Deal: Aiteo Group Wins Bid To Buy OML 29 from Shell

AITEO Group, 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 (OML 29) and an associated pipeline with a bid of $2.7 billion (about N434 billion).

The acquisition of OML 29, as well as the Nembe Creek Trunk line, a 60-mile pipeline which has served as Nigeria’s major crude oil transportation channel- moving oil through the Niger Delta to the Atlantic coast, is a major boost for Nigerian Local Content Development agenda.

Aiteo was Founded in 1999 and operated under the name Sigmund Communnecci Limited. The company name was changed to Aiteo during a rebranding exercise.

Source: Guardian