Aiteo Eastern Exploration and Production Limited, one of Nigeria’s largest indigenous producers, has recorded crude sales of $325m (about N471 billion) in the first half of the year, potentially reaching N1 trillion in revenue for 2024, according to financial records from banking sources.
The sources, who wished to remain anonymous, attributed Aiteo’s remarkable earnings to its successful return to crude production at its OML 29 asset in Nembe Bayelsa after a two-year hiatus due to crude theft and vandalism.
The company, founded by African billionaire Benedict Peters, has shipped around 3 million barrels of Nembe Crude Oil Blend and is increasing output.
“Aiteo loaded 954,176 barrels on the vessel named AEGEAN MARATHON in February 2024, in March MT Delta Kanaris loaded 953,252, in May 2024, MT POPI P loaded 957,757 barrels, while MT AQUABLISS loaded 233,655 in January,” according to data.
Nembe Blend average price was around $86pb, and the exchange rate was around N1485 – $1. Aiteo declined to comment on this report.
The company acquired OML 29 and the Nembe Creek Trunk Line (NCTL) from Shell in a landmark transaction in 2014 worth around $3.01bn.
The consortium of lenders included Zenith, First Bank, GTB, Fidelity Bank, AFC, Ecobank Nigeria, Union Bank, Sterling Bank, and Shell Western.
Peters contributed $898,237,697.35 in cash and an additional $257m at closing. Other small equity holders contributed $136m, which Aiteo is buying out. OML 29 is a joint venture asset owned by NNPC and Aiteo.
Aiteo’s sister company, Bravura Holdings, has secured mining deals for lithium production in Zimbabwe, Mozambique, and Congo, and has completed Zimbabwe’s first world-class lithium facility, the Kamativi Lithium plant.
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