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Nairaland Forum / Nairaland / General / Politics / NNPCL To Import Crude From Venezuela (1895 Views)
NNPCL To Construct Another International Gas Pipeline To Europe / NNPCL To Cut Fuel Import From August / Femi Fani-Kayode: ‘Learn Opposition Politics From Venezuela, Sudan’ (2) (3) (4)
NNPCL To Import Crude From Venezuela by uniquetechng: 12:07pm On Nov 05, 2023 |
NNPCL may begin importation of 110, 000 barrels of crude oil per day from Venezuela or Saudi Arabia to operate the Kaduna Refinery due to come on stream next year. Also, the Dangote, Bua and other refineries may be forced to import about 1.322 million barrels of crude oil per day amid oil production challenges in Nigeria, existing contracts on crude oil swap as well as other commercial issues. Currently, the Dangote Refinery, with 650, 000 barrels per day refining capacity, is relying on imported crude, while the Bua Refinery within the South South region would need about 200,000 barrels per day of crude oil from next year. NNPCL is also looking to bring back its 445,000 barrels per day refineries between next month and next year, while the existing modular refineries will require 27,000 barrels per day. Nigeria has been struggling to sustain its crude oil production. The country currently records 113.52 million barrels shortfall in meeting Organisation of Petroleum Exporting Countries (OPEC) output quota. That loss alone is about $8.9 billion in the first seven months of 2023. While OPEC’s production quota allocated to Nigeria stands at about 1.742 million barrels per day, figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that output has been averaging about 1.1 million barrels. The Nigerian Upstream Regulatory Commission is currently dragging oil producers in an attempt to enforce Section 109 of the Petroleum Industry Act (PIA), which introduced Domestic Crude Supply Obligation (DCSO) to Nigeria’s oil industry to ensure domestic refineries are not starved of crude oil supply. Although the regulator is threatening a fine of $10,000, a penalty of 50 per cent of their fiscal price per barrel of crude oil not delivered to refineries and denial of export permits, many of the crude oil producers are worried over commercial issues that may come up in such a transaction. Renowned energy expert, Dan Kunle, said crude oil importation would not be ruled out next year for NNPCL-owned refineries because the daily local production is being hampered by poor investment. “As long as the Federal Government continues to hold controlling shares in all the petroleum companies in Nigeria, there will be no crude oil and gas. Once the assets are transferred to private sector investors, the industry will shape up,” Kunle said. Energy economist, Prof. Wunmi Iledare, stated that the coming on stream of the Kaduna Refinery and others was gratifying. According to him, refineries are designed for a crude oil type and product yields, therefore, the Kaduna Refinery, being designed for a heavy crude type, would need import from Venezuela and Saudi Arabia for bitumen and heavy fuel, which are for industrial use. https://guardian.ng/news/kaduna-dangote-bua-refineries-may-source-crude-oil-from-abroad/
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Re: NNPCL To Import Crude From Venezuela by successmatters(m): 12:08pm On Nov 05, 2023 |
We are watching keenly, and buying dollars because these people are not honest Dollar will be selling for 7k next year Niger Delta people will know the real meaning of hopelessness soon. 9 Likes 1 Share |
Re: NNPCL To Import Crude From Venezuela by mcbreeze: 12:11pm On Nov 05, 2023 |
😂😂😂😂😂😂😄 Nigeria to import crude oil. While they export crude. People are really mad here 9 Likes 1 Share |
Re: NNPCL To Import Crude From Venezuela by ShobayoEmma(m): 12:19pm On Nov 05, 2023 |
Please before I vent my anger in ignorance, why do we have to import crude oil when we produce it locally. can't we prioritize local supply to our local refineries over external supply? Or is it obligatory to supply external for the sake of dollars? Tinubu, a bad man with good intentions. |
Re: NNPCL To Import Crude From Venezuela by nairalanda1(m): 12:21pm On Nov 05, 2023 |
Venezuela crude that has sulphur galore? Okay. 14 Likes |
Re: NNPCL To Import Crude From Venezuela by Zooposki(f): 12:24pm On Nov 05, 2023 |
ShobayoEmma: Buhari has used our future crude production to borrow money. He has blocked all avenues for successive governments to prosper. He is holding us all by our blokos. 7 Likes 2 Shares
