The integrated energy group Aiteo announced it has achieved a peak production of 90,000b/d of oil in one year after its acquisition of Nigeria’s Oil Mining Lease (OML) 29, Today reported.

World Oil informed that Aiteo acquired OML 29 in September 2015, when oil major Shell Petroleum Development Company (SPDC) fully exited the facility. At the time of the divestment, average production was 23,000b/d. However, Aiteo, affirms it has tripled this figure.

The company’s CEO and Vice Chairman, Benedict Peters, noted for several existing and developing projects that could potentially grow Aiteo’s asset production to over 150,000b/d and 200mscf/d.

“Our outlook is bright with three producing oil fields and viable crude exports via Bonny terminal. We also have contingent resources to appraise and prospective ones to explore in the medium to long term, including full 3D coverage and 2P NNS reserves at 1.6b barrels,” he added.

Additionally, Aiteo says it is developing a pipeline of power generation projects across Nigeria. The company is confident that its significant gas resources at OML 29 will transform the country’s oil-rich Niger Delta region into a power generation hub of repute before long.