Aiteo Eastern Exploration and Production (E&P) Company, a major oil player, led by 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.
Recently, there was a collaboration between Nigeria’s state-owned Nigerian National Petroleum Corporation (NNPC) and Aiteo Eastern E&P Company, where they introduced the Nembe crude oil grade, which means 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. Currently 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.
CEO of Aiteo Eastern E&P, Victor Okoronkwo, said his company is committed to expanding infrastructure beyond current barging methods.
Under Peters’ leadership, Aiteo has been able to secure itself the position of Nigeria’s leading indigenous oil exploration entity. It also acquired a substantial stake in the Mazenga gas block in Mozambique in December 2023, among others.