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Re: NNPCL To Import Crude From Venezuela by 89green: 12:25pm On Nov 05, 2023 |
Reference or link pls Good news for Agbadorians 1 Like |
Re: NNPCL To Import Crude From Venezuela by OneCandleAway(f): 12:27pm On Nov 05, 2023 |
Zooposki: But I though they claimed discovery of crude in the north. Even if you want to borrow can't they use the crude in a particular state to borrow and feed the new refineries with crude for another newly nuscovered state Except they are lying ...... |
Re: NNPCL To Import Crude From Venezuela by nedu666: 12:28pm On Nov 05, 2023 |
Tinubu needs to give buhari the abacha treatment |
Re: NNPCL To Import Crude From Venezuela by nairalanda1(m): 12:29pm On Nov 05, 2023 |
Zooposki: That is a good opportunity to diversify As for Buhari borrowing, oil price was low for most of his regime. ( Nigeria is too big in size, so we need oil to be above 100 a barrel before we can see adequate money, otherwise we got to borrow).He had to borrow. Where he erred was in not aggressively diversifying the economy, not fighting corruption or ending wasteful subsides But as Tinubu dey spend millions on yacht and cars, am not too optimistic. Anyway, it pays not to be optimistic about any naija government 10 Likes |
Re: NNPCL To Import Crude From Venezuela by ubest1(m): 12:32pm On Nov 05, 2023 |
All these are evil strategies by ur so loved politicians so that fuel price won't come down 2 Likes |
Re: NNPCL To Import Crude From Venezuela by nairalanda1(m): 12:32pm On Nov 05, 2023 |
OneCandleAway: Lol. It is one thing to discover crude oil up north, it is another to discover it in commercial amounts and it even takes time to get up to the level needed Anyway,NNPC has plans for the Kolmani field in Bauchi and Gombe. Which might take some time https://www.reuters.com/business/energy/state-owned-company-starts-oil-drilling-field-northern-nigeria-2022-11-22/ 10 Likes 1 Share |
Re: NNPCL To Import Crude From Venezuela by kettykin: 12:36pm On Nov 05, 2023 |
I can now see that apc is the devil. So Nigeria is now importing crude from Venezuela. Please why is Nigeria still in existence 1 Like 1 Share |
Re: NNPCL To Import Crude From Venezuela by nairalanda1(m): 12:36pm On Nov 05, 2023 |
ubest1: Fuel price is not going to come down to below 200 naira. At the end , when the refineries are running,they will be manned by ordinary Nigerians ,who want to be paid decent salaries If the refineries are not making enough of a profit, nothing like decent salaries. Many of the workers would jakpa. Remember that dangote refinery, nnpc refinery are competing against global market not Nigeria market Subsidy just prevents making of profit,because at a point the cost of subsidy rises above what can be sustained by govt 9 Likes |
Re: NNPCL To Import Crude From Venezuela by seunmsg(m): 12:39pm On Nov 05, 2023 |
Can’t we just increase production instead of importing crude that we have naturally? How do we save forex if we start importing crude again? 13 Likes |
Re: NNPCL To Import Crude From Venezuela by successmatters(m): 12:41pm On Nov 05, 2023 |
seunmsg: I laugh each time your people are saying that the dollar is overpriced in Nigeria. |
Re: NNPCL To Import Crude From Venezuela by nairalanda1(m): 12:42pm On Nov 05, 2023 |
kettykin: We are in this situation because for over 40 years we lied to ourselves that fuel could cost around one fifth of what it actually cost. No profit was made, subsidy money fuelled corruption, looting and worsened the national debt and made refineries bad. Ghana ,Niger, South Africa have working refineries because they sell fuel at a profit. We are not Libya or Saudi that produces more crude than we do and has a much smaller population which means they have better revenue per capita which means they can afford subsidies. Yes, the APC government too is responsible as well. In 2012 we could have ended this mess. Yes, even some of us who did not like the PDP govt of the time could see the sense in what GEJ was trying to do. But no, we gat to let the poor breathe Moral, you cannot beat the cost of production. You must sell above it, or problem results. The Commies learned the hard way. 10 Likes |
Re: NNPCL To Import Crude From Venezuela by nairalanda1(m): 12:44pm On Nov 05, 2023 |
seunmsg: We can't because in 2012 you guys came out and stopped subsidy removal If we had removed subsidy then, by now the oil sector would have had enough profit to refine and improve production But your master Tinubu joined and led the calls for subsidy retention Here we are. Actions have consequences. Next time remember that not everything is politics 14 Likes |
