₦airaland Forum

The Nigerian National Petroleum Company Limited and its Joint Venture partner in OML 85, First Exploration and Petroleum Development Company Limited have commenced oil production from the asset, also known as Madu Field.

Production from the field which is located in shallow waters offshore Bayelsa State and operated by First E&P is expected to be at an average of 20,000 barrels per day.

This was contained in a statement by the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, on Friday.

Speaking on the development, the NNPCL Group Chief Executive Officer, Mr Mele Kyari, described the commencement of oil production at the Madu Field as a significant milestone that will contribute to the larger goal of meeting the production required to drive revenue growth and boost the nation’s economy.


According to him, the achievement is a testament to the commitment of President Bola Tinubu’s administration to optimise production from the nation’s oil and gas assets through the provision of an enabling environment for existing and prospective investors.

Kyari, who commended stakeholders for their support, also explained that the addition of 20,000 barrels per day by an indigenous oil player signals the commitment of stakeholders to achieving economic development for Nigeria.

It would be recalled that the Final Investment Decision on the development of the Madu Field and a sister field, Anyala, was taken by the NNPC Ltd./First E&P JV in 2018.

Production from the Madu Field will be processed at the JV’s Abigail-Joseph Floating Production Storage and Offloading Unit, which has a crude oil storage capacity of up to 800,000 bbls.

bigl:
Yeah, it is but they've changed this plan at the moment to 200gb but at full 5g speed (according to my supplying agent) ... if u exhaust the 200gb before 30days validty, u will be given 10gb daily.....

But currently, i'm on the unlimited 20mbps ... and in january or so, i used over 650gb

The other plans are still ok: 40mbps for 35k, 60mbps for 50k (unlimited)

bigl:
Mtn wan finish my finances ... i will subscribe to 20gb, its won't last 1 week ... i started becoming broke and at a point, my wife dey give me one kain eye whether i dey get another wife outside ... not until she got to know say na mtn ....

Now, I use the Airtel 5G unlimited internet .... speed based ... limited to 20mbps ... and January alone, i used over 650gb (I was carrying some stock footage packs, my wife was enjoying facebook instagram videos, my son streaming youtube 247) ...

All this for 20k monthly .... Waaaaaaay berra than the shege barawo mtn dey do us!

They also have 40mbps for 35k and 60mbps for 50k which i don't need for now!

Biodun556:
N

Olam09:
Lol..
I been dey always feel bad for this short people I'm 6"2 but i felt short most of the time..

nairalanda1:
Not going to happen.

Even at 400 to one dollar, naira still dey weak.

nlfpmod:

https://www.youtube.com/watch?v=Z0vuHob-G2o?si=xYi1W6kG1Zi6fBbB



Voice of the Farmers

Teejay13:
Yes, buhari knew he could not have been able to contend with the public's opinion this time around.

The pressure was high, couple up with the US and UK ban on defaulters.

murmee:
I agree with you to a large extent, but don't forget that the mighty Northern Cabal of which El-Rufai is prominent would also want to teach Tinubu and Oshiomole a great lesson towards the 2023 Presidential elections.
It was not for nothing that Oshiomole was removed as the APC National Chairman. It was a strategic move.
INEC simply obeyed the instructions of the Cabal.
That is my analysis of what went down!

poiunt:
I think oshiomole and tinubu knew they will lose when they didn't get federal backing.

For tinubu to come out publicly to say "do not vote for obaseki" is desperation that shows they lacked the backing from Buhari.

This is a lesson and a new political strategy, just because this chess game obaseki did to decamp to pdp at the last minutes worked for him does not mean it can work in other states but it is a political lesson.

Now obaseki will have to remove some disloyal members in his government and replaced them with pdp.

As for oshiomole, his political career is finished, he couldnt deliver 2 states

As for tinubu, his relevance and influence is reducing.

Welcome the New Godfather Of Edo State politics Obaseki

MichaelSokoto:
Mr. Paramental, anything anti-APC always gives u serious erection... why?

iwaeda:
When we finished deceiving ourselves, truth will laugh at us.

Peakdesign23:
Very terrible incident.
This governor sef, what tangible thing has he done for his people?

jmoore:
You trying to be sarcastic can be likened to a pig making an attempt to fly.

Geovanni412:
Have prices of foodstuffs dropped in Lagos?

If the answer is no, then all this one na nonsense.

Lagos has the only functional seaport in naija.

Till prices drop there, everything else na propaganda

MrLibrarian:
The op paraman is a foolish tribalist known for spreading lies and propaganda.
Guys ignore this useless thread

The 650,000 barrels per day Dangote Petroleum Refinery is taking advantage of cheaper oil imports from the United States for as much as a third of its feedstock as it starts up production.

