The Nigerian National Petroleum Company (NNPC) Ltd on Tuesday announced that it has began operation of the Port Harcourt Refinery and delivering petroleum products onto the market.
Government of Morocco is expected to launch tenders as part of the initial phases of the Nigeria-Morocco gas pipeline in 2025.
The Rivers oil terminal represents a historic achievement. Expected to be operational by March 2025, it is widely considered as Nigeria’s first indigenous onshore oil export facility. Once commissioned, this terminal will provide critical support for stranded oil fields in the Niger Delta, and address long-standing logistical bottlenecks surrounding crude production.
Nigeria faces its worst cost-of-living crisis in a generation after the government ended costly subsidies that made petrol affordable for many in Africa’s most populous country
NNPC, Nigeria’s NOC, introduced its Utapate crude oil blend at the Argus European Crude Conference in London on Wednesday.
The state-of-the-art $20 billion refinery was launched in January 2024, but only began producing gasoline in September, expected to reach full operations in November. The giant refinery has a capacity to process 650,000 barrels of crude per day, more than enough for the country’s needs. To sweeten the deal further, the facility is buying crude and selling refined fuels in Nigeria in the local currency, saving the country’s much-needed foreign exchange, especially the US dollar.
The deal between the Chinese state-owned CNCEC and the BFI Group, a major investor in the Aluminum Smelter Company of Nigeria, is expected to revive the 135 million standard cubic feet gas processing facility plant at the smelter. It was announced Tuesday by Nigeria’s minister of state for gas via a post on the social platform X.
NNPCL officials have hailed the agreement as unprecedented, particularly due to its zero capital expenditure outlay, making it a pioneering initiative in Nigeria’s gas distribution sector.
Nigeria has faced challenges in adhering to its OPEC+ quota due to production disruptions caused by underinvestment, theft and vandalism, especially in the Niger Delta region.
Alhaji Bamanga Usman Jada praised the partnership, stating, “We welcome Ultra Capital Energy Limited’s commitment to Nigeria’s oil and gas sector. This collaboration will significantly contribute to the growth and development of the Liberty Oil and Gas Free Zone.”