Central Africa

African Billionaire Benedict Peters Unveils Plans for New Oil Pipeline

Aiteo Eastern Exploration and Production (E&P) Company, led by the renowned pan-African billionaire Benedict Peters, has unveiled bold plans for an innovative oil pipeline west of the Nembe Creek Trunk Line (NCTL), situated offshore Brass in the Atlantic Ocean.

This announcement comes on the heels of a recent partnership between the Nigerian National Petroleum Corporation (NNPC), a state-owned entity, and Aiteo Eastern E&P Company.

Together, they launched the Nembe crude oil grade, marking a significant milestone for Nigerian oil exports.

As the operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), Aiteo is at the forefront of producing the Nembe crude oil blend.

The company currently uses the dedicated Floating Storage and Offloading (FSO) vessel, Galilean 7, to gather crude from onshore fields, mainly Nembe Creek Okoroba and Santa Barbra fields, in Oil Mining Lease (OML) 29.

Victor Okoronkwo, CEO of Aiteo Eastern E&P, underscored the company’s dedication to enhancing infrastructure beyond the existing barging methods.

“Barging is not the ultimate solution. We are in the process of installing a pipeline from Nembe to Brass, with the goal of quickly increasing production to 120,000 Barrels of Oil Per Day,” said Okoronkwo.

In an effort to broaden its global energy industry footprint, Aiteo made a significant investment in the Mazenga gas block in Mozambique in December 2023.

Beyond Aiteo, Peters’ business ventures extend to Bravura Holdings, a fully integrated mining conglomerate with stakes in gold, platinum, copper, steel, lithium, and other minerals across Southern, Central, and West Africa.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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