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Tag: Crude Oil

  • JTF ‘claims glory’ for improved crude oil production

    JTF ‘claims glory’ for improved crude oil production

    Rear Admiral John Okeke, Commander of the Joint Task Force (JTF) in Niger Delta on Thursday attributed the rise in oil output from 1.2 million barrels per day (mbpd) in January to 1.84 mbpd currently to outcome of intensified battle against oil theft.

    Okeke gave the figure during a review of the operations of the task force for the year 2024. He said that following a Presidential Order to increase oil production to 2.2 mbpd, the Chief Defence Staff authorised intensified crackdown on oil thieves.

    “Of course,this feat came along with challenges resulting in some of our colleagues paying the supreme price. The need for today’s conference is to assess our performances and projections for 2025 which is necessary to sustain the JTF efforts to enhance Nigerian economic prosperity towards our national development as emphasised by President Bola Ahmed Tinubu, the C-in-C of the Armed Forces of Nigeria,” Okeke said.

    He explained that following a dip in oil output in the second quarter of the year, the joint task force launched a 90 day operation aimed at restoring oil and gas production to full capacity in the South South and South East geo-political zones.

    He explained that the operation was conducted in 2 phases with each phase lasting for 45 days, adding that the operation ended on Oct 16 with remarkable successes resulting in major achievements.

    Okeke listed the results of the enhanced operations to include reduction in crude oil theft and illegal refining activities by about 85 per cent within the fourth quarter of 2024.

    He also said the joint force also terminated about 95 per cent breaches on the Trans-Niger, Trans-Ramos and Trans-Escravos Pipelines in the last 3 months and Key Performance Indicator of 89, 96 and 97 percent in the Eastern, Western and Central Corridors respectively as at Dec 4.

    Okeke noted that with the increased crude oil output from 1.2 mbpd in June, 24 to 1.83 million bpd as at 11 Dec, attaining the 2.2 mbpd benchmark is achievable.

    According to the JTF commander, the troops have commenced picketing of facilities of suspected end-users of stolen crude and illegally refined products. Okeke also listed the bursting of a four-man syndicate that specialises in the production of fake documents since 2011 for movement of stolen crude oil.

    “Other achievements include: Deactivation of about 1,546 illegal refining sites each with different camps, destruction of over 1,428 storage facilities and 1,121 large wooden boats.

    “Seize and appropriate handling of over 300 vehicles including tankers, trucks, cars and tricycles conveying crude oil and illegally refined products.

    “Recovery of about 15,634,207 litres of stolen crude oil, seizure of about 4,004,968 litres of illegally refined Automotive Gas Oil AGO).

    “The JTF also seized about 41,770 litres of Dual Purpose Kerosene and seizure of about 273,225 litres of petrol,” he said.

    According to Okeke, a total of 1,217 suspects in connection with various crimes were apprehended by the JTF code named, Operation Delta Safe (OPDS) within the period under review.

    He said the OPDS also achieved enhanced community engagement and mediation between International Oil Companies and host communities resolving about 98 CSR related disputes involving Chevron, SEEPCO, SPDC, Aiteo, NECONDE, TotalEnergiex and Oando.

    He explained that to sustain the gains, the OPDS is advocating robust stakeholders support to the fight against oil theft in addition to intensified intelligence sharing amongst security agencies.

    Okeke identified the need to extend security coverage to gas facilities which hitherto were not targets of criminals due to the emerging security threat of attacks on gas infrastructures.

    He said that in the coming year, the force would deploy advanced technology by use of tactical drones to provide online real-time coverage of the activities in the JTF’s area of responsibility.

  • NNPC denies disparity in crude oil production figures

    NNPC denies disparity in crude oil production figures

    The Nigerian National Petroleum Company Limited (NNPC Ltd.) has said that its crude oil production figures tallied with that of the Nigerian Upstream Petroleum Regulatory Company (NUPRC).

    Mr Olufemi Soneye, Chief Corporate Communications Officer, NNPC Ltd. stated this in a statement on Monday.

    Soneye gave the clarifications against the backdrop of reports insinuating that the 1.54 million barrels per day (mbpd) for September cited by NUPRC was far below the 1.8mbpd for November cited by NNPC Ltd.

