Nigeria’s Youngest Billionaire To Buy $2.5bn Oil Block From Shell

39-year-old Nigerian oil trader, Igho Sanomi 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, according to the Wall Street Journal 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, according to The Wall Street Journal, and once the deals are completed, a market announcement will be made.

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 atop Choiseul’s 100 African economic leaders under 40.

Apart from oil & gas, Sanomi has business interests in telecommunications, maritime, aviation and real estate.