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Monday, 13 March 2017

Aiteo grows production to record 90,000bpd

By Sebastine Obasi

INTEGRATED energy group Aiteo said it has grown its oil production to 90,000, barrels per day, bpd just one year after its acquisition of sub-Saharan Africa’s reputed largest onshore oil bloc oil mining lease, 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 23,000bpd, but the company said it has tripled this figure leveraging the diversity and skills of its work force and bona fides as a dynamic international energy conglomerate.

Aiteo’s Chief Executive Officer, CEO and Vice Chairman Benedict Peters said the company grew production from 25,000bpd upon takeover of operations to a peak of 90,000bpd in one year. He also highlighted several existing and developing projects that could potentially grow Aiteo’s asset production to over 150,000bpd and 200 million standard cubic feet of gas daily, SCF/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 (Three dimension) coverage and 2P NNS reserves at 1.6 billion barrels. 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 and gas value chain into a world-class landscape,” Peters added.

The company’s main subsidiary Aiteo Eastern Exploration and Production 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.

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.”

In the interim, Aiteo said it is developing a pipeline of power generation projects across Nigeria. According to the company, 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


The post Aiteo grows production to record 90,000bpd appeared first on Vanguard News.

Vía Vanguard News

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