Aiteo will be Nigeria’s Largest Oil and Gas Company

Following Aieto’s acquisition of sub-Sharan Africa’s reputedly largest onshore oil bloc OML 29 barely a year ago, Aiteo has announced a peak production of 90kpod during the just ended 16th Oil and Gas (NOG) Conference held in the country’s capital Abuja. In 2015, Aiteo acquired OML 29 when Shell Petroleum Development Company fully exited the facility at an average production was 23Kbpod. According to the company, it has tripled this figure leveraging the diversity and skills of its work force and bona fides as a dynamic international energy conglomerate. Vice Chairman Benedict Peters mentioned that the company grew production from 23kbbl/d upon takeover of operations to a peak of 90Kbbl/d in one year. He also highlighted several existing and developing projects that could potentially grow Aiteo’s asset production to over 150 kbopd and 200mmscf/d. He said: “Our outlook is bright with 3 producing oil fields and viable crude exports via Bonny terminal. We also have contingent resources to appraise and prospective ones to explore in the medium-to-long term, including full 3D coverage and 2P NNS reserves at 1.6bn bbl. Put simply, we have a clear vision for the future with the experience and assets crucial to providing oil and gas consistently on a regional and global scale.”

Aiteo’s ambitious five-year objectives include tackling the power challenges in Nigeria head-on through its legacy investments in the gas-to-power value chain. “This is a testament to our commitment to the transformation of the entire oil & gas value chain into a world-class landscape,” Peters added.

The company’s main subsidiary Aiteo Eastern E&P is also a major infrastructure provider for Nigeria’s oil industry as the operator of the 97km Nembe Creek Trunk Line, an industry-wide evacuation pipeline for produced fluids covering much of the country’s Eastern Delta region.

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