indigenous E&P firm founded by an oil-producing community in the Niger Delta.
Beyond business, Jack-Rich has also gained recognition for his philanthropy. His foundation has funded scholarships for hundreds of students across Nigeria, Ghana, Ukraine, the UK, the U.S., Malaysia, and the Philippines. He has also launched clean water projects in underserved communities and created over 3,000 jobs for young Nigerians, with a target of expanding to 12,000 jobs nationwide.
What’s Next for BelemaOil?
While details about potential buyers remain undisclosed, analysts believe that BelemaOil’s sale could reshape Nigeria’s indigenous oil sector. If completed, this transaction would mark the latest in a series of oil asset sales as local players navigate regulatory challenges, rising operational costs, and security threats.
For now, industry insiders are watching closely to see who emerges as the next owner of BelemaOil—and what this means for Nigeria’s evolving energy landscape.
