EXCLUSIVE
By Timothy Oyomare
All may not be well with Aiteo Eastern Exploration and Production (E&P) Company Limited, a subsidiary of Aiteo Group, as the company is currently going through financial murky waters exacerbated by financial stress and exposure.
This has compelled the company to devise new strategy to shore up its financial portfolio by shopping for new investors and partners.
Ahead of this plan, the company has enlisted the services of Mr. Bruce Burrows, a seasoned and global financial expert, as its global group chief financial officer. Burrows whose appointment takes effect from 18th November, 2017, will report to the executive vice-chairman, Global Group, Aiteo.
Aiteo, which is the major financier of Nigerian’s football league, is currently struggling with production figures which have been on the decline. The company which had had an average production of about 50,000 barrels of oil per day (bopd) is currently hovering around 28,000 bopd.
Aiteo is the owner and operator of onshore oil bloc OML 29 which it acquired from Shell Petroleum Development Company, SPDC in September 2015 at a cost of $1.7 billion.