₦airaland Forum

They want us to have more oil so that when they come to take our oil like they did in Venezuela and want to do in Iran, we will have more oil reserves

No problem na. We need the crude here.

anonimi:
Any idea why city boy's forward sales of our crude to secure $3.3 billion SPV loan from Afreximbank, through Elumelu's UBA bank at a ridiculous 11.85% rate has failed to achieve his N300/$1 short term goal after almost three years of hitting the ground running?

Most of what i refer to were done by the fPMB administration. Thanks for stopping by.

erad:
They've been developing energy independence, yet fluctuations in global oil prices is affecting them badly. Issokay.

What you don't realize is if USA doesn't buy, it's only opening up slots for other countries especially at this critical period. Oil can never go to waste, at least not in the next 20 years.

Energy independence means among other things increased domestic production of crude with reduced dependence on imported crude

Venezuela oil to the rescue
Free stuff

They are getting free oil from Venezuela now hence the reason for such cut.

they already have Venezuela oil

omoredia:
Dangote what excuse will u give again?

Do you expect that the excuse will be different from what NNPC refineries will give

Princecalm:
Jul 29, 2015

The Nigerian National Petroleum Corporation has announced that the Port Harcourt and Warri refineries have been successfully re-streamed after a nine-month rehabilitation exercise conducted by its in-house engineers and technicians.

The corporation, in a statement, noted that both plants commenced preliminary production of petroleum products after successful test-runs, adding that while PHRC was ramping up its operation to about 60 per cent of its 210,000 barrels per day capacity, WRPC production was projected to hit 80 per cent of its installed 125,000bpd capacity.

The NNPC said the Port Harcourt refinery was projected to boost the nation’s local refining capacity with a product yield of five million litres of petrol per day, while Warri refinery would contribute 3.5 million litres of petrol.

Providing insight into the rehabilitation exercise, the NNPC noted that it had to adopt the phased rehabilitation strategy after the Original Refinery Builders, who were initially contacted for the project came up with unfavorable terms.

It said, “Though a decision was taken in 2011 to rehabilitate all the refineries using the ORB of each of the refineries, we were impelled to switch strategy after the ORBs declined participation and nominated some partners in their stead who came up with outrageously unfavorable terms.”

The NNPC stated that the nominated partners, as sole-bidders, came up with humongous price offers after two years of thorough and exhaustive scope of work definition and price negotiations.

It added that the proxies were also unwilling to provide post rehabilitation performance guarantees.

The corporation said, “The phased rehabilitation strategy which entailed phased and simultaneous rehabilitation of all the refineries using in-house and locally available resources in line with the spirit and letter of the Nigerian Content Law, also involved the use of Original Equipment Manufacturer representatives to effect major equipment overhaul and rehabilitation.”

The national oil firm said the phased rehabilitation programme, which started in October 2014 after the required funding stream was established, created a 70 per cent reduction in costs which helped largely in mitigating the financing challenges of refinery rehabilitation.

It observed that with the successful re-streaming of the PHRC and WRPC, attention has now moved to the 110,000 barrels per day Kaduna Refining and Petrochemicals Company which was billed to come on stream soon.

http://www.punchng.com/news/pharcourt-warri-refineries-commence-preliminary-operations-nnpc/

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saintopus:
Dec 06, 2024
The PH Refinery ships its first export of petroleum products to Dubai.
The company is expected to load the cargo in the coming days onboard the Wonder Star MR1 ship, signalling the commencement of operations at the plant and the exportation of petroleum products.

The ship will load 15,000 metric tons of the product, which translates to about 13.6 million litres.

Although the volume coming from the NNPC into the global market is still small, the development has the potential to impact the Very Low Sulphur Fuel Oil (VLSFO) benchmarks in the future while changing the market realities for Atlantic Basin exporters into Nigeria and other regions.

The sulfur content of the export by NNPC stands at 0.26 per cent per wt and a 0.918 g/ml density at 15°C, according to Kpler, a data and analysis company.

The cargo was reportedly sold at an $8.50/t discount to the NWE 0.5 per cent benchmark on a Free on Board (FOB) basis.

Kpler reported that the development would help displace imports from traditional suppliers in Africa and Europe, as Nigeria’s falling clean product (CPP) imports are already decreasing, dragging imports into the wider West Africa region lower as well.

https://guardian.ng/energy/nnpc-begins-export-from-ph-refinery-as-dubai-firm-buys-first-cargo/

BlackViper:
https://punchng.com/us-cuts-nigerian-crude-imports-by-nearly-50/

We should not be affected at all. We have Dangote that can buy up the excess at a premium.

samogo1:
This is a good thing. It means we can now sell more to dangote and petroleum product can now be cheaper. Or am I missing something?

u maybe right u maybe wrong.... nobody can predict Nigeria government....na the more u know the less u see ...

OYEDIPE:
We should not be affected at all. We have Dangote that can buy up the excess at a premium.

exactly but in Nigeria 1+1 is equal to 77.... Let see if Petro will reduce in the coming weeks

nairalanda1:
Non oil revenue is less than 30 trillion naira as at last year...that one you dey celebrate?

