When a man is described as an unobtrusive billionaire, it is a no-brainer that he does big things quietly and makes bold moves without making a song and a dance of it. That is the way of Mr. Benedict Peters. The guiding principle of the founder of Africa’s premier oil independent, AITEO is to be the best at everything. This resolve has shown in his lifestyle and all the pies he puts his hands on. He remained focused as he had the true picture of what he wanted to achieve in life so he chased his dreams with much gusto. His interest in the oil & gas business some years ago was meticulously pursued. And trust him, he set the standard with his AITEO and became a huge success in the volatile industry thereby solidifying his status as one of Africa’s wealthiest men.
The billionaire has recorded some feats in recent time that wowed his friends and critics.
In November 2023, his AITEO returned to crude oil production with the introduction of a new Nembe Crude Oil Grade into the international market. This was after more than three years of non-production due to chronic crude oil theft and sabotage in the Niger Delta. Peters’ AITEO is the operator of OML 29 —a joint venture with the NNPCL. They returned to production of around 50,000 barrels per day with a plan to scale up to 100, 000 barrels per day this 2024. AITEO has so far been exporting cargoes of the Nembe Crude Oil grade with its attractive Assay of API 29 and low sulphur content to buyers in Europe. Also in his quest to transform Nigeria’s energy sector, Peters’ subsidiary, AITEO Eastern E&P Company announced plans to build two refineries —in Bayelsa and Rivers States. The refineries, which will each have a capacity of 250,000 barrels per day, will produce a variety of petroleum products, including PMS, lubricants, and petrochemicals. As he is taking a monumental step in Nigeria’s petroleum industry, the tycoon has continued to grow his solid minerals explorations opportunities in Southern and Central Africa.
Peters has expanded his portfolio by securing a significant stake in Mozambique’s Mazenga gas block, the largest onshore gas reserve in Sub-Saharan Africa. The acquisition was finalized following a series of farm-in agreements with Mozambique’s national oil. The Mazenga assets, nestled in Mozambique’s rich sedimentary basin, span approximately 23,000 square kilometres, are estimated to contain a substantial gas reserve of 19 trillion cubic feet. With his expansion into Mozambique, Peters is aggressively pursuing other exploration and production opportunities across Africa and beyond, adding to his existing assets in the Niger Delta basin and the Benue Trough.