Aliko Dangote, Africa’s richest man, will begin oil production from two assets he snapped up from Royal Dutch Shell Plc in July, adding a new source of income to a fast expanding business empire that includes cement, flour and sugar firms.
Africa’s most prominent industrialist is working with Chinese and Malaysian contractors and has completed a development plan for the Kalaekule field on its Oil Mining Lease 72 asset, Devakumar Edwin, the group executive director at Dangote Industries Ltd. said in an interview with Bloomberg.
Work will then move to an undeveloped KI discovery on Block 71, a small shallow water asset in southeastern Niger River delta.
“We are looking at the first phase of 20,000 barrels a day but our objective is to expand it to 100,000 barrels a day for the two blocks,” Edwin said. “If everything goes well, we can do that in 12 to 15 months because we are already doing the 3D seismic studies.”
DIPO OLADEHINDE
