Billionaire Benedict Peters’ Aiteo resumes production after oil leak in Nembe field

Omokolade Ajayi -

Key Points:

  • Aiteo resumes production at Nembe field in Bayelsa after halting an oil leak, maintaining nearly 50,000 barrels per day output.
  • Under Benedict Peters’ leadership, Aiteo has become Africa’s top indigenous oil company, with daily production in Nigeria exceeding 90,000 barrels.
  • Aiteo’s recent acquisitions and partnerships, including Mozambique’s gas block and critical minerals program with The Atlantic Council, underscore its growth strategy.

Aiteo, a leading integrated energy company in Africa led by pan-African billionaire Benedict Peters, has resumed production at its Nembe field in Bayelsa state after successfully stopping an oil leak earlier this week. The field, which produces nearly 50,000 barrels per day (bpd), had been temporarily shut down following the incident reported on Monday.

The Nembe area, part of the heavily polluted South-South region of Nigeria, has suffered from decades of oil spills affecting local farming and fishing communities. Aiteo confirmed the resumption of production in a statement released Saturday, noting the diligent efforts of their team to address the incident and implement enhanced safety protocols.

“Our dedicated team has worked diligently to address the issues caused by the recent incident and implemented enhanced safety protocols to prevent future occurrences,” Aiteo said. “We are delighted to confirm the resumption of production activities.”

Benedict Peters’ leadership fuels expansion

Founded by Benedict Peters, Aiteo is Africa’s largest privately-owned integrated energy company, with operations across West and Southern Africa. Under Peters’ leadership, the company has positioned itself as Africa’s leading indigenous oil exploration entity, boasting a daily production in Nigeria exceeding 90,000 barrels. Key exploration activities include the Niger Delta and Benue Trough regions.

At the end of 2023, Aiteo partnered with Nigeria’s state-owned Nigerian National Petroleum Corporation (NNPC) to launch the Nembe crude oil grade. This new grade, distinguished by its unique blend of API gravity and low sulfur content, promises to enhance Nigeria’s position in the global oil market. The Nembe Creek facility, the largest of 11 fields under Aiteo’s operation, also produces significant natural gas for the Nigerian LNG plant at Bonny Island.

Strategic acquisitions and partnerships

In December 2023, Aiteo acquired a substantial stake in Mozambique’s Mazenga gas block, demonstrating its commitment to expanding its influence in the African energy sector. This acquisition aligns with Aiteo’s strategic goals to invest in Mozambique’s gas sector.

Earlier this year, Aiteo partnered with The Atlantic Council’s Africa Center to reshape Africa’s role in the global critical minerals supply chain. This three-year program aims to harness Africa’s reserves of critical minerals essential for various industries, including electric vehicles and military equipment.

Broader business ventures

Benedict Peters’ business empire extends beyond Aiteo to Bravura Holdings, Africa’s largest privately-owned vertically integrated mining company. Bravura is actively developing critical minerals like lithium and uranium in multiple African nations.

In May 2024, Bravura announced the completion of Zimbabwe’s first world-class lithium upgrade facility at the Victoria Falls Annual Mining Indaba, reflecting a major milestone for the country’s mining industry.

This high-level initiative, developed in collaboration with Manhattan Corporation, aims to process over 5 million tons of ore annually, producing an upgraded lithium oxide product. The Indaba, sponsored by Bravura Holdings, underscores the sector’s commitment to sustainable growth and economic transformation.