Community protest against AITEO over negligence, shut down AITEO facility (PHOTOS)

Nembe of Bayelsa state the host community of Aiteo Eastern Exploration staged a peaceful protest to register their displeasure to the multinational oil company over the Operation of the OML 29 oil facilities. Carrying out the peaceful protests in front of the oil facility, the protesters Among the protesters who displayed various placards with inscriptions such as ‘ Give Nembe light, don’t misunderstand our hospitality for stupidity’, Aiteo Nembe City demands justices’ the land is ours, the oil is ours, Aiteo cannot operate without taking the host community along among…

Read More

Aiteo fixes leak, restarts Nembe Creek Oil Export pipeline

The Nembe Creek Trunk Line (NCTL) resumed normal operations on March 7 following the plugging of a leak which necessitated the shutdown of the facility on February 28. A spokesperson for Aiteo Eastern Exploration and Production the operator of the 97 km NCTL, Mr Masade Odianosen, told the News Agency of Nigeria (NAN) yesterday that the facility “is up and running’’. The development has allayed fears of a major disruption of oil export on the export pipeline that evacuates up to 150,000 barrels of crude daily to the Bonny Oil…

Read More

Aiteo/NFF Awards: Legends kick as Moses, Oshoala, others win

  Despite their presence at the inaugural Aiteo/Nigeria Football Federation awards in Lagos on Monday, some of the ex-internationals have expressed their disappointment on the way they were treated on the night. “I am happy for the recognition given to some of us tonight,” one of them spoke with our correspondent on condition of anonymity.   “But so unfortunate that some were called to the podium and others did not even get to wave to the crowd. People want to see these legends and it was interesting during lunch at…

Read More

Local oil firms walking a tight rope

Indigenous firms are the worst-hit by myriads of challenges bedeviling the oil and gas industry. ADEOLA YUSUF reports on how many of them are running into bankruptcy     Aiteo, an indigenous oil firm, made the headlines penultimate week; basking in the euphoria of its new status as the biggest Nigerian- owned oil firm in terms of production, hitherto known by many as the petroleum product trading firm, it announced the production of the largest share of the 313,602 barrels per day output from indigenous companies. The firm’s management cannot…

Read More

Slippery crude oil swap

The recent payment of over $202 million to the Nigerian National Petroleum Corporation (NNPC) downstream entities by Aiteo Energy Resources Limited for fraudulent deals under the scrapped crude oil swap arrangement has reaffirmed the need to fully unravel all transactions surrounding the controversial barter plan during the last administration. The amount includes Aiteo’s share of the $184 million total indebtedness by three companies on crude swap obligations and other downstream liabilities. Televaras Group of Companies has also pledged to make a tranche payment of $17.2 million while NNPC is still…

Read More

Crude swap racket: NNPC recoups $202m from AITEO

The Nigerian National Petroleum Corporation (NNPC) has recouped $202 million as outstanding payment on crude for product swap from Aiteo Group. The corporation, which confirmed this yesterday, stated that it would continue to go public on recovery process for product under-deliveries in the $184 million crude swap racket, which rocked the corporation up till August 2014 when the crude swap contracts were cancelled. Stating that the rigorous recovery efforts were in line with the ongoing reforms in the industry, the NNPC, in a statement by its Group General Manager, Group…

Read More