Indigenous oil and gas company Aiteoe Group said it is negotiating an alternative financing package to fund $5 billion of investment that will grow its oil production to 250,000 barrels a day and increase gas supplies to about 300 million standard cubic feet per day. The company’s Group Managing Director Victor Okoronkwo who stated this on the sidelines of the ongoing Nigeria Oil and Gas Conference in Abuja added that the additional funding that will raise gas supply will also lead to increase in power generation to more than 1.2 gigawatts in Nigeria.

When asked how the funds will be raised, he said, “It is going to be a cocktail of financing options, depending on how we land with the alternative financing mechanism we are working out with our joint venture partners NNPC.”

He said the challenges of pipeline breakage and  theft have cost the company and the entire country about $2bn in lost revenues.