Energy Giant, Aiteo To Pump $5bn To Take Its Oil Production To 250,000bpd

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ENERGY GIANT

Energy Giant, Aiteo To Pump $5bn To Take Its Oil Production To 250,000bpd

Nigerian energy giant, Aiteo Eastern Exploration and Production Company, has said it is investing an additional $5 billion to its operations to increase its crude oil production to 250,000 barrels per day.

Speaking at the ongoing Nigerian Oil and Gas (NOG) Conference and Exhibition in Abuja, the Chief Executive Officer of the company, Mr. Victor Okoronkwo, said the development would also spur increase of the country’s gas supply to 300 million standard cubic feet per day (scf/d).

He stated that massive investment was needed to grow the petroleum industry, adding that his company was at the fore of supporting the sector’s development.

His Words….

“Aiteo was one of the biggest single investment decision maker when we have invested over $2 billion in acquiring the Oil Mining Lease (OML) 29 asset.

“At the moment, we do have our development plan which has been submitted to our joint venture partners (JV), and because the government is exiting the cash call situation, we are negotiating an alternative finance package to be able to fund about $5 billion of investment. The investment would move production to 250,000 barrels per day.

“However, this will increase our gas supply to about 300 million standard cubic feet (SCF), of gas per day, which will be enough to power more than 1.2 gigawatts of electricity in Nigeria. On finances, it is going to be a cocktail of financing options, depending on how we land with the alternative financing mechanism we are working with our joint venture partners – NNPC.”

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