AITEO ramps up oil production

Nigerian Oil Company AITEO has made significant strides in the oil industry following the acquisition of a 45% stake in the oil mining field OML 29. The company has successfully ramped up oil production to an impressive 95,000 barrels a day, marking a remarkable achievement in the sector. CNBC Africa's Wole Famurewa recently sat down with AITEO's Chike Onyejekwe at the Nigeria Oil and Gas Conference in Abuja to discuss the journey of OML 29 and the company's plans for the future. Upon taking over OML 29 from the previous operator, AITEO inherited an asset that was only producing 23,000 barrels a day. Recognizing the need for a change, the company conducted a thorough evaluation of the asset and implemented strategies to increase production. By November 2015, just two months after taking ownership, production had already jumped to nearly 60,000 barrels a day. Through dedication and strategic planning, AITEO continued to aggressively improve operations, reaching a peak production of 95,000 barrels a day by December 2016. In addition to focusing on production growth, AITEO also addressed operational challenges associated with aging assets and community relations. By optimizing production and ensuring efficient evacuation of oil, the company successfully navigated the complexities of the brownfield operation. This multi-faceted approach, combined with the hard work and dedication of AITEO's staff, led to the impressive production levels seen today. Chike Onyejekwe emphasized the importance of cost management in the current oil price environment. With a keen eye on project economics and operational efficiency, AITEO strives to achieve lower production costs to remain competitive on the global stage. Leveraging technology and innovation, the company focuses on well intervention to maximize production levels and drive profitability amidst fluctuating oil prices. Looking ahead, AITEO has ambitious plans for the future. The company is already identifying and maturing projects that will shape its trajectory over the next five to seven years. With a strategic focus on gas production and entry into the domestic market, AITEO aims to further expand its operations and increase production capacity to meet growing demand. In a conversation with the Nigerian Minister of Petroleum Resources, Chike Onyejekwe highlighted the need for continuous improvement and adaptability in the face of evolving market dynamics. By prioritizing efficiency, innovation, and long-term planning, AITEO remains poised to make a lasting impact in the industry and position Nigeria as a key player in the global oil market. AITEO's successful ramp-up of oil production at OML 29 serves as a testament to the company's commitment to excellence and its ability to drive growth in the Nigerian oil and gas sector. With a strong foundation and forward-looking strategy, AITEO is poised for continued success and innovation in the years to come.