Aiteo, Africa’s biggest integrated energy business led by pan-African billionaire Benedict Peters, has resumed production at its Nembe field in Bayelsa state after successfully repairing an oil spill earlier this week. The field, which produces almost 50,000 barrels per day (bpd), had been temporarily shut down due to the incident reported on Monday.
The Nembe area, located in Nigeria’s extremely polluted South-South region, has been plagued by oil spills that have harmed local farming and fishing communities for decades. Aiteo acknowledged the restoration of production in a statement issued Saturday, citing their team’s meticulous efforts to resolve the situation and establish improved safety standards.
“Our dedicated team has worked diligently to address the issues caused by the recent incident and implemented enhanced safety protocols to prevent future occurrences,” Aiteo told the press. “We are delighted to confirm the resumption of production activities.”
Benedict Peters founded Aiteo, Africa’s largest privately-owned integrated energy corporation, which operates in West and Southern Africa. Under Peters’ leadership, the business has established itself as Africa’s leading indigenous oil exploration company, with daily production in Nigeria exceeding 90,000 barrels. The Niger Delta and Benue Trough regions are key areas for exploration.
In 2023, Aiteo teamed with Nigeria’s NNPC to launch the Nembe crude oil grade. This new grade, defined by its unique blend of API gravity and low sulfur content, has the potential to strengthen Nigeria’s position in the global oil market. The Nembe Creek complex, the largest of Aiteo’s 11 fields, also generates a significant amount of natural gas for Nigeria’s LNG plant on Bonny Island.
In December 2023, Aiteo purchased a significant stake in Mozambique’s Mazenga gas block, indicating a desire to growing its presence in the African energy sector. This transaction is consistent with Aiteo’s strategic objectives to invest in Mozambique’s gas sector.
Earlier this year, Aiteo collaborated with The Atlantic Council’s Africa Center to change Africa’s position in the global essential minerals supply chain. This three-year effort intends to tap into Africa’s supplies of vital minerals used in a variety of industries, including electric vehicles and military equipment.
Benedict Peters’ corporate empire extends beyond Aiteo to Bravura Holdings, Africa’s largest privately held vertically integrated mining corporation. Bravura is aggressively developing important minerals such as lithium and uranium in several African states.
In May 2024, Bravura announced the completion of Zimbabwe’s first world-class lithium upgrading facility at the Victoria Falls Annual Mining Indaba, a significant milestone for the country’s mining industry.
This high-level effort, developed in conjunction with Manhattan Corporation, seeks to process more than 5 million tons of ore each year, generating an enhanced lithium oxide product. The Indaba, sponsored by Bravura Holdings, demonstrates the sector’s commitment to long-term growth and economic transformation.