Kola Aluko and Scott Aitken, Co-CEOs of Atlantic Energy, gave a presentation titled 'Onshore Niger-Delta – A Changing Landscape' at the African Oil Week conference. There are still many underdeveloped oil discoveries onshore in Nigeria and with the recent divestments of onshore assets by International Oil Companies operating within the country, this would increase the opportunities and access of Nigerian indigenous oil and gas companies to 8bn barrels of crude oil and 46trn cubic feet of natural gas gross reserves, predicted Aluko and Aitken.
Kola Aluko and Scott Aitken discussed the challenges regarding the development of existing assets and increasing production including the ageing infrastructure, large parts of which has not been replaced or maintained properly for years. Both Aluko and Aitken suggested a detailed evaluation and phased infrastructure refresh and upgrade for Nigeria.
Kola Aluko commented that Nigerian companies such as Atlantic Energy have pushed for increased local participation in the upstream sector. As recent as 5 years ago, six to seven international oil companies were producing over 97% of Nigeria's oil and gas, now Nigerian companies are producing close to 10% and Aluko went on to say that the industry could have 30% of Nigeria's oil and gas production being produced by Nigerian companies within 5 years. Aluko said, 'the time is now for companies like Atlantic Energy and other indigenous companies to step up to the plate.'
Kola Aluko's Atlantic Energy is a private upstream oil and gas group founded by Nigerian and international exploration and production executives, such as Aluko and Aitken, with an extensive track record and experience in the Nigerian E&P sector. The company currently operates in Nigeria and is dedicated to its partners and communities through its Enduring Commitment sustainability program.
Both Aluko and Aitken made an example of Atlantic Energy's Strategic Alliance with the exploration arm of the Nigerian National Petroleum Corporation (NNPC), Nigerian Petroleum Development Company (NPDC) wherein Atlantic Energy provides funding, technical and project management assistance to NPDC for designated assets.
Aitken and Aluko also reported that Atlantic Energy has made significant achievements through an increase in the reserves of the assets covered by the Strategic Alliance as well as new field development programmes. Aitken noted that Atlantic Energy has invested over $500 million further to the Strategic Alliance Agreement with NPDC and also noted that NPDC and its Joint Venture partner have commenced a 60,000 barrel of oil per day flow line and flow station reinstatement.