Tempo Energy: Little Known Firm Behind Shell OML 29 Acquisition

Tempo Energy has made its first acquisition in the Nigerian Oil and Gas upstream as part of the consortium that acquired OML 29, one of Shell’s recent divested assets.

The consortium included Nigerian traders Aiteo and Taleveras, OML 29 is operated by Shell and was sold during its program to dispose of the Shell/Total/ENI/NNPC JV marginal fields


Tempo Energy is headed by Timi Aladetimi, he also owns an integrated Oil and Gas consulting company; Ankorpointe Integrated, which shares the same offices as Tempo in Abuja.

Tempo Energy’s trading arm receives allocations based on contracts from the Nigerian national Petroleum Company (NNPC) that includes 30,000 BOPD of Crude Oil, LPG and Naphtha. The company’s operations include:

Energy Trading
Downstream Marketing
Exploration and Production
Consultancy Services
Gas & Power

The company has been involved in several contracts recently to assess reserves, analyze seismic data and conduct environment impact surveys with Sogenal, Amni, Express Petroleum, Bayelsa Oil and has on-going contracts with Agip Nigeria and Conoil.

The Nembe Creek field alone in OML 29 currently pumps 50,000 bpd and 40 million cu.ft. of gas/day.
The Cost of acquisition was: $2.58 billion, of which 10% is to be paid by Tempo, 85% by Alteo (Benedict Peters) and 5% by Taleveras (Igho Sanomi).

Nigeria is the only country in Sub-Sahara Africa with a home-grown E&P industry. There are over 100 indigenous wholly Nigerian owned Oil and Gas E&P companies in the country.


SOURCE: PanAtlantic Journal