    He said the seeming disparity was as a result of the difference in the period of coverage in the reports, stressing that the NNPC Ltd.’s figure was the peak production for October 2024, whereas the NUPRC’s figure was the average production for September 2024.

    The spokesman said that the fact was confirmed by the Chief Executive Officer of NUPRC, Mr Gbenga Komolafe, at the recent 42nd Nigerian Association of Petroleum Explorationists Annual International Conference and Exhibition in Lagos.

    He said that the NUPRC boss disclosed that Nigeria’s crude oil output, including condensate, increased by 16.56 per cent to 1.8mbpd million in October 2024, from 1.54 million bpd in September 2024.

    The statement quoted Komolafe as saying that: “This represents an increase of 253,710, bpd to reach 1.8 million bpd in October, up from 1.54 million bpd in September 2024, representing 16.56 per cent month-on-month rise”.

    He said the NUPRC also confirmed at the NAPE event that the 1.8mbpd feat pushed Nigeria’s production beyond the 1.5mbpd quota of the Organisation of Petroleum Exporting Countries (OPEC).

    “There is, therefore, no disparity or discrepancy in the production figures by NNPC Ltd. and the regulator. NNPC Ltd is working closely with relevant stakeholders to boost production to 2mbpd and above by the end of 2024.

  • Dangote Refineries still embittered over Naira – Crude oil initiative

    Dangote Refineries still embittered over Naira – Crude oil initiative

    The Federal Government’s initiative to sell crude priced in naira is losing steam, the vice-president of Dangote Industries Limited, Edwin Devakumar, said in an interview with Reuters on Friday.

    Recall early last month, Nigeria officially commenced the sales of crude oil and refined petroleum products in naira, with Dangote refinery focusing on local supply.

    The refinery received four cargoes of crude oil from the NNPC under the naira-for-crude sale agreement a few weeks later.

    However, according to Devakumar, the plant is still unable to secure adequate supplies despite the scheme.

    “We need 650,000 barrels per day, (state oil firm NNPC Ltd) agreed to give a minimum of 385,000 bpd but they are not even delivering that,” he said.

    He described the deliveries from Nigerian National Petroleum Company (NNPC) Limited under the scheme as “peanuts”.

    Also commenting, an Acting Executive Director of the Crude Oil Refinery-owners Association of Nigeria (CORAN), Mathins Obaze, said Dangote is the only one of 8 operational refineries in Nigeria to have benefited from the naira-denominated crude sale arrangement.

    “Members are still unable to access crude in naira and are currently engaging the government for a resolution,” Obaze said.

    The 650,000 barrels per day capacity refinery was greeted by crude challenges when it began operations some months ago.

    President of the Dangote Group, Alhaji Aliko Dangote, had cried out, saying some international oil companies were planning to sabotage the investment by refusing to supply crude.

    The Dangote Group had alleged that the International Oil Companies (IOCs) insisted on selling crude oil to its refinery through their foreign agents.

    According to the company, the local price of crude would continue to increase because the trading arms offered cargoes at $2 to $4 per barrel, above the official price.

    The group also alleged that the foreign oil producers seem to be prioritising Asian countries in selling the crude they produce in Nigeria.

    Despite the intervention of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in July, the group insisted that the IOCs were still frustrating the refinery. (Daily Trust)

  • BREAKING: NNPC unveils new crude oil grade

    BREAKING: NNPC unveils new crude oil grade

    In a major boost for Nigeria’s crude oil production, revenue generation and economic growth efforts, the Nigerian National Petroleum Company (NNPC) Limited has officially unveiled its latest crude oil grade, the Utapate crude oil blend, before the international crude oil market.

    Recall that in July 2024, NNPC Ltd. and its partner, the Sterling Oil Exploration & Energy Production Company (SEEPCO) Ltd. introduced the Utapate crude oil blend, following the lifting of the first cargo of 950,000 barrels which headed for Spain.

    During a ceremony held at the Argus European Crude Conference taking place in London, United Kingdom, on Wednesday, the Managing Director, NNPC E&P Limited (NEPL), Mr. Nicholas Foucart described the introduction of the Utapate crude oil blend into the market as a significant milestone for Nigeria’s crude oil export to the global energy market.

