Aiteo Eastern E&P Company Limited, led by pan-African billionaire Benedict Peters, aims to exceed $700 million in revenue by the end of 2024. This ambitious target follows a robust performance in the first half of the year, securing $325 million in crude sales. This trajectory sets Aiteo on a solid path toward its goal. Efforts to reach Aiteo for comment were unsuccessful.
This milestone represents a significant recovery for Aiteo, overcoming past operational and security challenges that previously impacted production at its OML 29 and Nembe Creek Trunk Line (NCTL) assets in Nembe, Bayelsa State. The strong first-half performance highlights a revival in Africa’s oil sector, showcasing Aiteo’s resilience and dominance in the competitive oil industry.
Nembe Asset Acquisition
According to a report by Billionaire Africa, Aiteo acquired the OML 29 and NCTL assets from Shell in a landmark $3.01 billion deal in 2014. Lenders backed this deal with $2.8 billion, while Peters contributed over $1 billion from his personal fortune.
The consortium included commitments from various banks, such as $328 million from Zenith Bank, $300 million each from First Bank and GTB, $175 million from Fidelity Bank, $125 million from AFC, $100 million each from Ecobank Nigeria and Union Bank, $60 million from Sterling Bank, and $512 million from Shell Western.
Central to Aiteo’s resurgence is the introduction of the Nembe crude oil grade, in partnership with Nigeria’s state-run NNPC. This new blend, known for its high API gravity and low sulfur content, strengthens Nigeria’s position in the global oil market.
The Nembe Creek facility, Aiteo’s flagship among its 11 fields, plays a crucial role by producing substantial volumes of crude oil and supplying natural gas to Nigeria’s LNG plant at Bonny Island. This underscores its strategic significance. The company has shipped around 3 million barrels of Nembe Crude Oil Blend for the half year and is steadily increasing output.
According to industry sources, Aiteo loaded 233,655 barrels on the vessel MT AQUABLISS in January, valued at $18.6 million. In February, it loaded 954,176 barrels on the vessel AEGEAN MARATHON, valued at $76.9 million. March saw MT Delta Kanaris loaded with 953,252 barrels, valued at $81.3 million, and in May, MT POPI P loaded 957,757 barrels, valued at $89.1 million.
Strategic Initiatives and Diversification
Beyond its Nigerian operations, Aiteo has expanded its footprint with strategic acquisitions, notably taking over the operatorship of Mozambique’s Mazenga gas asset. This move underscores Aiteo’s commitment to diversifying its energy portfolio and strengthening its presence in sub-Saharan Africa’s onshore gas reserves.
Recently, Aiteo partnered with The Atlantic Council’s Africa Center in a transformative initiative to redefine Africa’s role in the global critical minerals supply chain. This partnership highlights Aiteo’s dedication to sustainable growth and innovation within Africa’s energy sector.
Benedict Peters’ Commitment to Excellence
Under Benedict Peters’ visionary leadership, Aiteo is on track to achieve its 2024 revenue target, navigating the complexities of the oil market. Peters’ focus on operational excellence and strategic partnerships has positioned the company for success.
Aiteo’s steadfast expansion efforts and operational efficiency set the stage for reaching its financial goals, marking a significant milestone as a major player in Africa’s energy sector. Peters’ leadership underscores Aiteo’s commitment to operational excellence, strategic partnerships, and innovation.
This approach positions the company at the forefront of Nigeria’s oil resurgence, poised to surpass significant revenue milestones and redefine Africa’s energy narrative on the global stage.
About Aiteo
Founded in 1999, Aiteo has solidified its position as Africa’s largest privately owned integrated energy company. The company’s operations span crucial areas, including the Niger Delta and Benue Trough, contributing significantly to Nigeria’s oil output and bolstering its leadership position on the continent.
