13 October 2014, Sweetcrude, Lagos – Aiteo Group one of Africa’s leading conglomerates, leading a consortium of five other companies has won the bid for the Royal Dutch Shell’s prolific Nigerian oil block, Oil Mining License 29 and an associated pipeline with a bid of $2.85 billion.
This is expected to translate to the creation of over 20,000 jobs in the exploration and production sub-sectors of the oil and gas industry. The Nigerian content implementation had increased the level of participation of Nigerians in oil and gas contracts to 87 per cent.
According to investment analysts, Aiteo by this development has shown that it is committed to the development of the Nigerian Oil and Gas sector in accordance with the Nigerian Oil and Gas Industry Content Act 2010, NOGIC Act, enacted by the Federal Government of Nigeria in April 2010 fo Nigerian Content Development.
It has been established that OML 29 holds about 2.2 billion barrels of oil equivalent, while its hydrocarbon fields could deliver as much as 160,000 barrels of oil per day and 300MMscf/d of gas at peak.