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

AFRICANGLOBE - 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.

Africa’s Richest Man Bids For Shell Nigerian Asset

AFRICANGLOBE - Africa’s richest man, Aliko Dangote, is planning to acquire a stake in a Nigerian gas field owned by Anglo-Dutch multinational energy giant Shell. According to a report by Africa Intelligence, Dangote Industries submitted the highest bid for Shell’s stake in Oil Mining Lease (OML) 18 at an auction organized last year in the Niger Delta region.

Shell to Sell Off More Oil Blocs in Nigeria

AFRICANGLOBE - Shell plans to sell at least four more oil blocs in Nigeria due to increasing crude theft, oil spills, community challenges and its inability to renew the licenses of some of the fields.

Lagos to Commence Oil Production by 2014

AFRICANGLOBE - Lagos offshore oil field, Aje gas and condensate field, is set to begin oil production by 2014, the United States Energy Information Administration’s website reported. According to information on the website, the oilfield which lies in Oil Mining Lease 113 in the Benin Basin

Nigerian Firms Buying Out Foreign Oil Companies

AFRICANGLOBE - Three international oil companies (IOCs) - Shell, Total and Eni (Agip) - have raked in $2.569 billion (N411.04 billion) from the sale...