In a little over a year, Aiteo Group, a leading energy company in Nigeria, under the leadership of Benedict Peters has ramped up crude production to 90,000 bpd from an average production of the 23,000 bpd after acquiring OML 29 for $2.8 billion from Shell at a time when local oil companies struggled to manage divested assets.

OML29 stretches over an area of 983 square kilometres, and includes the Nembe, Santa Barbara and Okoroba Oil Fields, including related facilities such as the 97-kilometre Nembe Creek Trunk Line (NCTL). It also has a 100 kilometres long pipeline with a capacity of 600 thousand barrels per day.

In March 2015, Aiteo Eastern E & P, a subsidiary of Aiteo Group, acquired SPDC’s interest in OML 29 and the NCTL. Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited – the other joint venture partners – also assigned their 10 percent and 5 percent interests respectively to Aiteo, giving the company a 45 percent interest in OML 29.

The bold acquisition has not only ramped up Nigeria’s crude production to the 1.8million bpd prior to militant attacks, It has proven that that indigenous companies can successfully operate an oil asset. The company also highlighted several existing and developing projects that could potentially grow its asset production to over 150,000bpd and 200 million standard cubic feet of gas daily in the near future

“Our outlook is bright with 3 producing oil fields and viable crude exports via Bonny terminal. We also have contingent resources to appraise and prospective ones to explore in the medium-to-long term, including full 3D seismic coverage and 2P NNS reserves of more than 1.6bn bbl. Put simply, we have a clear vision for the future with the experience and assets crucial to providing oil and gas consistently on a regional and global scale,” said Peters in a statement.

Some months down the line, this legacy achievement is impacting lives and has created significant direct and indirect employment in Nigeria’s highly competitive oil and gas industry.

