Extraordinary performances, as well as the outstanding behind-the-scene efforts and accomplishments displayed by a company, organization or individual in the energy industry within a given period, are the distinguishing factors setting them apart NOGSpeed offers recognition, encouragement and promotes to
inspire other practitioners in the industry. Honour is given by NOGSpeed to remarkable individuals, companies, groups or organizations identified for consistent exceptional efforts and contributions in the industry by the investiture of Star O&G Man, Company, Regulator or organization, which the
awardees/recipients rarely see coming. We celebrate their distinguishing contributions to the growth and progress of energy industry without prior notice.
Aiteo E&P has clearly marked itself out as an outstanding company, not only as a survivor, but a highly distinguished, never-relenting success story with an indigenous origin that has stood well the test of time through thick and thin, in and out of not-so- appealing perceptions, local and global turbulent oil and gas production times and yet has remained undaunted, instead has been going strong amid all the hurly-burly industry challenges.
One remarkable fact about Aiteo seems its dynamism, flexibility the ability to reinvent itself through the wavering times, but most of all, its massive diversification as a conglomerate multinational.
Aiteo Eastern E&P Company Limited is the operator of the NNPC-Aiteo Joint Venture on Oil Mining Lease No. 29 (OML 29).
It is also a major infrastructure provider as the operator of
the 117 km Nembe Creek Trunk Line (NCTL), which serves as an evacuation pipeline for produced crude
oil from 4 other oil companies along the stretch of Bayelsa to the Bonny Terminal in the eastern delta region with 600,000 bbls/d design capacity. ?
The Aiteo Group was rebranded from Sigmund Cummenecci, an oil product supply and trading company founded by Nigerian entrepreneur, Benedict Peters in 1999.
The Group has grown to become a Pan-African integrated energy-focused conglomerate with interests
in Oil and Gas, Electricity generation, Mining, Agriculture and Real Estate.
Aiteo Eastern E&P Company Ltd (AEEPCO) its subsidiary, was
founded in 2014 as a special purpose vehicle, SPV to participate in the SPDC competitive bid divestment exercise. The Aiteo Consortium emerged the preferred bidder for OML29 and the Nembe Creek Trunk Line (NCTL), having fulfilled all selection criteria including but not limited to assessment of its technical and financial capacity, KYC as well as comprehensive integrity and due diligence checks. Consequently, Aiteo Eastern E&P Company Limited acquired the 45% equity holdings of Shell, TOTAL and AGIP in both assets and is currently the Operator of the NNPC/AITEO JV. The acquisition was through a combined
offshore and onshore syndicated loan arrangement from eight financial institutions including six Nigerian deposit money banks- the first of its kind in the nation’s history. The acquisition won the Oil and Gas Deal of the Year award 2016 by The Business Year Review.
The company has taken its place at the top of Nigeria’s fast rising NOCs by making key investments in seasoned and experienced leaders, as evident in rapid production growth, and deploying best practice in commercial excellence.
Aiteo E&P is guided by the principles of sustainability: environmental-consciousness, inclusive operations, and superior health and safety policies. ?
Aiteo E&P, despite operating in a business environment characterized by great volatility and frequent disruptions kept faith with the business and surviving against all odds.
Despite facing the challenges of energy security, sustainability and severe economic Impact of NCTL Infractions, Aiteo sees it as imperative to be more dynamic in transforming their capabilities to meet its corporate objectives
In numerical terms, the NCTL’s shut in cost the nation a whopping $90 million in revenue. This year alone, this critical economic asset has been shut in 61 times, and about 200 times in the last 4 years.
Through the years the Aiteo Group has contributed to various local initiatives and social development programs across the continent. The company’s philanthropic efforts focus on creating sustainable value to the Nigerian society and addressing burning local issues such as national unity, youth empowerment, and community development. As an energy giant that is focused on delivering the future, Aiteo is committed to reinforcing unity as a launchpad for collaboration in Nigeria, through a common language; Football.
Its investment in sports in Nigeria is one of the major planks of its social responsibility programme, which is its commitment to giving back to the communities where it operates.
Today, Aiteo’s support for sports transcends the shores of Nigeria, especially with its multi-million- dollar sponsorship deal with the Confederation of African Football, CAF, for the African Footballer of the Year Award – rewarding excellence in the game on a continental level.
Aiteo currently sponsors the Nigerian Federation Cup, plus a touted adoption of Nembe City FC, playing in the Nigerian Nationwide League.
In April 2017, Aiteo signed a multi-billion-naira five-year sponsorship deal with the Nigeria Football Federation to boost football development in Nigeria with exclusive rights to cover all NFF local and foreign financial obligations for its main teams as well as providing an unprecedented support to the country’s flagship national football team, the Super Eagles in its history. Aiteo has provided various huge financial motivators to the Nigerian team leading to its near-perfect qualification in FIFA World Cup, Russia 2018 and support of ailing goalkeeper, Carl Ikeme.
In its corporate social investment: corporate philanthropy, education, and local community supports, Aiteo makes annual donations to churches, registered charities, and not-for- profit charitable organizations. It is involved in various social investment projects with its core funding in areas such as education; improved political awareness and governance; arts, culture and community development.
In education, Aiteo is committed to promoting the study of engineering in the communities within which it operates with commitment to providing annual scholarships for higher-level education. In June, 2019 the group donated about N1 Billion
to the Bayelsa State Education Trust Fund and Primary Health Care Scheme.
With its stated vision to become the largest integrated energy focusedconglomerateinAfrica, leveraging expansive infrastructural investment, innovation and engaged workforce to deliver safe and clean energy to the continent, the future is AITEO
NOGSpeed attests that the company is indeed passionate about its drive to be on the forefront of the energy industry in Africa, guided by its use of cutting-edge technology as well as taking calculated risks that is rapidly growing its market share and challenging its competitors to push the boundaries of oil and gas exploration and production.
It was found out that this is a position it aims to maintain by leveraging its three-pronged approach, comprising – People, Process and Technology.
NOGSpeed found out that AITEO has previously received several innumerable reputable recognitions and awards for its outstanding performance in the energy industry and its commitment to social development and sustainability has attracted several awards including, but not limited to:
2019 Oil & Gas Company of the year – Marketing Edge. 2019 Award of Excellence – African Institute for Science Policy & Innovation, Obafemi Awolowo University, Ile-Ife.
2019 Foremost Sponsor of Football in Nigeria – Super Eagles Supporter’s Club.
2018 Oil and Gas CSR/Sustainability Company of the Year (Upstream) – The GuardianNewspaper
2018 Oil and Gas Company of the Year (Upstream Indigenous) – The Guardian Newspaper
2018 Oil and Gas CEO of the Year (Upstream Indigenous) – The Guardian Newspaper Corporate Sponsor of Football Award – Nigeria Pitch Awards 2017 Company of the Year – New Telegraph Newspaper. 2017 Company of the Year – LeadershipNewspaper.
2017 Company of the Year – Business Day Newspaper.
2017 Indigenous Company of the Year Award – Nigeria Oil & Gas Summit / CWC 2017 Oil Industry Leadership Award – Petroleum Technology Association of Nigeria, PETAN/ OTC
2017 Corporate Sponsor of Football Award – Nigeria Pitch Awards
The Nigerian Oil & Gas Special- edition Publications and Harry Fame Communications Limited heartily congratulate Aiteo Eastern E&P Company Limited on a most-earned Star Oil and Gas Conglomerate, 2019.