Lagos – Owner and operator of onshore oil bloc OML 29, Aiteo said the field has recorded 90,000 barrel per day output of oil in one-year following its acquisition of the field.
Aiteo acquired OML 29 in September 2015 when Shell Petroleum Development Company, SPDC, fully exited the asset.
At the time of the divestment, the average production was 23,000 bpd. However Aiteo, at the just concluded Nigeria Oil and Gas Conference in Abuja, said it has tripled this figure leveraging the diversity and skills of its work force.
Chief Executive Officer and Vice Chairman of the company, Mr. Benedict Peters, said the company grew production from 25,000 bpd upon takeover of operations to a peak of 90,000 bpd in one year, adding that there are several existing and developing projects that could potentially grow the company’s asset production to over 150,000 bpd of oil and 200 million standard cubic feet a day of gas.