Aiteo makes new investment plan to increase oil & gas production in Nigeria

Aiteo makes new investment plan to increase oil & gas production in Nigeria

By Ndubuisi Micheal Obineme

Aiteo, Africa’s leading energy company and a major stakeholder in Nigeria’s oil and gas industry has developed a new plan to increase domestic gas supply to about 300 billion scuff a day.

At the Nigeria Oil and Gas Conference 2019, the new Managing Director, Mr. Victor Okonkwo, spoke with our correspondent at the sideline of the event, that the company has made a new development plan which has been submitted to its joint venture partner, Nigerian National Petroleum Corporation, NNPC, because the government is exiting cash call with joint venture while negotiating an alternative financing package to be able to fund about $5 billion of investment that will move production to 250 000 barrels a day and increase gas supply to about 300 billion scuff a day which will be enough to power more than 1.2 Gigawatts of electricity in Nigeria.

“It is going to be a cocktail of financing options depending on the alternative financing mechanism we are working out with our joint venture partner, NNPC.

“Aiteo is looking at the next three to five years and that is the portfolio of about $5 billion. This is subject to how we agree on the alternative financing package with our joint venture partner which is NNPC,” he added

The Aiteo group is a major stakeholder in Nigeria’s energy value chain, particularly in power because it has an investment outlay within the power domain in excess of $2 billion.

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