Adedapo Adesanya
By Adedapo Adesanya
Aiteo Group has expressed its readiness to ramp up its oil production to 100,000 barrels per day in line with the Ministry of Petroleum Resources target of increasing the national crude oil production to 3 million barrels per day by 2023.
This was disclosed by the Group Managing Director of Aiteo, Mr Victor Okoronkwo, when he led top management staff of the energy firm to a meeting with the Minister of State for Petroleum Resources, Mr Timipre Sylva, at his office in Abuja recently.
Mr Okoronkwo affirmed that the group was ready to toe the line, assuring the Minister that the company has the capacity to increase its output from the current production capacity to 100,000 barrels per day.
He also disclosed that Aiteo was fully establishing its brand in the Liquified Petroleum and Gas (LPG) domestic market and has plans to expand its operations in the segment.
The Minister of State for Petroleum, Mr Timipre Sylva, during his address, assured the Aiteo team of the support of the Ministry and further urged them to work towards reducing the current cost of crude oil production and effectively increase output.
On its part, Mr Sylva said the Ministry was looking at emplacing policies to curb production losses that will ensure a feasible environment to actualize the Federal Government’s target.
Aiteo is one of Africa’s fastest-growing energy leaders. It is an integrated energy group with a clear vision for the future and the experience and assets necessary to provide oil and gas on a regional and global scale.
The company discovers, produces, stores and delivers energy resources to marketplaces worldwide, working on opportunities to responsibly develop energy resources in some of the world’s most significant basins, including the huge potential of the Niger Delta basin in West Africa’s offshore fields, and of the Benue Trough.
Aiteo Group is strategically focused on these business areas, with major prospects for immediate revenue growth and market penetration in exploration and production; bulk petroleum storage; refining of petroleum products; trading, marketing and supply; and power generation and distribution.