A report by Bloomberg on Thursday stated that the plant has been shipping products in recent weeks while readying two units to enable gasoline (petrol) output that will deliver a long-promised transformation of the fuel market both in Nigeria and the region. It attributed this to analysts.

“Dangote is going to influence Atlantic Basin gasoline markets this summer and for the rest of the year,” said Alan Gelder, Vice President of Refining, Chemicals, and Oil Markets at the consultancy firm, Wood Mackenzie.

He added, “When the RFCC comes online, that’ll really shake things up because it alters the West African gasoline supply balance,” referring to a residue fluid catalytic cracking unit that upgrades heavier products.

The refinery is running at about 300,000 barrels per day, nearly half its nameplate capacity, according to the average estimate of analysts at WoodMac, FGE, and Citac.

The complex has started shipping jet fuel, gasoil, and naphtha as it widens to a full slate of products.

Wood Mackenzie expects the gasoline-focused units to be online this summer, while other analysts expect the RFCC to take until the end of the year.

Dangote Industries said earlier this month that gasoline deliveries will start in May. A company spokesperson didn’t immediately respond to questions.

“The refinery is already having a sizable impact on product markets even running in its most stripped-back form at minimum rates,” said Ronan Hodgson, an energy analyst at FGE. Units that boost diesel quality will also start up in the coming months.

On Wednesday, The PUNCH reported that the refinery announced a reduction in the price of diesel from N1,200/litre to N1,000/litre, a development that triggered excitement among operators in the downstream oil sector.

Dangote refinery announced this in a statement by its spokesperson, Tony Chiejina.

The statement read in part, “In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from N1200 to N1,000/litre.

“While rolling out the products, the refinery supplied at a substantially reduced price of N1,200/litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600/litre.

“This significant reduction in the price of diesel at Dangote Petroleum Refinery is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.”

Bloomberg reported on Thursday that as much as a third of the oil shipped into the giant refinery so far has been US-grade WTI Midland, according to shipping information compiled by the media house.

This, according to the report, might likely continue as long as the foreign oil undercuts the price of local supplies. It, however, stated that Dangote could be about to change that.

Nigeria released new rules earlier this week that will compel its oil producers to sell crude to domestic refineries in a bid to reverse the country’s reliance on imported refined products. It’s not yet clear how much each refinery will need to take.

The decision by the Federal Government to sell crude to indigenous refiners came as the government also stated that the refineries could now purchase crude using the local currency – naira, or the United States dollar.

Father4all:
you and your hope.less pare.nts will be in pains forever

Father4all:
you and your hope.less pare.nts will be in pains forever

Prices of paddy are beginning to come down in many grain markets in the country as the dry season harvest begins, a Daily Trust survey…

Prices of paddy are beginning to come down in many grain markets in the country as the dry season harvest begins, a Daily Trust survey has shown.

Paddy is rice in its husk before threshing, and is the major ingredient required by millers to produce the finished product for consumption.

In the last three years, a bag of paddy was sold at between N9,000 and N20,000 for 100kg, depending on the variety and quality. However, between the last quarter of 2023 and this year, it reached between N55,000 and N70,000, depending on the location.

Besides other factors like price of diesel and cost of transportation, the high cost of paddy was linked directly to high cost of rice, which rose to N80,000 for 50kg in certain locations across the country.



But investigations by our correspondents have shown that with the ongoing harvest and the relative appreciation of the value of the naira, prices of paddy are on a downward trajectory.

Our correspondent in Kebbi State reports that the price of paddy has dropped significantly in most of the areas where rice is cultivated.

Few months back, 100kg of the produce across various rice markets in the state was sold for between N50,000 and N55,000.

But at Aljanari and Suru, the hub of rice production in the state, paddy is currently being sold for between N43,000 and N45,000, respectively.



It is also being sold at between N42,000 and N45,000 in the Dakingari area of the state, as against N50,000 and N56,000 before now.

A trader at the Ambursa rice market, Abubakar Sa’adu, told Daily Trust that they are currently witnessing a drop in the price of paddy at various markets in the state.

“Depending on the quality, it is even being sold at N37,000 in some places,” he said.

Another rice trader at the popular Kamba Rice Market, Suleiman Gado, said it was being speculated that the price of paddy would still drop in the next few months.

“If the Niger Republic border is opened fully for traders to bring in their paddy, this would further crash the paddy price. The price has been dropping almost every week in the last one month now,” he said.

In Birnin Kebbi, Argungu and Augie areas of the state, paddy has also witnessed a drop in price.

A farmer at the Duku Rice Farm in Birnin Kebbi, Aliyu Zauro, said the dry season harvest was responsible.

In Niger State, our correspondent reports that the price has also come down in the past few weeks.

