85%

The equity stake owned by Aiteo Group in the consortium that recently acquired Shell’s highly prolific acreage, OML 29, and the Nembe Creek trunk line for crude oil transportation. Other members of the consortium are Tempo Energy Resources, with a 10% stake, and Taleveras 5%. Taleveras, owned by Igho Sanomi, had been erroneously reported as leading or co-leading the consortium.

2.7billion

The units of shares in the consortium, with Aiteo Energy Resources Limited holding a total of 2.3 billion shares; Tempo 270 million; and Taleveras 135 million.

$2.562 billion

The worth of the deal, which represents 45% of the oil block. The total cost of the acquisition is $2.7 billion, with the difference set aside as working capital.

30%

The percentage sold by Shell, operator of the oil leases, in the oil field and pipeline. France’s Total and Italy’s Eni SPA disposed of 10% and 5% respectively to Nigerian investors.

55%

The balance to be retained by the Nigerian National Petroleum Corporation (NNPC) under a joint operating agreement (JOA).

2.2 billion

Barrels of oil equivalent (boe) in the acreage, according to The Africa Oil & Gas Report.

160,000

Barrels of oil per day the block currently produces

300 million

Standard cubic feet of gas per day (mmsc/d) at peak output

 QUOTES

“It is total misinformation in the local and international media that it is the ‘Taleveras-led consortium’ that acquired OML 29 divested by Shell. The Aiteo Group, whose major business areas include exploration and production, [wants] to clarify various print and online media reports that carried misleading stories about the details of the transaction”

─ Mrs. Oseyemi Oluwatuyi, communications department, Aiteo Group

“In response to the recent international and local media focus on the divestment of OML-29 by Shell Petroleum Development Company and would like to set the records straight as follows: Taleveras has embarked on a long-term strategy to expand our presence in the upstream oil and gas sector, and to this end has partnered in a minority role in Aiteo consortium that is seeking to acquire 45% interest in OML-29 in line with this strategy. Taleveras is a minority investor only. Taleveras is also NOT the lead member or Co-Lead, in this consortium as widely reported”

─ Igho Sanomi, CEO, Taleveras