Nigeria’s Aiteo Group achieves 90,000-bopd output rate in one year

3/10/2017

LAGOS, Nigeria -- Integrated energy group Aiteo has announced a peak production of 90,000 bopd just one year after its acquisition of sub-Sharan Africa’s reputedly largest onshore oil block OML 29.

Aiteo acquired OML 29 in September 2015, when oil major Shell Petroleum Development Company (SPDC) fully exited the facility. At the time of the divestment, average production was 23,000 bopd. Aiteo, however, says it has tripled this figure.

The company's CEO and Vice Chairman Benedict Peters said the company grew production from 23,000 bopd upon takeover of operations to a peak of 90,000 bopd in one year. He also highlighted several existing and developing projects that could potentially grow Aiteo’s asset production to over 150,000 bopd and 200 MMscfd. He said: “Our outlook is bright with three 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 1.6 Bbbl. 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 97-km 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 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.”

In the interim, Aiteo says it is developing a pipeline of power generation projects across Nigeria. The company is confident that its significant gas resources at OML 29 will transform the country’s oil-rich Niger Delta region into a power generation hub of repute before long.

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