Aiteo legitimately secured the oil bock after a keenly contested but transparent divestment bid driven by Shell. The funding of Aiteo’s acquisition was made possible through a combination of debt and equity involving several Nigerian and international banks. All these entities conducted stringent and substantial due diligence before backing the Aiteo Consortium’s bid for the oil block, adjudged one of the most transparent in the history of Nigeria.
Aiteo Group, since its formation in 1999 by a young ambitious Benedict Peters, has transformed into Nigeria’s pre-eminent energy conglomerate with an international focus. It is leading the vanguard with innovative solutions and strategic investments across the energy value chain – petroleum products storage and distribution; natural gas, power and exploration as well as production. The Group’s subsidiaries include Aiteo Eastern Exploration and Production Company Limited (AEEPCo), Aiteo Downstream and Aiteo Power.
As Executive Vice Chairman, Peters has been responsible for directing the company in terms of strategic development, policy formulation and execution.
“Our group’s vision is to create the most sustainable energy solutions to power growth on the African continent. By working together, we inspire people and communities across Africa to have a collective vision; Aiteo is showing its commitment to encouraging a transformed energy sector which creates health and wellness as well as resilient economic prosperity across its stakeholders. We have shown by our story that indigenous oil companies are competent enough to participate along with international oil majors in the exploration and development of Nigeria’s hydrocarbon resources, beyond the provisions of the 2010 local content act,” says Peters.
Aiteo has very strong ambitions still. It has already identified several existing and developing projects that could potentially grow its asset production to over 150,000bpd, with a vision to provide oil and gas consistently on a regional and global scale.
In the last one year, Aiteo has also made significant investments in sports development. In April 2017, the company announced a record N2.5 billion partnership agreement with the Nigerian Football Federation (NFF) to pay the salaries of the Super Eagles’ coaching crew at N500 million per annum for the next five years. This social investment, which covers all the local and foreign components of the NFF’s financial obligations for the main team, earned the company the title ‘Official Optimum Partner of the NFF.’
This decision has made a two-pronged impact. It has put paid to the problem of delayed payments affecting the morale of our coaches and the Super Eagles’ performance, resulting in Nigeria’s qualification for the Russia 2018 World Cup.
“We are fulfilled that the Super Eagles have qualified for the 2018 FIFA World Cup. Nigerians are passionate about football and as a company, we are passionate about things which unite Nigerians. We are committed to ensuring that Nigeria’s national soccer teams are well managed and primed to bring glory to our nation at all tournaments,” said Benedict Peters after the Super Eagles’ much-celebrated qualification.
Acknowledging Aiteo’s support for the Super Eagles, NFF President Amaju Pinnick said: “Our teams are focused and show technical depth and excellence, thanks to AITEO’s financial intervention. The Nigerian soccer team is inspired, confident and relaxed that all bills are paid as opposed to the former times when players and coaches paid for their expenses themselves, all were dejected and most were hardly reimbursed.”
Amidst the euphoria, Aiteo did not neglect a key player on the national team whose contributions were interrupted by health challenges. It therefore committed to and redeemed a pledged to contribute N10 Million towards the treatment of Super Eagles goalkeeper, Carl Ikeme, for every goal scored by the Eagles against the indomitable Lions of Cameroon at the return leg in Yaounde. Ikeme was diagnosed with acute leukaemia in July, 2017.
As an indigenous oil company, Aiteo has also made significant contributions towards developing the local football league. In June 2017, the company announced another N2.5 billion agreement to underwrite the costs associated with organising the Federation Cup, Nigeria’s equivalent of the English FA Cup and which is the oldest football tournament in Nigeria. The contest, rechristened Aiteo Cup, had been struggling for sponsorship before Aiteo’s intervention. The 5-year package guarantees a monetary reward for the tournament’s best performing teams, with the winner of the men’s category guaranteed N25 million as prize money while their female counterparts will get N10 million for winning.
In October 2017, Aiteo also signed a partnership agreement with the Confederation of African Football (CAF) to sponsor the Annual CAF Awards 2018, which honours footballers who have made outstanding contributions to the development of football development on the continent.
As a tribute to the company’s support for football development, international football governing body, the Federation Internationale de Football Association (FIFA), extended a special invitation to Aiteo’s Deputy Managing Director Francis Peters to attend the recent FIFA Best Football Awards in London.
The company’s marks is outside sports, Aiteo is also committed to host community development. As such, it shares economic benefits with these communities by providing work opportunities, offering training programmes and supporting local businesses.
Aiteo has a clear vision for the future with the experience and assets crucial to providing oil and gas consistently on a regional and global scale. The company is currently developing a pipeline of power generation projects across the country with an ambitious five-year plan which includes transforming the oil-rich Niger Delta region into a power generation hub and ultimately tackling Nigeria’s power challenges through its legacy investments in the gas-to-power value chain. It is also working on developing a 24,000 MT LPG facility in the Delta with associated LPG distributing facilities nationwide.
Aiteo Power is developing a gas-to-power strategy by leveraging its power and upstream capabilities. It is utilizing the significant gas resources in OML 29 that would see the oil rich Niger Delta region become a hub for power generation in Nigeria. Aiteo Power is also a supporter of renewable, clean energy; developing multiple solar energy power projects within the sub-Sahara African region.
For its belief in Nigeria and significant investments in football and community development in the last one year, BusinessDay’s board of editors is pleased to name Aiteo ‘Company of the Year 2017’.


https://www.businessdayonline.com/aiteo-group-emerges-businessdays-company-year-2017/

Congratulations to them.

How best do I arrange my CV to get a job here?

Too much Money

God will do our own too before this year runs out.
They will also read about us in a positive way.


Terms and conditions
- You need to work hard
- Pray

∆ Alright!!! People will not open reasonable threads like this. Imagine 315views as at now....∆

Ben Peters is the real deal. Stupendously wealthy man who prefers to hide in the shadows.

Arguably the richest man from the South South.

A very stingy company I must say.


They sure did bribe their way to obtain such undeserved honour.

Congratulations to them

Just last year this man was one of the most wanted men in Nigeria by Buhari but after a series of meetings with govt aides abroad and many donations from Peter Benedicts to the govt including his 2.5 billion naira sponsorship of the NFF league Aiteo is now winning awards ...Moral of the story is never give up even in the face of adversity

See how wicked a black man can be after praising there self with all this achievements yet they cant pay there contractors. Monkey de work baboon's de chop. Abeg we are tired of all their eye service and political life style.Shell still remains the best company i know because they don't play with workers walfair.

but how na ?

