Mohammed Shosanya
AITEO, has launched a unique and strategic crude oil movement innovation aimed at boosting the country’s oil output.
Aiteo,said in a statement that it has resolved to revamp the hitherto inactive Nembe Creek, among other innovative solutions aimed at repositioning the sector.
It explained that by the move, Aiteo is involved the Nigerian firm employing smaller river-going tankers to transport Nembe Creek from inland production sites to the global market.
This ingenious crude transport model will help guarantee higher production and boast the forex market stability in the country.
It explained that the step is aimed at revamping the Nembe Creek trunk pipeline, which has been inactive since February 2022.
Aiteo acquired the pipeline which was formerly under the management of Shell Plc in 2015.
The new approach adopted by the Aiteo, is to use smaller vessels to navigate the waterways of the Niger Delta and ensure the uninterrupted flow of Nembe Creek oil.
“Aiteo’s solution involves smaller ships meeting larger tankers, ensuring continuous oil flow.
“The innovative oil blend is designed to overcome existing barriers” the statement said.
Experts have described the move as a very innovative strategy,noting that while the strategy may incur higher costs, it puts Nigeria on a better stead to maintain its oil production levels considering impending OPEC quotas.
Besides, Aiteo’s strategic approach, also includes the deployment of a floating storage offloading vessel, the Galilean 7, positioned near the Brass terminal.
A group of ethnic youth leaders under the aegis of the Nigerian Ethnic Youth Leaders Council (NEYLC) has hailed Aiteo’s founder, Benedict Peters, over what it described as his ingenious business model.
The group noted that the move will help Nigeria out of economic and forex problems caused by a drop in crude oil production caused by sabotage.
The NEYLC is made up of the Arewa Consultative Youths Movement (ACYM), Ohanaeze Ndigbo Youths Movement, Oduduwa Youths and Middle Belt Youths.
The group in a statement on Friday, by the Ohanaeze Secretary-General and Head of Coalition’s secretariat, Nwada Ike Chiama, stated; “We, the ethnic youth leaders across the country, have noted with delight the great leap taken by Aiteo under the visionary leadership of Benedict Peters.
“We are of the view that this giant step will go a long way in repositioning the nation’s oil sector and ultimately lead to a significant increase in oil production.
“This, of course, is in tandem with the present administration of President Bola Tinubu’s desire to increase oil production.
“We know for a fact that Benedict Peters’ ingenious business model will help Nigeria out of economic and forex problems caused by drop in crude oil production caused by sabotage.
NEYLC therefore commended Benedict Peters and Aiteo, and urge the Federal Government, through its relevant Ministries, Departments and Agencies to cooperate and encourage the firm to achieve its goals within the shortest possible time.
END.