    “Since we started producing the Utapate Field in May 2024, we have rapidly ramped up production to 40,000 barrels per day (bpd) with minimum downtime. So far, we have exported five cargoes, largely to Spain and the East Coast of the United States; while two more additional cargoes have been secured for November and December 2024, representing a significant boost to Nigeria’s crude oil export to the global market,” Foucart told a packed audience of European crude oil marketers.

    He added that since its introduction into the global market, the Utapate crude oil blend has enjoyed a positive response from the international crude oil market, due to its highly attractive qualities.

    Foucart said the Oil Mining Lease (OML) 13, fully operated by NEPL and Natural Oilfield Services Ltd (NOSL), a subsidiary of SEEPCO Ltd, boasts a huge reserve of 330million barrels of crude oil, 45 million barrels of condensate and 3.5 tcf of gas.

    “We have a number of ongoing projects to increase our production from the current 40,000bopd to 50,000bopd by January 2025 and 60,000bopd to 65,000bopd by June 2025. Essentially, we are targeting opportunities to increase production to 80,000bopd by the end of 2025,” Foucart added.

    He said the Utapate crude oil terminal is sustainable, affordable, and fully compliant with the rigorous environmental regulations and sustainability principles especially those aimed at reducing carbon emissions and other ecological effects.

    Also speaking, the Managing Director of NNPC Trading Ltd. (NTL), Mr. Lawal Sade said the pricing structure of the Utapate crude oil blend is similar to that of Amenam crude as it is a light sweet crude which is highly sought after by refiners across the world due to its low sulphur content, efficient yield of high-value products, API gravity and other similarities.

    He said in bringing the new crude oil blend to the global market, NNPC Ltd. wanted to optimise value for both its producers and counterparties across the globe.

    He added to ensure predictability and sustainability of supply, NTL intends to run a term contract on the Utapate crude oil blend cargoes, principally targeting off-takers from the European and the US East Coast refineries.

    Produced from the Utapate field in OML 13 in Akwa Ibom State in Nigeria, the Utapate crude oil blend is similar to the Nembe crude oil grade. It has a low sulphur content of 0.0655% and low carbon footprint due to flare gas elimination, fitting perfectly into the required specification of major buyers in Europe.

    The NNPC E&P Ltd. and NOSL partnership is also committed to operating in a manner that is safe, environmentally responsible, and beneficial to the local communities.

    The Utapate field development plan, executed between 2013-2019 and approved in October, included converting wells and facilities from swamp/marine to land-based operations.

    The plan involved a multi-rig drilling campaign for 40 wells and the development of significant infrastructure such as production facilities, storage tank, a subsea pipeline, and an offshore loading platform to facilitate crude oil evacuation and loading.

    The entry of the Utapate crude oil blend into the market is coming barely a year after the NNPC Ltd. announced the launch of Nembe crude oil, produced by the NNPC/Aiteo operated Oil Mining Lease (OML) 29 Joint Venture (JV).

    This remarkable achievement signals the commitment of the NNPC Ltd. to increasing Nigeria’s crude oil production and growing its reserves through the development of new assets.

  • NNPC records 1.8mbpd crude oil production

    NNPC records 1.8mbpd crude oil production

    The Nigerian National Petroleum Company (NNPC) Limited says it has achieved 1.8 million barrels per day crude production following continuous dislodgement of pipeline vandals and crude oil thieves.

    Mr Lawal Musa, Chief Production War Room Officer, NNPC Ltd., said this on Thursday in Abuja during a briefing on NNPC Ltd. production.

    Musa, who is also the Senior Business Advisor to Malam Mele Kyari, Group Chief Executive Officer (GCEO), NNPC Ltd., said that the achievement was based on the collaboration between the leadership of NNPC, stakeholders and security agencies.

    “We achieved this because of the clear mandate by President Bola Tinubu to ramp up crude oil production in the country,” Musa said.

    The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its partners have revved up crude oil and gas production to 1.8million barrels per day (mbpd) and 7.4billion standard cubic feet (bscf).

    The company which announced this at a press briefing on Thursday said the feat was achieved in compliance with the mandate of President Bola Ahmed Tinubu.

    Speaking on the development, the Group Chief Executive Officer, Mr. Mele Kyari, congratulated the Production War Room Team that anchored the production recovery process.