They should stop wasting money on CAF if Victor can not be given best footballer and we not even given opportunity to host Nations cup


They should put the money in our local league instead..

that's good but the effect of their crude increase is not felt oo and se we can't have refinery in this nation ni

Indigenous ,if we believed in ourselves we can be self sufficient.

How much did they pay for this award.

SalamRushdie:
Just last year this man was one of the most wanted men in Nigeria by Buhari but after a series of meetings with govt aides abroad and many donations from Peter Benedicts to the govt including his 2.5 billion naira sponsorship of the NFF league Aiteo is now winning awards ...Moral of the story is never give up even in the face of adversity

you always find a way to drag buhari into everything. you really should get a life

Stingy unorganized company owned by one Benedict Peters(but he calls himself the vice president)
which authenticates the rumour that the original owner is Dame Patience Jona

UbanmeUdie:




A very stingy company I must say.


They sure did bribe their way to obtain such undeserved honour.

Jaideyone:
you always find a way to drag buhari into everything. you really should get a life

Its not my fault Buhari keeps turning up as a common denominator in every truth I spill...Dont worry once Buhari leaves Ado rock you wont hear me mention his name but as long as he is there and his bad decisions keep affecting my standard of living I wont keep quiet .

SalamRushdie:


Its not my fault Buhari keeps turning up as a common denominator in every truth I spill...Dont worry once Buhari leaves Ado rock you wont hear me mention his name but as long as he is there and his bad decisions keep affecting my standard of living I wont keep quiet .

then I guess your wailing continues till 2023

even when you fail to get an erection you blame buhari.

get well soon

Jaideyone:
then I guess your wailing continues till 2023

even when you fail to get an erection you blame buhari.

get well soon

This is his last tenure ...Thank me later for the prophecy

SalamRushdie:


This is his last tenure ...Thank me later for the prophecy

lol with PDP fielding athuefku?

I swear I'd rather vote Jonathan again than vote atiku. atiku will nail PDPs coffin

UbanmeUdie:




A very stingy company I must say.


They sure did bribe their way to obtain such undeserved honour.

Lies. The company pays well. I know few people working there and doing well

Hedonistically:
Ben Peters is the real deal. Stupendously wealthy man who prefers to hide in the shadows.

Arguably the richest man from the South South.

Guy , you know him too well. The man is fucking wealthy

cheezy4real:




Lies. The company pays well. I know few people working there and doing well

The people you know that works in Aiteo are they aiteo contractors or aiteo staff.

Bros I know theres guys, they sponsored football, they gave money to our player that has cancer and they are also doign small small things for 9ja people, how are they stingy naaaaa

UbanmeUdie:




A very stingy company I must say.


They sure did bribe their way to obtain such undeserved honour.

That's false.

Bros, please get your facts right, dont talk without evidence here

SalamRushdie:
Just last year this man was one of the most wanted men in Nigeria by Buhari but after a series of meetings with govt aides abroad and many donations from Peter Benedicts to the govt including his 2.5 billion naira sponsorship of the NFF league Aiteo is now winning awards ...Moral of the story is never give up even in the face of adversity

stop contradicting yourself

SHANGALORLOR:
See how wicked a black man can be after praising there self with all this achievements yet they cant pay there contractors. Monkey de work baboon's de chop. Abeg we are tired of all their eye service and political life style.Shell still remains the best company i know because they don't play with workers walfair.

ThankGod you said its a rumor

calyto:
Stingy unorganized company owned by one Benedict Peters(but he calls himself the vice president)
which authenticates the rumour that the original owner is Dame Patience Jona

Either ways, they paid with hardwork. Lets not cut down our companies, if na shell now we go dey happy, but once it is a nigerian comoany we have an issue with its progress, na wa

obowunmi:
How much did they pay for this award.