Billionaire Benedict Peters Makes Major Investment in Mozambique’s Gas Sector

Benedict Peters, the Chief Executive Officer of Aiteo, has made a significant acquisition by purchasing a substantial stake in Mozambique’s largest onshore gas block, Mazenga. This expansion represents a strategic decision for Aiteo to advance its energy interests and strengthen its presence in Sub-Saharan Africa.

The Mazenga block, which spans approximately 23,000 square kilometers in Mozambique’s sedimentary basin, is estimated to hold 19 trillion cubic feet of gas, making it the largest onshore gas reserve in the region. Aiteo’s acquisition involved a series of agreements and farm-in arrangements with Mozambique’s state energy company, Empressa Nacional de Hidocarbonetos (ENH), granting the company operational rights to the block.

In response to this acquisition, Aiteo has initiated an ambitious development program, including geological studies, field surveys, and data reinterpretation, demonstrating the company’s substantial investment in Mozambique’s gas sector. Benedict Peters has expressed the company’s determination to develop the assets for the mutual benefit of Mozambique and all involved stakeholders, aligning with their strategic objectives of engaging in distinct energy assets across Africa and expanding their global gas resources.

Mozambique is a significant player in the global gas market, boasting approximately 100 trillion cubic feet of confirmed gas reserves as of 2017, ranking 14th worldwide. The presence of major international energy corporations such as Total, ENI, and ExxonMobil in the country underscores its strategic importance in the international energy landscape, particularly in the liquefied natural gas (LNG) export market.

Under Benedict Peters’ leadership, Aiteo has emerged as Africa’s largest indigenous oil producer, contributing over five percent of Nigeria’s daily oil output. Furthermore, the company introduced a new crude grade, Nembe, in November 2023, meeting the strict requirements of major European buyers with its low sulphur content and reduced carbon footprint. In addition to Aiteo, Peters’ business empire extends to Bravura Holdings, a diversified mining conglomerate with interests across Southern, Central, and West Africa, positioning him as the largest private Black miner on the continent. He also owns Joseph Agro Industries, a prominent rice producer in West Africa, among other enterprises.

This latest venture into Mozambique’s gas sector represents another significant achievement in Benedict Peters’ diverse and expanding business portfolio, reinforcing his position as a prominent African billionaire with a substantial presence in the energy and mining sectors across the continent.