Re: NNPCL To Import Crude From Venezuela by nairalanda1(m): 12:45pm On Nov 05, 2023 |
successmatters: If we want more dollars we have to export manufactured goods and services. 9 Likes |
Re: NNPCL To Import Crude From Venezuela by successmatters(m): 12:46pm On Nov 05, 2023 |
nairalanda1: But as it stands, change all your naira to dollars, that's what your leaders are doing right now. |
Re: NNPCL To Import Crude From Venezuela by nairalanda1(m): 12:50pm On Nov 05, 2023 |
successmatters: Which everyone has been doing for as long as I can recall. Nigerians always want a strong currency. And the fact is except for the 1970s when oil prices were sky high, and the us was more dependent on Nigerian oil , we have always had a weak currency because we don't do what strong currency countries do, export manufactured goods and services The problem with oil is that the price of oil cannot be controlled by us. We can control prices ofwhat we make to our advantage 9 Likes |
Re: NNPCL To Import Crude From Venezuela by yang(m): 12:52pm On Nov 05, 2023 |
Zoo people You will see a monkey baboon when you see one Export crude swaps with no remittance - NNpC steal dollars - thiefnibiuu Build refinery with fraudulent dollar- Zoo monopoly/Dangote Import Crude with borr9wed dollars - NNpC Threaten to Steal Diaspora dollars - thiefnibiuu and gang of thieves Borrow dollar for toilet paper naira - theifinubu How can the zoo called Nigeria move forward with Baboons and Monkeys in charge of power Look how much Naira the CBN is printing everyday and impoverishing working people And after all these big thief's like APC and thiefnibiuu will go to church and mosque and call God/Allah Evil 1 Like |
Re: NNPCL To Import Crude From Venezuela by Okoroawusa: 1:00pm On Nov 05, 2023 |
Okay. Let's wait till next year. I know better though |
Re: NNPCL To Import Crude From Venezuela by Emperor5(m): 1:43pm On Nov 05, 2023 |
Another avenue to loot |
Re: NNPCL To Import Crude From Venezuela by WeirdAlien: 3:00pm On Nov 05, 2023 |
No sense. Seriously hoping this is hoax. |
Re: NNPCL To Import Crude From Venezuela by Spandau: 3:21pm On Nov 05, 2023 |
seunmsg: Kadoso Mutairu aka seunMilosovichSlobodanGadaffi! Seriously you're an inner caucus member. Quickly go and advise pa Emile O'Corn on this o. |
Re: NNPCL To Import Crude From Venezuela by Artiiclebeast: 3:30pm On Nov 05, 2023 |
Hahahhaha Even the crude that fuels their criminal enterprises is gone and set to be imported whereas the ignorant ones believe there is respite on the horizon for the Naira...I laugh in crude oyel. The way the economy of this contraption will collapse within the next 3 years ehn....even the politicians will start jumping ship when there'll be no more funds to pay their allowances and loot. The Zamfara Governor already pre-empted his looting by declaring an imaginary cash asset of $5B in a Nigerian bank where he was a director before becoming a governor. What this means in essence is that he'll be converting all Naira cash accruable to the state into Dollars by mopping up whatever dollar is in circulation at any rate. This is Nigeria, the jungle where rogues call the shots and the oppressed defend their oppressors on a daily. Bookmark this... 1 Like |
Re: NNPCL To Import Crude From Venezuela by skyman200(m): 4:12pm On Nov 05, 2023 |
Politicians are really cashing out from the increment of price of fuel. |
Re: NNPCL To Import Crude From Venezuela by proeast(m): 4:20pm On Nov 05, 2023 |
What a dysfunctional country. So, Nigeria will import crude oil when we have it in abundance? Then use hundreds of tankers that will run on expensive diesel to move the crude oil to Kaduna? Don't tell me about pipelines to Kaduna because they don't exist now. Wonderful 1 Like |
Re: NNPCL To Import Crude From Venezuela by tsdarkside(m): 4:25pm On Nov 05, 2023 |
crude is very cheap in venezuela.... amelika is boycotin them.... it can even be gettin crude out of the ground in nigeria is more expensive than buyin it from venezuela.... petrol is practicaly free in venezuela... them say pay what you can.... i saw the documentary on youtube.... |
Re: NNPCL To Import Crude From Venezuela by tsdarkside(m): 4:30pm On Nov 05, 2023 |
Artiiclebeast: olodo south east.... better concentrate on your biafra.... you people are not useful for anything else other than makin noise.... |
Re: NNPCL To Import Crude From Venezuela by Artiiclebeast: 4:31pm On Nov 05, 2023 |
tsdarkside: Olodo rabata Nigeria consists of just South West and South East. How hollow can a skull and brain get. Tueeeh I sheet and pee on your head. 1 Like |
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