Aiteo Eastern Exploration and Production (E&P) Company, a prominent oil player under the leadership of pan-African billionaire Benedict Peters, has announced ambitious plans for a groundbreaking oil pipeline west of the Nembe Creek Trunk Line (NCTL) located offshore Brass in the Atlantic Ocean.
This revelation follows the recent collaboration between Nigeria’s state-owned Nigerian National Petroleum Corporation (NNPC) and Aiteo Eastern E&P Company, in which they introduced the Nembe crude oil grade, signaling a new era for Nigerian oil exports.
Aiteo takes charge: Operating NNPC/Aiteo OML 29 JV with a focus on Nembe crude oil
Aiteo, spearheading operations 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. Presently utilizing the dedicated Floating Storage and Offloading (FSO) vessel named Galilean 7, the company collects crude from onshore fields, primarily Nembe Creek Okoroba and Santa Barbra fields, in Oil Mining Lease (OML) 29.
Victor Okoronkwo, CEO of Aiteo Eastern E&P, emphasized the company’s commitment to expanding infrastructure beyond current barging methods. “Barging is ultimately not the solution. We are working to install a pipeline from Nembe to Brass, aiming to ramp up to 120,000 Barrels of Oil Per Day in a short amount of time,” Okoronkwo stated.
Aiteo secures key position in Mozambique’s gas sector — Peters drives growth beyond borders
Under Peters’ leadership, Aiteo has positioned itself as Africa’s leading indigenous oil exploration entity, boasting a daily production in Nigeria exceeding 90,000 barrels. The company actively explores opportunities in key basins such as the Niger Delta and Benue Trough.
In a move to expand its imprint on the global energy industry, Aiteo acquired a substantial stake in the Mazenga gas block in Mozambique in December 2023.
Peters emphasized the company’s determination to invest in Mozambique’s gas sector, aligning with strategic goals and demonstrating a commitment to becoming a leading player within the continent’s energy sector.
Peters emerges as key player in Africa’s mineral landscape, his diversified holdings reshape industries
Beyond Aiteo, Peters’ business empire extends to Bravura Holdings, a vertically integrated mining conglomerate with interests in gold, platinum, copper, steel, lithium, and other minerals across Southern, Central, and West Africa.
His strategic mining positions arguably make him the largest private Black miner on the continent. He is also the owner of Joseph Agro Industries, a leading rice producer in West Africa, among other enterprises. This latest venture into Mozambique’s gas sector is another significant milestone in Peters’ diverse and expanding business portfolio.