Royal Dutch Shell has agreed to sell a lucrative Nigerian oil block (Oil Mining License 29) for more than $2.5 billion to a consortium led by oil trading firm, Taleveras Group, the Wall Street Journal reports. Taleveras Group is owned by 39 year old Nigerian entrepreneur, Igho Sanomi.
OML 29 is the largest of the southern Niger Delta assets that Shell put up for auction last year. According to the African Oil & Gas Report, “OML 29 is amongst the company’s most coveted and Shell’s figures state that the remaining reserves (P1+P2) in OML 29 is about 2.2Billion 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.
Founded in 2004, Taleveras Group is a leading African business conglomerate trades over 100 million barrels of crude oil with offices in London, Geneva, Abuja, Lagos, Abidjan, Cape Town and Dubai. The company’s activities are primarily centred on the physical sourcing and marketing of oil and it pursues upstream activities with a major focus on acquiring oil assets with viable proven reserves on a structured basis. Sanomi founded the company when he was 29 years old.
Taleveras is one of Africa’s largest energy trading companies with an annual turnover of several billions of dollars. In addition to its oil concerns, Taleveras owns a Power subsidiary which recently acquired a majority stake in the Port Harcourt Electricity Distribution Company.