Petroleum Africa
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Monday, March 13, 2017
Aiteo Group’s production has reached 90,000 bpd on OML 29 onshore Nigeria, just a year-and-a-half after acquiring the oil block from Shell’s Nigerian unit SPDC. Aiteo acquired OML 29 in September 2015; at the time of acquisition the block was producing at just 23,000 bpd.
Aiteo attributes the tripling of production to its leveraging the diversity and skills of its work force and bona fides as a dynamic international energy conglomerate.
The company is looking to increase this number even further with CEO and vice chairman Benedict Peters highlighting several existing and developing projects that could potentially grow Aiteo’s asset production to over 150,000 bpd of oil and 200 Mmcf/d of gas.
“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,” Peters 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 & gas value chain into a world-class landscape,” Peters added.
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