    “The team has done a great job in driving this project of not just production recovery but also escalating production to expected levels that are in the short and long terms, acceptable to our shareholders based on the mandates that we have from the President, the Honourable Minister, and the Board,” Kyari explained.

    Giving details of the efforts of the Production War Room, the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, disclosed that the feat was achieved through the collaborative efforts of Joint Venture and Production Sharing Contract partners, the Office of the National Security Adviser, as well as government and private security agencies.

    He said the interventions that led to the recovery of production cut across every segment of the production chain with security agencies closely monitoring the pipelines.

    He stressed that when the Production War Room team was inaugurated on the 25th of June 2024, production was at 1.430mbpd, but the team swung into action, culminating into it sustaining the production recovery to 1.7mbpd in August and hitting the current 1.808mbpd in November.

    “We are confident that with this same momentum and with the active collaboration of all stakeholders, especially on the security front, we can see the possibility of getting to 2mbpd by the end of the year,” he stated.

    Also speaking on the development, Chairman of the NNPC Ltd. Board of Directors, Chief Pius Akinyelure, who also congratulated the team, said he was happy to be part of the production recovery process, adding: “today, I will leave this place with my heart full of joy”.

    He charged the Company’s Management to come up with a cashflow projection based on the new production figures to facilitate planning, stressing that he was looking forward to further production increase to 3mbpd.

    On his part, the Honourable Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, expressed satisfaction with the performance of the team and pledged the Federal Government’s support for the company to do more.

  • Nigeria has no reason to import crude oil – IPPG

    Nigeria has no reason to import crude oil – IPPG

    Nigeria should not be importing crude oil to meet domestic refinery feedstock needs, says the Independent Petroleum Producers Group (IPPG).

    Its Chairman, Mr Abdulrazaq Isa, said this at the Crude Oil Refinery Owners Association of Nigeria (CORAN) Summit in Lagos. The Summit has the theme, “Making Nigeria a Net Exporter of Petroleum Products.”

    Isa emphasised the importance of addressing under-investment and unlocking additional crude oil and gas production to secure Nigeria’s energy future.

    He, therefore, urged the government to expedite all pending divestment transactions involving International Oil Companies (IOCs) to maximise national benefits.

    Isa, who is also the Chief Eexutive Officer of Waltersmith Petroman Oil Ltd., called for enhanced security across the Niger Delta to foster a stable operating environment, reduce asset vandalism and curb unrest.

    He highlighted the need to upgrade and expand the industry’s infrastructure to improve efficiency and ensure reliable product supply to both domestic and export markets.

    “Addressing these issues could unlock an incremental production of 500,000 barrels of oil per day and 1.5 MMscf of gas daily in the short to medium term,” he stated.

    Isa stressed that the country’s domestic crude oil refining and petrochemical capacity must be sustained through local production.

    This, he noted, would help to transform the country into a net exporter of refined products, supporting industrialisation and enhancing foreign exchange earnings.

    The IPPG chairman explained that Nigeria’s emergence as a net exporter would require collaboration among industry stakeholders, including policymakers, regulators and Exploration and Production (E&P) and refinery operators.

    He added that the rapidly evolving global energy landscape necessitated Nigeria positioning itself to take advantage of new opportunities.

    “Today’s summit is a pivotal step towards developing strategies that ensure our refining sector is competitive and resilient,” he added.

    Isa noted that IPPG members play a vital role in achieving Nigeria’s refining ambitions and committed to fostering industry growth.

    He underscored the importance of implementing the Domestic Crude Oil Supply Obligation (DCSO) to ensure reliable feedstock availability for domestic refineries on a willing seller, willing buyer basis, in compliance with the Petroleum Industry Act (PIA).

    In his remarks, Mr Farouk Ahmed, Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), urged the association to collaborate with the government for a sustainable future.

    According to him, the collaboration will also help to position Nigeria as a leader in the global energy market.

    Represented by Mr Francis Ogaree, Executive Director of Hydrocarbon Processing Plants, Installations, Transportation and infrastructure, NMDPRA, acknowledged the importance of private sector investment in developing and expanding the industry.

    He stressed that NMDPRA favours a collaborative approach over punitive enforcement regarding the Petroleum Industry Act (PIA).

    “NMDPRA envisions a transparent, competitive downstream market that attracts investment, as outlined in Section 32 of the PIA,” he stated.

