A leading indigenous oil and gas company, Aiteo Group, has achieved production of 90,000 barrels per day (bpd) of crude oil in the year 2016, just one year of acquiring the Oil Mining License (OML) 29 from Shell Petroleum Development Company (SPDC) in September 2015.
At the time of the divestment by SPDC, average production from OML 29 was 23,000 bpd production but the company said it has tripled this figure leveraging the diversity and skills of its workforce and bonafides as a dynamic international energy conglomerate.
According to the Chief Executive Officer (CEO) and Vice Chairman, Aiteo Group, Benedict Peters, the company grew production from 25bpd upon takeover of operations to a peak of 90,000 bpd in one year.
He also highlighted several existing and developing projects that could potentially grow Aiteo’s asset production to over 150,000bpd and 200mmscf/d.
“Our outlook is bright with three producing oil fields and viable crude exports via Bonny terminal. We also have contingent resources to appraise the 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,” he said.
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 and 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.
Aiteo’s Group Managing Director Mr Chike Onyejekwe said: “Our growth drivers remain strong leadership, high commitment and motivation, technical and commercial excellence and superior asset base. In the next five years, our operations will continue to be guided by these qualities as we leverage our capabilities comparable to oil majors elsewhere in the world. Indeed, the future is Aiteo.”