Royal Dutch Shell has agreed to sell OML 29, a productive Nigerian oil block, to a consortium led by oil-trading firm Taleveras Group. Nigeria’s Taleveras will pay Shell more than $2.5 billion for the block, known as Oil Mining License 29, and an associated pipeline.

Shell has been working to sell several of its onshore Nigerian holdings, which for years have been plagued by leaks stemming largely from oil theft.

OML 29 is the largest of the southern Niger Delta assets that Shell put up for auction last year. In addition to the oil block, the Taleveras deal includes the approximately 60-mile Nembe Creek pipeline, an aging pipe prone to leaks but which still serves as one of the country’s main crude arteries.

Selling the Nembe Creek Trunk Line—which moves oil through the Delta to the Atlantic coast—would be Shell’s biggest move yet to exit onshore crude production in a region that has caused problems for decades. Over the past year, the Nembe Creek line has had multiple punctures and closures, and at least one fire.
However, it is also a potentially lucrative source of revenue, given that other companies pumping oil in the region pay to use it to get their crude to market. “This is a very good deal for Taleveras. OML 29 still pumps a lot of oil, and they can get the rents from the Nembe Creek pipeline,” said one of the people.

Taleveras Group was founded in 2004 by Igho Charles Sanomi II(pictured below) from Agbor Delta State when he was 29 years old. The company is a leading African business conglomerate which 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. Taleveras is one of Africa's largest energy trading companies with an amount turnover of several billions of dollars. It also owns a power subsidiary which recently acquired a majority stake in the Port Harcourt Electricity Distribution Company.

http://www.nairamagnates.com/2014/10/shell-to-sell-25-billion-oil-block-to.html

Nice one

Damn! Me got serious work to do man, serious work man!

@Topic: It's good seeing a relatively "young" business group in Nigeria grow this fast. I hope diversifying their business line will come soon. Kudos to the CEO and his team.

Modified:
The group is already diversifying.