Aiteo Eastern Exploration and Production Company (AEEPCo) Limited has set a medium term investment of $4 billion to increase oil and gas production, The Nation reports.
Its Group Managing Director, Chike Onyejekwe, who disclosed this, noted that the fund will be channeled to declining and brown fields to boost oil and gas outputs from the firm’s oil and gas fields. Onyejekwe said: “Aiteo is poised to grow oil production. We will arrest declining and brown fields. We will also focus on attaining a target of producing 300 million standard cubic feet of gas per day (mmscfd) by increasing associated gas (AG), develop non-associated gas (NAG) and diversify our market.
“The $4 billion medium term investment will also be used for infrastructure asset integrity, reduce losses and create flexibility,” he said. “Aiteo’s ambitious five-year objectives include tackling the power challenges in Nigeria head-on through its legacy investments in the gas-to-power value chain. This is a testament to our commitment to the transformation of the entire oil & gas value chain into a world-class landscape,” he added. The firm’s major fields include Nembe, S/Barbara, Okoroba, Oloibiri. Its 97km Nembe Creek Trunk Line also has the capacity to evacuate 600million barrels per day and has six injectors.