Nigerian energy giant, Aiteo Eastern Exploration and Production Company has announced plans to inject over $5 billion investments in its operations to boost its crude oil production to 250,000 barrels per day and to as well spur an increase of the country’s gas supply to 300 million standard cubic feet per day.

Mr Victor Okoronkwo, the CEO of the company disclosed that the development was needed to grow the petroleum industry, adding that the country will also benefit from the deal, as the investment would raise gas supply and lead to an increase in power generation to more than 1.2 gigawatts in the country. He further beckoned on the federal government to step up its efforts in stemming the menace of crude theft and vandalism rocking the industry.

“At the moment, we do have our development plan which has been submitted to our joint venture partners…, and because the government is exiting the cash call situation, we are negotiating an alternative finance package to be able to fund about $5 billion of investments. The investment would move production to 250,000 barrels per day,” the CEO said.

Read more at Nairametrics

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