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    Saturday, October 28, 2023

    AITEO to Boast Tinubu's Increased Oil Production Target

    Nigeria’s largest oil producer, Aiteo, has launched a unique and strategic crude oil movement innovation that has so far raised hope in the industry for the President Bola Tinubu administration’s desire to achieve increased oil production.

    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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