Nigeria’s Largest Oil Independent to Spend $5 Billion to Boost Output
- Aiteo is aiming to more than double current oil production
- Unplanned halts of pipeline have cost at least $2 billion
Photographer: George Osodi/Bloomberg
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Nigeria’s largest independent oil producer plans to spend as much as $5 billion to boost its oil and natural gas production in the next five years.
Aiteo Eastern E&P Co. plans to drill new oil wells and re-open existing ones as it seeks to raise production, Chief Executive Officer Victor Okoronkwo said Tuesday in an interview in Abuja, Nigeria. It will also seek to increase its stake in a joint venture with Nigeria’s state oil company.