Aiteo, founded by Nigerian oil magnate, Benedict Peters, has
resolved to revamp the hitherto inactive Nembe Creek, among other innovative
solutions aimed at repositioning the sector.
The latest bold move involved the Nigerian firm employing
smaller river-going tankers to transport Nembe Creek from inland production
sites to the global market.
This ingenious crude transport model, it was learnt, will
help guarantee higher production and boost the forex market stability in the
country.
The launch has caused excitement among critical industry
players who view the development as a game-changer.
The step was aimed at revamping the Nembe Creek trunk
pipeline, which has been inactive since February 2022.
Aiteo acquired the pipeline, which was formerly under the
management of Shell Plc in 2015.
The new approach adopted by the firm is to use smaller
vessels to navigate the waterways of the Niger Delta and ensure the
uninterrupted flow of Nembe Creek oil.
Aiteo’s solution involves smaller ships meeting larger
tankers, ensuring continuous oil flow.
The innovative oil blend was designed to overcome existing
barriers. Oil and gas experts have described the move as a very innovative
strategy.
They noted that while the strategy may incur higher costs,
it puts Nigeria on a better stead to maintain its oil production levels
considering impending OPEC quotas.
The firm’s strategic approach, it was further learnt, also
includes the deployment of a floating storage offloading vessel, the Galilean
7, positioned near the Brass terminal.
This is expected to further enhance the oil transport
process.
Meanwhile, a group of ethnic youth leaders in the country
has hailed Aiteo’s founder, Benedict Peters, over what it described as his
ingenious business model.
The group, under the aegis of the Nigerian Ethnic Youth
Leaders Council (NEYLC), noted that the move will help Nigeria out of economic
and forex problems caused by a drop in crude oil production caused by sabotage.
The NEYLC, which is made up of the Arewa Consultative Youths
Movement (ACYM), Ohanaeze Ndigbo Youths Movement, Oduduwa Youths and Middle
Belt Youths, made their position known in a statement signed by the Ohanaeze
Secretary-General and Head of Coalition’s secretariat, Nwada Ike Chiama, on
Sunday.
The statement read, “We, the ethnic youth leaders across the
country, have noted with delight the great leap taken by Aiteo under the
visionary leadership of Benedict Peters.
“We are of the view that this giant step will go a long way
in repositioning the nation’s oil sector and ultimately lead to a significant
increase in oil production.
“This, of course, is in tandem with the present
administration of President Bola Tinubu’s desire to increase oil production.
“We know for a fact that Benedict Peters’ ingenious business
model will help Nigeria out of economic and forex problems caused by drop in
crude oil production caused by sabotage.
“We therefore commend him and urge the Federal Government,
through its relevant Ministries, Departments and Agencies to cooperate and
encourage the firm to achieve its goals within the shortest possible time.”
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