Dangote Partners with First E&P in Acquisition of Shell OMLs
The two partners have formed a new company, West African E&P Venture to jointly develop oil mining leases (OMLs), divested by international oil companies (IOCs). They have both partnered in the acquisition of OMLs 71 and 72 from Shell.
First E&P will be the operator on the assets whilst Dangote is financing the acquisitions and development of the assets, ensuring he will eventually have access to feedstock.
First E&P has emerged as the only company that has acquired offshore oil assets among other indigenous companies that have so far acquired oil blocks from the International Oil Companies (IOCs) under the latest divestment programme.