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Aiteo Takes Over OML 29 Operatorship

Despite the furore generated by the transfer of operatorship of some oil block to indigenous oil firms by the past administration the new leadership of the industry might continue with the strategy following the observed lack of capacity in the Nigerian Petroleum Development Company (NPDC).

According to Africa Oil and Gas Reports, Aiteo Eastern E&P Company Limited effectively takes over operatorship of the Oil Mining Lease (OML) 29, beginning September 1, 2015. It comes at a time of plunging output of the asset.

OML 29 averaged about 50,000BOPD, (22,500BOPD Net to AITEO) until mid 2015, and has now gone down to 35,000BOPD. The Nigerian independent, which is part of a diversified energy group including crude oil and petroleum product sales, completed acquiring the 45% interest in the acreage in March 2015.

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