Aiteo peaks 90,000 bpd  output in one year

Aiteo peaks 90,000 bpd  output in one year

……targets 150,000bpd and 200mscf/d

                         
Aiteo, an Integrated energy group has ramped up production to 90,000 barrels per day  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 23Kbpod.
 But Aiteo, one of the frontline sponsors of the just-concluded 16th Oil and Gas (NOG) Conference held in the country’s capital Abuja, says it has tripled this figure leveraging the diversity and skills of its work force and bona fides as a dynamic international energy conglomerate.
Benedict Peter, Vice Chairman and chief executive officer of the company, said the company grew production from 25,000 per day upon takeover of operations to a peak of 90,000 barrels per day in one year. He also highlighted several existing and developing projects that could potentially grow Aiteo’s asset production to over 150,000 barrels per day and 200mmscf/d.
According  to him, the  company’s outlook is bright with 3 producing oil fields and viable crude exports via Bonny terminal, adding that there are contingent resources to appraise prospective assets and 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 97kilometre Nembe Creek Trunk Line, an industry-wide evacuation pipeline for produced fluids covering much of the country’s Eastern Delta region.

 Chike Onyejekwe, 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,  the  company says it is developing a pipeline of power generation projects across Nigeria, adding  that  it 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.
Olusola Bello   

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