Nigeria’s Refineries Processed 10 Million Barrels In Q1

Nigeria’s refineries processed 10 million barrels of crude oil in the first quarter of the year, higher than the eight million barrels, produced in the 2015 calendar.

The production was successful as a result of interventions in the south-south oil producing region, through dialogue with militants, which reduced attacks on oil facilities.

Last year’s militancy, cut crude output by over 50 per cent, producing only 24 million barrels.

According to the Nigerian National Petroleum Corporation (NNPC), the 10 million barrels seen in the first quarter equates the 111,000 barrels per day, of the refineries’ capacity.

Niger Delta Peace Initiatives Boost Oil Production, Refining-NNPC

Niger Delta Peace Initiatives Boost Oil Production, Refining - NNPC

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1 day ago / Nation 

The Nigerian National Petroleum Corporation has said that the peace initiative of the Federal Government has raised the capacity utilization of its three refineries in Port Harcourt, Warri and Kaduna in recent times.

NNPC Group Managing Director, Dr. Maikanti Baru disclosed this in Abuja on Tuesday during an interactive session with a delegation from the United Kingdom Royal College of Defence Studies.

The GMD, according to a statement by the corporation spokesman, Ndu Ughamadu, said refining activities peaked at 10million barrels of crude oil in the first quarter of 2017 alone, as against 8million and 24million barrels for the entire years of 2015 and 2016 respectively.

Baru, who was represented at the event by the Chief Operating Officer, Gas and Power, Engr. Saidu Mohammed, stated that apart from the upbeat in the refineries activities attributable to the peace initiative, the corporation has recorded increase in crude oil production to 2million barrels per day in recent times.

“The peace we are enjoying now is as a result of the engagement with stakeholders in the region led by the Acting President. We intend to build on that to achieve a lasting peace”, the GMD said.

Speaking earlier, the team lead of the UK Royal College of Defence Studies delegation, Major General Craig Lawrence, said the group was in NNPC to learn how the corporation was generating wealth and prosperity for the country in the face of daunting challenges.

Members of the delegation included United Kingdom, France, Pakistan, and Thailand nationals, among others.

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Lagos Inaugurates Ibile Oil And Gas Corporation (IOGC), State Oil Company

The Lagos State Government Monday formally inaugurated the state-owned oil company, Ibile Oil and Gas Corporation (IOGC), as a business arm of the state in the oil and gas industry.

Speaking at the formal inauguration of the company’s corporate head office in Lagos, the state Governor, Akinwunmi Ambode, said the initiative was another giant step in the determination of the state to leverage on the recently acquired status of oil producing state in Nigeria.

He said the company was set up to manage the downstream and upstream activities of the state and protect the interest of all stakeholders.

“Lagos State is at the threshold of witnessing a boost in economic growth and employment generation given the evolving developments in its investment climate, particularly the oil and gas sector.

The Dangote refinery, the largest in Africa and one of the biggest in the world, will soon come on stream at the Lekki Free Trade Zone (LFTZ).

This multi-billion dollar investment will effectively complement the oil exploration activities of Yinka Petroleum and other oil exploration companies that will also operate in the Dahomey Basin in the future.

This will complete the Lagos State oil and gas security tripod of exploration and logistics in the western axis, refining in the eastern axis and funding and exportation through the banks and the ports in the central axis,” Ambode explained.

The governor said with the inauguration of the office complex, the Ibile Oil and Gas Corporation is being positioned to become a leading player in the oil and gas industry.

He said his government was aware of the multiplier effects that a viable oil and gas industry would bring about in terms of investment opportunities that would be created in allied industries and sectors of the state economy.

According to him, this has been the main driving force behind his commitment to develop strategies and policies that will continue to ease the process of doing business in the state.

Ambode, who was represented by the state Commissioner for Energy and Mineral Resources, Mr. Olawale Wasiu Oluwo, added that “as a government, we are also not unmindful of the potential risks inherent in the oil and gas exploration industry in terms of oil spills, underwater aquatic contamination, gas flaring, community conflicts, youth restiveness, and health and safety issues.”

He, however, noted that the state government is taking proactive measures and would soon commit substantial investment to prevent possible occurrence of these challenges.

In her welcome address, the Managing Director of the company, Ola Debayo-Doherty, stated that to flag off the company’s operations, the company is finalising the front –end engineering design and development work on a gas commercialisation project to be completed in 2019.

According to her, the project will enable the achievement and realization of the state’s aspiration to make a step change and become the preferred business hub in Africa and also grow its economy to transform into the desired mega city.