Nigerian, Africa’s Youngest Billionaire, Igho Sanomi To Buy Shell Oil Mining License For $2.5B

igho sanomi buy shell

Oct 12, 2014 – Nigerian, Africa’s Youngest Billionaire, Igho Sanomi To Buy Shell Oil Mining License For $2.5 Billion

The youngest Billionaire in Africa, a 39-year-old Nigerian man Igho Sanomi  is set to step up the ladder of success once again.

The CEO of Taleveras is set to acquire a $2.5 billion Oil Mining License 29 from Oil giant Royal Dutch Shell.

According to Forbes Magazine, Shell had been looking to divest from four of its onshore Nigerian assets since last year – OMLs 18, 24, 25 and 29, as well as the Nembe Creek Trunk line, a 60-mile aging pipeline which has served as Nigeria’s major crude oil transportation channel- moving oil through the Niger Delta to the Atlantic coast, but which has been beleaguered by leaks stemming from oil theft for many years.

Taleveras will be getting a sweet deal. Of all the assets, Shell put up for auction, OML 29 was the most coveted.

The Africa Oil & Gas Report magazine reports that OML 29’s remaining reserves (P1+P2) are about 2.2Billion barrels of oil equivalent (BOE), while its hydrocarbon fields could deliver as much as 160,000 barrels of oil per day and 300MMscf/d at peak, with focused, aggressive work programme. The Nembe Creek Trunk Line is also an extremely valuable asset as many other oil exploration companies in Nigeria pay to use it to transport their oil to international markets.

Taleveras Group is an oil trading company founded by Nigerian Billionaire Igho Sanomi in 2004 at age 29.