    He highlighted efforts to reduce fees for licenses and permits to foster a more accessible investment environment.

    He said that the authority would continue to encourage Public-Private Partnerships (PPP) to build refining capacity and de-risk projects while ensuring compliance with operational and environmental standards.

    “Streamlining licensing and approvals will reduce bureaucratic delays and provide a conducive legal framework for private investment,” he added.

    Ahmed emphasised the need for private refiners to engage in Corporate Social Responsibility (CSR) initiatives, particularly in communities where refineries are located, ensuring local benefits like job creation and development.

    He said that NMDPRA had taken significant steps to simplify regulatory processes and engage with stakeholders to maintain an attractive downstream market.

    “By fostering collaboration, NMDPRA aims to address investor concerns and create a favorable investment climate.

    He supported market liberalisation, including the removal of subsidies and price controls, to create a competitive pricing environment where private operators can thrive.

  • FG sets new target for oil, gas production

    FG sets new target for oil, gas production

    The Federal Government has said that it is targeting four million barrel per day (bpd) of oil production, and 10 billion cubic feet (bcf) of gas production by 2030.

    Mrs. Olu Verheijen, Special Adviser (SA) to the President on Energy, made this known in a statement made available to newsmen on Friday in Abuja.

    The statement was signed by Morenike Adewunmi, Stakeholder Manager in the Office of the Special Adviser.

    Verheijen said the feat would be achieved through commitment to reform agenda, unprecedented incentives for oil and gas production unveiled by the President Bola Tinubu’s administration.

    “Since President Tinubu assumed office in May 2023, the government has embarked on a series of new reforms to improve the competitiveness of its oil and gas industry.

    “The reforms also aimed at bringing down the costs and timeliness of doing business in a sector that continues to be the biggest earner of foreign exchange for the country.

    “These reforms, which include three presidential directives issued in February 2024, will create tens of thousands of new jobs, improve foreign exchange earnings, stimulate tax revenues and contribute to Nigeria’s macroeconomic stability,” she said

    Verheijen disclosed that the roll out of the reforms was being coordinated by her office,

    She said that in a major move to advance the ongoing structural reforms in the oil and gas industry, President Tinubu approved the issuance of two new sets of fiscal incentives.

    The incentives, according to her, included VAT waiver covering gas, diesel, electric vehicles and clean cooking equipment, and tax credits for new investments in the exploration and production of deep water oil and gas.

    She said the new fiscal incentives, expected to take effect immediately, are contained in the documents issued by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun:

    The documents, according to her, included; Value Added Tax (VAT) Modification Order 2024, Notice of Tax Incentives for Deep Offshore Oil & Gas Production in line with the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024.

    The Presidential aide said the Notice of Tax Incentives was built on the directive, issued by thr President in February, which provided incentives for onshore oil and gas investments,

    “This is the first time that Nigeria is outlining a fiscal framework for deep water gas, since basin exploration commenced in 1991.

    “The incentives are in alignment with the Presidential Gas for Growth Initiative, which aims to fast-track the development of natural gas, displace fossil fuels in transport, promote affordability of gas, the incentives will equally bolster the country’s energy security,” she said

    Verheijen said the reforms agenda would, equally, help the country to unlock 10 billion dollar of new investments in deep water oil and gas projects in the near to medium term

    “Since Nigeria’s last deep water project – the Egina project – was approved in 2013, International Oil Companies operating in Nigeria have committed more than 82 billion dollar in deep water investments to other countries that they deem more competitive.

    “Over the next few years, they plan to spend another 90 billion dollar to develop deep water oil and gas projects.

    “This is the pool of funds that our reforms are targeting,” she said.

    Verheijen commended the President for the deliberate efforts and programmes bringing positive momentum in the oil and gas industry.

  • Crude oil ‘wahala’: NASS to unveil joint probe into petroleum sector malpractices today

    Crude oil ‘wahala’: NASS to unveil joint probe into petroleum sector malpractices today

    The National Assembly would unveil its probe into alleged economic sabotage within Nigeria’s petroleum sector, following the decision to form a joint committee.

    This became necessary after the earlier suspension of separate probes by the Senate and House of Representatives in July.

    The Senate Leader, Senator Opeyemi Bamidele, who also chairs the Senate Ad-hoc Committee on this issue, revealed the latest developments in a statement on Monday.

