Oil giant, Aiteo, targets 150,000 BPD from existing projects – CEO
NAN-HE-14
Production
Lagos, March 7, 2017 (NAN) The Management of Aiteo group, an indigenous oil and gas company, has announced its potential to hit asset production to over 150,000 BPD and 200mmscf/d through its several existing and developing projects that can potentially grow its operations.
Mr Benedict Peters, the company’s Chief Executive Officer, announced this in a statement on Monday in Lagos.
“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 billion bbl.
The company announced a peak production of 90,000 lag barrel per day output in one year after its acquisition of OML 29 offshore bloc from Shell.
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, the average production stood at 23,000 barrel per day but Aiteo tripled the figure, leveraging the diversity and skills of its work force as a dynamic international energy conglomerate.
According to the CEO, the company has grown production from 23,000 BPD, upon takeover of operations, to a peak of 90,000 BPD in one year.
“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.
Peters said that 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 said.
“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,’’ Peters said.
Aiteo’s Group Managing Director, Mr Chike Onyejekwe, said that “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 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,’’ he said. (NAN)
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(Edited by Idris Abdulrahman)