Aiteo Eastern E&P Company Limited, led by pan-African billionaire Benedict Peters, is on track to surpass N1 trillion ($700 million) in revenue by the end of fiscal 2024, in a data reported by Billionaires Africa. The energy magnate has already secured $325 million (approximately N471 billion) in crude sales in the first half of the year, showing strong progress towards its ambitious target.
This progress marks a major recovery for Aiteo, which has overcome recent operational disruptions and security challenges at its OML 29 and Nembe Creek Trunk Line (NCTL) in Nembe, Bayelsa State. The strong performance in the first half of the year shows a turnaround in Africa’s oil sector, showcasing Aiteo’s exceptional leadership and reaffirming its leading position in the competitive oil industry.
Aieto key asset
The OML 29 and Nembe Creek Trunk Line (NCTL) assets were acquired from Shell in 2014 for $3.01 billion. The deal was financed by lenders who raised $2.8 billion, with Benedict Peters adding over $1 billion from his own funds.
The consortium included $328 million from Zenith Bank, $300 million each from First Bank and GTB, $175 million from Fidelity Bank, $125 million from AFC, $100 million each from Ecobank Nigeria and Union Bank, $60 million from Sterling Bank, and $512 million from Shell Western.
Aiteo’s resurgence fueled by strategic moves, increased output and partnership
Aiteo’s recovery is driven by the introduction of the Nembe crude oil grade in partnership with Nigeria’s state-run NNPC. Known for its high API gravity and low sulfur content, this new blend strengthens Nigeria’s position in the global oil market.
The Nembe Creek facility, Aiteo’s key asset among its 11 fields, plays a vital role by producing large volumes of crude oil and supplying natural gas to Nigeria’s LNG plant at Bonny Island. The company has shipped around 3 million barrels of Nembe Crude Oil Blend in the first half of the year and continues to increase output.
In January, Aiteo loaded 233,655 barrels on the vessel MT AQUABLISS, valued at $18.6 million. In February, it loaded 954,176 barrels on the vessel AEGEAN MARATHON, valued at $76.9 million. In March, MT Delta Kanaris carried 953,252 barrels, valued at $81.3 million, and in May, MT POPI P loaded 957,757 barrels, valued at $89.1 million.
Aiteo is expanding beyond Nigeria by acquiring Mozambique’s Mazenga gas asset, showcasing its commitment to diversifying its energy portfolio and strengthening its presence in sub-Saharan Africa’s gas reserves. Aiteo also recently partnered with The Atlantic Council’s Africa Center to redefine Africa’s role in the global critical minerals supply chain. This partnership underscores Aiteo’s dedication to sustainable growth and innovation in Africa’s energy sector.
Benedict Peters’ leadership drives Aiteo’s growth and success
Under the visionary leadership of Benedict Peters, Aiteo is on track to meet its ambitious 2024 revenue target, successfully navigating the oil market’s complexities. Peters’ focus on operational excellence and strategic partnerships has positioned the company for success.
Aiteo’s consistent expansion and operational efficiency are paving the way to achieve its financial goals, marking it as a major player in Africa’s energy sector. Peters’ leadership emphasizes Aiteo’s commitment to excellence, strategic partnerships, and innovation, placing the company at the forefront of Nigeria’s oil resurgence and setting the stage for significant revenue milestones.
Founded in 1999, Aiteo is Africa’s largest privately owned integrated energy company. Its operations in key areas like the Niger Delta and Benue Trough significantly contribute to Nigeria’s oil output, reinforcing its leadership position in the region’s energy landscape.