    “As we fully return to legislative duties this Tuesday, the National Assembly is prepared to revisit the pressing issues in the petroleum industry,” Senator Bamidele said. “The sector is not performing optimally, which is tied to several challenges such as crude oil theft, ongoing and ineffective maintenance of public refineries, substandard petroleum imports, and disruptions in fuel supply.”

    Addressing earlier reports suggesting the Senate had suspended its investigation, Senator Bamidele clarified: “The Senate did not suspend its Ad-hoc Committee on Alleged Economic Sabotage in the Petroleum Industry. The public hearing was only postponed to resolve matters concerning the National Assembly’s procedural rules.”

    He further explained that both the Senate and the House of Representatives are now ready to collaborate through a joint committee, which will pick up the investigation from where the individual efforts left off. “We are committed to uncovering the root causes of economic sabotage in the petroleum sector and establishing stronger mechanisms to make the industry more efficient,” he affirmed.

    In addition to the petroleum sector probe, Senator Bamidele highlighted that both chambers are awaiting the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) from the Executive, both essential for the preparation and approval of the 2025 national budget. “The MTEF is crucial to our legislative agenda because it must be in place before the 2025 Appropriation Bill can be submitted,” he said.

    Furthermore, the Senate Leader discussed the 1999 Constitution review, chaired by Deputy Senate President Senator Barau Jibrin. In the coming weeks, the committee will host retreats, call for public memoranda, and organize zonal meetings to address sections of the constitution in need of amendments.

    With a highly skilled team working on the constitutional review, Senator Bamidele expressed optimism that the process would deliver meaningful reforms, adding, “This exercise promises a truly federative approach that will reshape governance in Nigeria.”

  • FG set to boost oil production to 2 million bpd

    FG set to boost oil production to 2 million bpd

    Senator Heineken Lokpobiri, Minister of State Petroleum Resources (Oil), says Oando’s acquisition of Eni’s Subsidiary, Nigerian Agip Oil Company (NAOC) will ramp up crude oil production to two million barrels per day (bpd).

    The Minister said the Oando company has already increased production to more than 30,000 bpd sequel to the successful acquisition of the NAOC.

    Lokpobiri stated this on Thursday in Abuja during a meeting with a delegation from Oando Energy Resources Nigeria Ltd., led by its Managing Director, Dr Ainojie Irune.

    Oando Plc., one of the Nigeria’s leading indigenous energy solutions providers in Aug., 2024, successfully completed acquisition of Eni’s subsidiary, NAOC for 783 million dollars.

    Lokpobiri said with necessary support, the Oando would increase production that would substantially help the Federal Government’s desire to get into two million bpd by the end of 2024.

    “I will ensure that I do everything humanly possible to create the best environment for Oando and other companies operating in the Niger Delta region to increase production, which we seriously need now. Our target is to hit at least two million barrels production by December,” he said.

    Lokpobiri, who disclosed that 80 per cent of the acquired assets is in Bayelsa, said he has spoken to the state government and relevant stakeholders on collaboration with Oando to boost production from those assets.

    He said that enormous local capacity had been grown in indigenous companies such as Oando, Seplat and First E&P, among others tasked them to sustain the momentum to be in same level with the so-called IOCs.

    “And I’ve also been asked at the global stage whether the indigenous companies have capacity to be able to sustain the running of these companies. What is going to be the future of Nigeria? I said we have no problem at all, that we have grown in enormous capacity, and the companies that are seeking to acquire these IOCs will run them professionally and profitably,” he said.

    On the upstream, midstream, and downstream sectors of the economy, the minister urged the entire world to seize the opportunity of Nigeria’s readiness for business and invest.

    Earlier, Irune said the visit was to intimate the minister on the concluded transaction and highlight some of the landmarks it had hit in just achieving the milestone. He assured that it would improve the assets management; tackle insecurity and local problems of host communities, and contribute to the overall production ambitions of the country.

    Irune recalled that Oando started off as a downstream company, selling fuel oil in tankers effectively, and built the largest downstream interest with over 500 fuel stations nationwide.

    He said it proceeded to build the largest midstream company, Oando Gas and Power, and stepped into the upstream, where it became first indigenous company to acquire two IOCs.

