Nigeria’s youngest billionaire, Igho Sanomi setto buy $2.5bn Shell oil block

Nigeria’s youngest billionaire and oil trader, Igho
Sanomi 39-year-old is set to acquire Royal Dutch
Shell’s highly productive oil block, Oil Mining
License 29 (OML 29) for $2.5 billion as the
company continues divesting its assets in Nigeria.
Sanomi’s Taleveras Group,will also be buying a
pipeline associated with the OML 29 as part of
the total sum. The oil block won by Talevaras is
the most coveted of all the oil assets, including
OMLs 18, 24, 25 and 29, put up for auction by
Shell. According to Shell figures quoted by the
Africa Oil and Gas Report, the remaining reserves
(P1+P2) in OML 29 is about 2.2 Billion barrels of
oil equivalent (BOE). The hydrocarbon fields on
the acreage could deliver as much as
160,000BOPD and 300MMscf/d at peak, with
focused, aggressive work programme.
Shell has signed sales and purchase agreements
for some of the oil mining leases it plans to sell,
and once the deals are completed, a market
announcement will be made according to the Wall
Street Journal. Igho Sanomi, who founded
Taleveras Group in 2004, may see his $1.6 billion
net worth grow by leaps and bounds when the
deal for the OML 29 is completed. One of Africa’s
youngest billionaires, Sanomi was recently listed
as top Choiseul’s 100 African economic leaders
under 40. Apart from oil & gas, Sanomi has
business interests in telecommunications,
maritime, aviatian and real estate.

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