Tag: Crude oil

Rivers: After 50yrs, Nigeria set for first crude oil export terminal  

Aminu Imam
Rivers export terminal

Barring any unforeseen issue, President Bola Ahmed Tinubu will commission the $400 million Otakikpo On-shore Crude Oil Export Terminal in Rivers state on October 8. This historic project marks the first crude export facility to be built in Nigeria in over five decades, reinforcing President Tinubu’s commitment to reviving the energy industry and boosting national productivity. Located in Ikuru town, Andoni local government area, the terminal was developed by Green Energy International Limited (GEIL), the operators of the Otakikpo Field in OML 11. It represents a major breakthrough for indigenous…

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Oil Theft:  Ijaw group alleges Navy conniving with ship owners to steal crude 

Aminu Imam
Ijaw Group alleges

The Ijaw People’s Development Initiative, (IPDI), has lambasted the Nigerian Navy, saying it is a disappointment, alleging it made no achievements while it held the pipeline surveillance responsibility. The group’s anger follows a recent allegation by Oweizide Government Ekpemupolo, better known as Tompolo, that the Navy is sabotaging its efforts in the fight against crude oil theft in the Niger Delta region. According to reports, IPDI National Coordinator, Austin Ozobo, in a telephone chat, claimed that rather than make positive achievements, the country bled economically under Navy surveillance, stressing that…

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Crude Production: Navy targets 2m bpd before Dec. 31

Aminu Imam
Navy targets oil production

The Nigerian Navy Ship, ‘NNS Pathfinder’, has expressed optimism that the two million barrels per day (bpd) crude oil production target of the Nigerian National Petroleum Limited, (NNPCL), can be achieved before the end of 2024. The Commander, NNS Pathfinder, Commodore Cajethan Aniaku, said judging from the results achieved so far from its personnel, achieving the target may not be far-fetched. Commodore Aniaku gave the assurance while addressing newsmen yesterday in Port Harcourt, during its ‘4th Quarterly Road March’.  He said, “We are almost 100%, we are very efficient in…

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NNPCL begins sale of Utapate crude to international refiners

Aminu Imam
NNPCL begins sale

The Nigerian National Petroleum Corporation Limited (NNPCL) says it has commenced sales of its latest crude oil grade, the Utapate crude oil blend, to international refiners, six months after it began exploration. It said the development is a major boost for Nigeria’s crude oil production, revenue generation and economic growth efforts. An issued statement signed by the NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, yesterday in Abuja, stated that the new product was unveiled before a packed audience of European crude oil marketers at the ongoing Argus European Crude Conference,…

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“Battle oil mafia; NNPCL should make refineries work” – Obaigbena

Aminu Imam
Obaigbena on Oil mafia

Chairman and Editor-in-Chief of THISDAY Media Group and ARISE news channel, Nduka Obaigbena, has challenged the Federal Government to put the four government-owned refineries in the country to work, to checkmate the oil mafias in the country. Obaigbena, speaking as the Chairman of the All Nigeria Editors Conference in Yenagoa, Bayelsa State, said, “If we are going to use whatever means to deal with the oil mafias, we should keep our refineries alive. If you say you want to stop monopoly, then our four refineries must work. Let those four…

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?angote to start crude production soon – Report

Aminu Imam
?angote on crude production

Amid feedstock challenges, the ?angote Group, owners of the ?angote Refinery, will soon commence crude oil production. According to reports by S&P Global Commodity Insights, the ?angote Group is looking to start production at its two Nigerian oil assets in the fourth quarter of 2024. According to the report, the company, which has endured months of crude supply woes, would reportedly commence production at its two Niger-Delta upstream projects in Oil Mining Leases (OML) 71 and 72, starting with about 20,000 barrels per day before ramping up further in the…

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Finally, FG officially commences crude oil sales to ?angote in Naira

Aminu Imam
FG ?angotecrude oil sales

The Federal Government has officially commenced the sales of crude oil and refined petroleum products in the local currency, the Naira. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced on Saturday that in line with the Federal Executive Council (FEC) directive, the sale of the products in Naira commenced on October 1. According to the statement issued by the Director of the Information and Public Relations, Ministry of Finance, Mohammed Manga, “Following a meeting of the Implementation Committee, Chaired by the Honourable Minister of Finance and…

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NPA commences coordination of crude oil sale to ?angote Refinery in Naira

Aminu Imam
NPA ?angote Refinery

…Sets up one-stop-shop The Nigerian Port Authority, (NPA), has announced the commencement of the sale of crude oil and petroleum products to ?angote Refinery in Naira, and setting-up of a one-stop-shop to enhance smooth sales. This was disclosed on NPA’s X handle, where the Managing Director of the Authority, Abubakar ?antsoho, was quoted saying the implementation of the Federal Government’s directive for the NPA to coordinate service provision from all regulatory, security, and other stakeholders for the smooth implementation of the initiative to sell crude oil and petroleum products to…

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‘Delay in crude supply to ?angote Refinery poses risk to Nigeria’s economy’ – EIU Report

Aminu Imam
EIU logo

The Economist Intelligence Unit (EUU) has issued a warning that further delays in crude oil feedstock to the ?angote Petroleum Refinery and Petrochemicals could jeopardise Nigeria’s economic recovery and put additional pressure on the naira. The research and analysis division of the Economist Group said the ?angote Refinery which began production in January has encountered setbacks in petrol production due to a shortage of crude oil feedstock. It said the $20 billion facility has successfully exported various products, including fuel oil, naphtha, nitrogen fertilisers, gasoil, jet fuel, and diesel but…

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FG to slash monthly petrol import cost by $610m with crude oil sales to ?angote refinery in Naira

Aminu Imam

Chairman of the Federal Inland Revenue Service (FIRS), Zach Adedeji, has announced that the Federal Government will reduce monthly spending on petrol imports by a whooping $610 million by supplying crude oil to ?angote Refinery and other local refineries in the local currency, the Naira. Adedeji made this statement on Monday, following the approval from the Federal Executive Council (FEC) that trade among local refineries be denominated in naira with immediate effect.  Adedeji said about $660 million is spent monthly on fueling importation, amounting to about $7.92 billion every year.

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