Tag: Crude oil

Crude Oil: ?Cargo fails to unload 2m barrel at ?angote Refinery due to payment challenges – Report

Aminu Imam
Crude oil cargo

Chinese energy giant, PetroChina, has been waiting to offload a shipment of U.S. crude oil at ?angote Refinery for almost a month due to issues with payment, according to four trading sources and shipping data. The 2-million-barrel cargo of West Texas Intermediate (WTI) crude oil, transported by PetroChina on the supertanker, Maran Mira, has been anchored-off Nigeria since March 28, according to shipping data from LSEG and Kpler. The completion of the oil transaction between PetroChina and ?angote has been postponed because the refinery has not yet provided a Letter of…

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Crude Oil theft: Theres calamity in Niger Delta Mele Kyari

Aminu Imam

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, (NNPCL), Mele Kyari, has described oil theft and vandalism in the Niger Delta region as a calamity. The NNPCL CEO, who stated this in Abuja on Friday, when he appeared before the Senate Committee on Appropriation, said that there were over 4,800 illegal connections on crude oil pipelines in the area and warned that this could frustrate the projections of the Federal Government. Kyari pointed out that the daily oil production would depend greatly on the security situation…

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Navy arrests vessel with stolen crude, fingers Tompolos Tantita security outfit

Aminu Imam

The Nigerian Navy has said its personnel arrested a 77-metre-long Motor Tanker Vinnalaris 1 Lagos, engaged in illegal crude oil shipping. According to the Navy, on Thursday, the vessel had 17 crew members onboard at the time of arrest caught engaging in illegal siphoning of crude oil from one of the well heads at EBESAN oil field about seven nautical miles off the coast of Awoye riverine community in Ilaje Local Government Area of Ondo State. A statement by the Navys spokesperson, Adedotun Ayo-Vaughan, said the arrest of the vessel…

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Crude Oil Theft: Private security operators save Nigeria $43.2m daily Private Contractor, Tantita

Aminu Imam

The activities of private security operators in combating crude oil theft in Nigeria is estimated to save Nigeria over $43.2million daily. One of the private security contractors of the Nigerian National Petroleum Company, NNPC Limited, Tantita, made this disclosure while speaking at the maiden edition of Maritime Reporters Association of Nigeria, (MARAN) Annual Lecture, in Lagos, on Wednesday. Speaking at the conference, the Executive Director, Tantita Security Services Nigeria Limited, Capt. Warredi Enisuoh, highlighted the crucial roles of private security operators even as he noted that dealers in crude oil…

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?angote Refinery secures licence to refine 300,000bpdcrude

Aminu Imam

Founder, Chairman, and CEO of ?angote Group,Aliko ?angote, has said his refinery has secured a licence to refine more than 300,000 barrels of Nigerian crude per day and will begin to process gasoline soon. According to Bloomberg, ?angote, in an interview in Riyadh, Saudi Arabia, on the sidelines of the Saudi-Nigeria business roundtable, said: We dont want to start our refinery with foreign goods, we want to start with Nigerian crude. Were more than ready and you will see our gasoline products soon, he added. The refinery was supposed to start…

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Oil theft costs Nigeria N4.3tr in five years – NEITI

Aminu Imam

The Federal Government has revealed that over N4.3 trillion worth of crude oil was lost to oil theft in 7,143 pipeline vandalism cases within five years. This startling figure was disclosed at the Nigeria International Pipeline Technology and Security Conference in Abuja, highlighting the severe impact of oil theft on the nations economy. In a presentation at the conference, the Nigeria Extractive Industries Transparency Initiative (NEITI), a government agency, painted a grim picture of the oil theft situation, labelling it a national emergency. NEITI’s Executive Secretary, Ogbonnaya Orji, emphasised the…

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Dangote Refinery to commence operation in October with 370,000 b/d – Director

Aminu Imam

The long-awaited Dangote refinery heralded as a game-changer for Nigeria and sub-Saharan Africa, will receive its initial shipment of crude in the next two weeks. Dangote Group Executive Director, Deva Kumar Edwin, who revealed this yesterday, said as from October onwards, it is set to commence the production of approximately 370,000 barrels per day (b/d) of diesel and jet fuel. If achieved, the refinerys maximum intended capacity of 650,000 bpd will make Nigeria self-sufficient in fuels while leaving ample for export. The refinery will initially focus on diesel and jet…

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Fuel price increase looms, as crude oil hits $95.70 per barrel

Aminu Imam

FG insists on no price hike The continued rise in the price of crude oil, at $95.70 per barrel yesterday from $94 per barrel weekend, in addition to inflation and depreciation of the Naira have culminated in the price of imported fuel rising in the global market. This is contained in the latest report from the Organisation of Petroleum Exporting Countries (OPEC) yesterday. Oil traders, who spoke to newsmen, said refiners would pass the high price of oil to fuel importers, including Nigeria which imports 100 per cent of its…

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Why Tinubu should act, fight against crude oil theft now – Analyst

Aminu Imam

A public affairs analyst, Comrade Ovasa Ogaga, has said that in a remarkable turn of events, Nigeria has witnessed a significant upturn in its battle against crude oil theft, thanks to the efforts of the security firm in-charge of securing the crude oil pipelines in the Niger-Delta region, Tantita Security Service Nigeria Ltd and its affiliate agencies. Ogaga, who stated this in an opinion article published at the weekend, said, After years of struggling with organised syndicates of oil thieves, Nigeria’s crude oil production is on the rise again, and…

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Nigeria loses N16.25tr to crude oil theft Speaker H/Reps, Abbas

Aminu Imam

Speaker of the House of Representatives, Tajudeen Abbas has disclosed that Nigeria lost N16.25 trillion to crude oil theft between 2009 and 2020. The Speaker, who stated this while inaugurating the ad-hoc committee to investigate crude oil theft and loss of revenue in Abuja on Thursday, said the menace of crude oil theft had hampered the growth of the countrys oil production, with between five and 30 per cent of crude oil production lost daily. He said that critical agencies in the oil and gas sector like the Nigeria National Petroleum Company Ltd, Nigeria…

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