Farmers and dealers who spoke said the price now ranges from between N39,000 and N42,000 for a 100kg bag of paddy.


One of the farmers, Aliyu Mohammed, said: “There are two categories of buyers. There are those who buy with scale. They weigh the bags and buy based on what each bag reads. For that one, the price ranges between N40,000 and N42,000 as against N45,000 for which it was sold weeks ago.

“Then, there are women processors who buy directly from farmers. They don’t use scale and they currently buy at N39,000 per bag. So, truly, the price has come down,” he said.

He, however, lamented that despite the high yield in irrigation farming in the state this year, processors have mopped up the paddy rice from rural areas where the majority of farmers live.

Also speaking, one of the dealers in paddy rice in the state, Mallam Muhammadu Mahmud, said: “It is true that the price has come down for the past few weeks. Right now, you can get a bag of paddy rice at N41,000 or N42,000 as against N45,000 for which it was being sold weeks ago.”

At Larabar Tambarin Gwani Market in Dutse, the capital of Jigawa State, a bag of paddy was sold for N55,000 on Wednesday, April 17, down from N60,000 the previous weeks. Paddy sellers in the market attribute the drop in price to “oversupply” of the product.

A trader, Zakari Ya’u said they sold a mudu (a local measurement) of paddy for N1,600, down from N1,700 last week, saying the reduction in the price was not only in Laraba Market, but also in other markets in Jigawa and beyond. He expressed happiness that the price was coming down.

Daily Trust observed that Larabar Tambarin Gwani Market is a major grain market in Dutse, attracting people from various parts of the country.


Similarly, in Taraba State, the price of paddy is also declining as a 100kg bag, which was sold at N50,000 last week, came down to N40,000 this week.

A dealer at the Mutum Biyu Market, Musa Kamal, said two factors were responsible for the drop in price.

“Some farmers decided to sell their paddy to raise money for the rainy season farming, following the early arrival of rainfall in the state.

“The second factor is that grains flooded the market and there were few buyers, leading to the crash in the price of grains,” he said.

In Katsina, our correspondent reports that a 100kg of paddy has dropped to between N40,000 and N45,000 from N55,000 and N60,000.

A rice processor and former Chairman, Local Rice Millers Association in Bakori Local Government Area, Mallam Isah Matsayi, said: “Kano, Jigawa, Kebbi and Taraba states have advantage of water bodies over us hence, their price of paddy is most times lower than ours”.

He said in the last harvest season, the price of the produce started from N30,000 and towards March, it reached N40,000.

“Cost of transportation is involved. The paddy we were buying from Bagudo, Suru, Samanaji, Aljannare and Koko in Kebbi State reached N50,000, before its price came down to between N40,000 and N45,000 as a result of naira appreciation and the reopening of the (Niger Republic) border.”

Price of foreign rice dropped in Kano

Our reporter in Kano reports that prices of rice and some other imported food items have decreased in various markets.

Findings revealed that the price of Thailand rice has decreased from N87,000 and above to N66,500 for a 50kg bag, in the past few days.

However, the price of locally produced rice remains unchanged, as it goes for N87,000 and above, depending on the brand.

Two rice millers who spoke with our correspondents admitted that the cost of paddy had reduced, but quickly said other factors must be met for the price of the processed rice to come down.

One of them said: “It is true, paddy has come down because of the dry season harvest, especially in Niger State. We get the bulk of our supply from there.

“However, we still pay a lot of money to transport the paddy to Kano and we also spend a lot on electricity and diesel (used for processing),” he said.

The other miller called on the federal and state governments to give adequate support and protection to farmers so that the harvests will not cease.

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“The market must be saturated with supply so that the price will crash further. And you can only achieve this when there is all- year farming.

“We are happy that there is supply from irrigation farmers. Also, some rich people who hoarded the paddy from the last cropping season are bringing it out; maybe because they are afraid of what will happen in the coming days.

“Secondly, the government should find a way of making electricity affordable to us. This is very important so that the price of the processed rice will come down,” he said.

A trader at Singa Market, Basiru Dauda Kunya said that the notable price reduction for foreign rice could be attributed to the fall in the exchange rate of the dollar against the naira.

Father4all:
you are your general.tions are in pains for.ever

Father4all:
I I'm above you and your par ents

Father4all:
she is above all your fami.lies

quadraheem:
She would have been arrested if caught by the authority for desecrating the Holy land.
You better go and make Tawbah and seek for a lot of istighfaar.
Don’t let the people of social media deceive you that you did well.
What is wrong is wrong!

mrdharkchild:
She for just keep them quiet.
She go reply. If e happen now, even Biden no fit save am o.

Them no dey tell person.

Ranting is cheap, when e happen, all your followers u dey try convince no go save you

Father4all:
Harlot