Aiteo boss bags Forbes Oil & Gas Leader award 2018
Benedict Peters, an international business leader and founder of Aiteo Group was awarded Africa’s Oil and Gas Leader of the Year at the Forbes Best of Africa Gala which held at Forbes Headquarters, New York City on September 27, 2018.
A press release from the organisation says the award is an “acknowledgement of Peters’ significant contribution to oil and gas development in Africa by visionary leadership, distinguished service and transformational realignment of a sector dominated by International Oil Companies.”
The organisers also say the Forbes Award recognised Peters’ commitment to bettering the lives of people and societies across Africa by philanthropic engagement.
“Peters’ ascendancy in Africa’s Oil and Gas sector has been exemplary as well as revolutionary. His company, Aiteo, has thrived for about two decades – going from a downstream start-up to becoming a leading integrated energy conglomerate with strategic investments in hydrocarbon (or commodities) exploration and production,” Paul H. Trustfull, Editor, Emerging Markets for Forbes said.
Peters reinvented himself in times of great personal challenge. He resurrected his identity and reputation while battling injustice. He proves that inspirational leadership in a difficult industry is possible,” Trustfull added.
Maikanti Baru, NNPC Group managing director was the winner last year. Forbes says the awards are given specially to top oil and gas personalities who have made far-reaching and positive contributions to the development of the sector, and have caused sustained stability of the economy in which they operate.
Peters dedicated the awards the company’s staff and said the award will motivates the company to broaden its vision for the continent, despite all odds, and accelerate her economic transformation.
“We believe that Africa has what it takes to lead the world and we will continue to push the frontiers of development through our investments in people and technology. The success of our Oil and Gas Upstream subsidiary proves that the future we envision in Africa rests to a large extent in the hands of Africans,” Peters said.
Peters ventured into the oil and gas sector as an entrepreneur in 1999 and initially traded mainly in the downstream sector. Aiteo is currently the highest producing indigenous oil E&P company in Nigeria.
In 2015, Benedict Peters consolidated Aiteo’s asset portfolio with a $3 billion acquisition of sub-Saharan Africa’s largest onshore block (OML 29). Subsequently, Aiteo optimised the asset’s yield from 17,000 barrels of oil per day (bopd) to almost 70,000 bopd within the year of the asset’s acquisition.
The largest indigenous energy provider currently peaks production at around 100,000 bopd, doubling its initial asset value to $6 billion within three years. The company plans to invest another $4.3 billion acquiring additional offshore assets with a projected total output of 250,000 bopd in the short to medium term.
Beyond oil, the Aiteo Group has investments in mining, agriculture, infrastructure development, electricity generation and distribution, with a fast-growing retail distribution network.