    “It has first transaction in 2014 with ConocoPhillips, with 20 per cent interest in the NAOC Joint Venture (JV) while ENI’s 20 per cent stake in the NAOC JV made it 40 per cent holders in the JV, with the NNPC Ltd. holding 60 per cent.

    “It sought to put the best of local content forward to inspire Nigerians to show that Nigerians can do it. We can breed and create our own IOCs that would have sizable balance sheets, acreages across the world, and portfolios that can compete with the likes of the Shell’s and Chevron,” he said.

    Irune thanked the minister for his steadfast support and commitment to the growth of not just indigenous companies within the oil and gas industry, but the industry as a whole.

  • Navy dismantles massive 2 million litres per day refinery in Rivers

    Navy dismantles massive 2 million litres per day refinery in Rivers

    The Nigerian Navy (NA) has dismantled a massive refinery site with a capacity of two million litres per day along the Ogoloma-Bakana waterways in Rivers State.

    Spokesperson for the Nigeria Customs Service (NCS), Abdullahi Maiwada disclosed this during the monthly news conference, organised by the Strategic Communication Interagency Policy Committee (SCIPC) hosted by the NCS on Thursday in Abuja.

    He said the feat was achieved through the contributions of the Nigerian Navy’s  aggressive campaign against crude oil theft under its ‘Operation Delta Sanity’, which he said also destroyed 15 illegal refinery sites, 17 wooden boats, and 10 refining ovens across Bayelsa, Rivers, Delta and Ondo States.

    “These efforts have contributed to Nigeria’s crude oil production reaching 1.658 million barrels per day, reinforcing the Navy’s role in safeguarding the nation’s economic interests. Additionally, 72 bags of cannabis sativa were seized, and four suspects, including three Ghanaians and one Beninois, were arrested,“ Maiwada said.

    He said that the Nigeria Military troops  have neutralised 1,166 terrorists, arrested 1,096 suspected terrorists and criminal elements, and rescued 721 kidnapped hostages in August.

    He said the troops arrested key terrorist leaders in an effort to cripple  their groups` activities, with the aim of addressing the menace of kidnappings across the nation.

    “Among those taken off the battlefield were key terrorist leaders and commanders, including Munir Arika, Sani Dilla, and Ameer Modu in the Northeast, and Kachalla Dan Ali Garin Fadama, Sani Baka Tsine, and Ibrahim in the Northwest.

    “The strategy of dismantling these terror groups by targeting their leadership, commanders, and collaborators is significantly diminishing their capacity to carry out major offensives,“ he said.

    He said that the military during the period under review recovered 391 weapons, more than 15,000 rounds of ammunition, and disrupted oil theft activities worth more than N5 billion.

    The spokesperson stated that the NCS, as part of its efforts to suppress smuggling to the barest minimum,  recorded 83 seizures across various commands.

    He said that the seizures include 170,000 litres of  Premium Motor Spirit (PMS), 3,083 bags of foreign rice, 1,014 parcels of Cannabis Sativa, 23 vehicles, and other contraband, with a total Duty Paid Value (DPV) of  more than ₦975 million.

    He said that the NCS also intensified its `Operation Whirlwind` to combat the smuggling of petroleum products, especially in border states.

    According to him, the move over the months has led to the interception of seven PMS trucks, the sealing of 12 retail outlets, and the seizure of 466,000 litres of PMS and 23 vehicles.

    “Investigations have led to the prosecution of seven suspects, and three marketers have been fined by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), with sealed filling stations transferred for further action,“ he said.

    He added that the service in August collected ₦277.5 billion in import duties and ₦15.8 billion in excise duties, demonstrating its commitment to maximising revenue.

    He said that the Nigeria Immigration Service (NIS) anti-smuggling efforts  led to   the interception of 97 trafficked victims,  with 87 cases handed over to the National Agency for the Prohibition of trafficking in Persons (NAPTIP) and 10 reunifications.

    “The NIS also launched an anti-corruption campaign, conducted workshops at five international airports, and upgraded its Country Signing Certificate Authority (CSCA) and Public Key Infrastructure (PKI) to meet  the International Civil Aviation Organisation (ICAO) standards.

    “Additionally, NIS collaborated with the Netherlands on Hostmanship Training and eased out 61 foreign nationals to address irregular migration,“ he said.