Home » Led by pan-African billionaire Benedict Peters, Aiteo launches new premium crude oil grade to global market

Led by pan-African billionaire Benedict Peters, Aiteo launches new premium crude oil grade to global market

Global market welcomes NNPC and Aiteo's premium Nembe Crude Oil Grade

by Feyisayo Ajayi
Benedict Peters

In a landmark development at the ongoing Argus European Crude Conference, Nigeria’s state-owned Nigerian National Petroleum Corporation (NNPC) and Aiteo Eastern E&P Company, led by pan-African billionaire oil mogul Benedict Peters, officially unveiled the Nembe crude oil grade, ushering in a new era for Nigerian oil exports in the international market.

The Nembe crude oil grade, introduced to the international oil market, is a unique blend that distinguishes itself in terms of API gravity and low sulfur content. This premium crude oil variety promises to redefine Nigeria’s position in the global oil market.

Aiteo, led by Peters and serving as the operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), takes center stage in the production of the Nembe crude oil blend. Previously, Nembe Crude was blended with the renowned Bonny Light grade and exported via the Bonny Oil & Gas Terminal.

However, with the launch of Nembe crude oil grade, two cargoes containing 950,000 barrels have already made their way to France and the Netherlands, further solidifying Nigeria’s presence in the global oil market.

Expanded exports and operations

The NNPC-Aiteo OML 29 JV, now back onstream, is set to enable Nigeria to export two additional cargoes, each containing 950,000 barrels per month, in addition to 1.2 billion cubic feet of export gas monthly.

This achievement marks the beginning of operations at Nigeria’s newest crude oil terminal, the Nembe Crude Oil Export Terminal (NCOET), designed as a Floating Storage and Offloading Vessel (FSO). The terminal boasts a storage capacity of 2 million barrels and a loading capacity of 25,000 barrels per hour.

The successful production from OML 29 was made possible by the Alternative Crude Oil Evacuation Solution, which resolved evacuation challenges caused by security issues around the Nembe Creek Trunk Line (NCTL) corridor. The launch of Nembe crude oil grade reflects Nigeria’s commitment to expanding its oil exports and enhancing its global oil market position.

Aiteo continues to take center stage in Nigeria’s oil industry under Benedict Peters

Under Peters, Aiteo Exploration and Production Company has positioned itself as Nigeria’s leading indigenous oil exploration entity. With a daily production exceeding 90,000 barrels. It actively explores opportunities in key basins, such as the Niger Delta and Benue Trough.

Through collaborations with global exploration and production companies, Aiteo’s introduction of the Nembe crude oil grade under its joint venture with NNPC is expected to boost Nigeria’s oil exports and contribute to its economic growth and development. This marks a significant step forward in Nigeria’s oil industry, cementing Aiteo’s presence on the global stage.

With the Nembe crude oil grade’s exceptional qualities and innovative solutions driving its production, Nigeria is poised to strengthen its position in the international oil market, thanks to the collaboration between NNPC and Aiteo.

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