30 trilloon no do shi shi for a nation our size.

After you minus the ones weh our leaders go thief, how much go come remain for the CORNTREE.

Great news... Instead of exporting crude cheaply, Nigeria can sell more crude to the Dangote Refinery, Refine it into petrol, diesel, jet fuel locally, Strengthen energy security which give Positive outcomes like More revenue per barrel, Reduced fuel imports, Stronger naira over time, More stable domestic prices and less dependence on imports.

God bless Nigeria

samogo1:
This is a good thing. It means we can now sell more to dangote and petroleum product can now be cheaper. Or am I missing something?

.then how will federal government generate revenue to the federation account through crude oil sells to use the money to address the needs of Nigerians and also develop the country

WiseBizInvestor:
What have we gained as ordinary Nigerians all the while our export to the USA was doing fine?

Na your govt you go ask. Shey una tok say US na devil. hhahahahaha

It's a good development, nnpcl can now sell the rest to dangote refinery

OGOLMEKZ95:
After you minus the ones weh our leaders go thief, how much go come remain for the CORNTREE.

It's not just minusing the ones wey dey go steal, before stealing , before money comes in,the money is already too small.

That's why corruption really deals with us well, and why it is sad APC under tinubu never do anything against am.

WiseBizInvestor:
What have we gained as ordinary Nigerians all the while our export to the USA was doing fine?

Salaries of government workers and other government expenditure including allocation to state and local governments. Are you people this ignorant? Or are you just being a prikkk?

Fuel just dropped to 300nair a liter.
Omo I bought 4600 fuel for a journey of 3km. My car stalled at the entrance of my house. I had to restart 3 times before it picked.ibjust thank God say the werey start.i no buy fuel again.imagine 4600 fuel no even reach 4 litres.nawa o

BigElEddy:
Maybe there are about to start buying from Iran as part of the negotiations

USA produces 15 million barrels per day the highest globally.

samogo1:
This is a good thing. It means we can now sell more to dangote and petroleum product can now be cheaper. Or am I missing something?

Nothing is good, because, Nigeria still needs dollar currency in its reserve

nairalanda1:
The US has been developing what they call energy independence for decades. Infact long before 2015, US imports of our oil have been reducing...USA used to import 97% of our crude in 1996, now they import 0.88% DOWN from 1.25% last year down from 3% over a deacade ago.

That is why your APC government is not serious. IN 11 years they have developed no plan for the time when the USA would stop buying our crude all together.

NO plan to diversify the economy, or to make industries the basis of our economy, and so forth. No wonder we have a lot of issues.

So, stop rejoicing.

Energy independence my foot😏 you think everyone here is daft and dumb why won't they cut down purchase of Nigeria's crude when a great percent of Venezuelan oil is up for grabs.

frankson1:
Energy independence my foot😏 you think everyone here is daft and dumb why won't they cut down purchase of Nigeria's crude when a great percent of Venezuelan oil is up for grabs.

1996: US bought 97% of awa crude
2016: US bought 3% of awa crude
2025: US bought 1.5% of awa crude
This year: US is buying 0.88% of our crude

Any questions?

nairalanda1:
It's not just minusing the ones wey dey go steal, before stealing , before money comes in,the money is already too small.

That's why corruption really deals with us well, and why it is sad APC under tinubu never do anything against am.

APCshit needs to be taken out of existence.

OGOLMEKZ95:
APCshit needs to be taken out of existence.

Yes, but the sad thing is the alternative is no better.

I would like it if we voted for one of the smaller parties that had no taint from APC or pdp

Nigeria should not be bothered. It is a matter of time, they will increase it by themselves. It is just a vendetta move to deny Nigeria oil revenue that will make it grow during this operation with Iran.

nairalanda1:
Yes, but the sad thing is the alternative is no better.

I would like it if we voted for one of the smaller parties that had no taint from APC or pdp

My vote is actually going for the party with less winning rates.

OGOLMEKZ95:
APCshit needs to be taken out of existence.

Wdym apc shit

anonimi:
Any idea why city boy's forward sales of our crude to secure $3.3 billion SPV loan from Afreximbank, through Elumelu's UBA bank at a ridiculous 11.85% rate has failed to achieve his N300/$1 short term goal after almost three years of hitting the ground running?

Hmmmmmmmmm

WiseBizInvestor:
What have we gained as ordinary Nigerians all the while our export to the USA was doing fine?

Dem for dey credit una account nah...
Government subsiding so many things for you people but you never appreciate it. Government should remove subsidy on everything..

nairalanda1:
The US has been developing what they call energy independence for decades. Infact long before 2015, US imports of our oil have been reducing...USA used to import 97% of our crude in 1996, now they import 0.88% DOWN from 1.25% last year down from 3% over a deacade ago.

That is why your APC government is not serious. IN 11 years they have developed no plan for the time when the USA would stop buying our crude all together.

NO plan to diversify the economy, or to make industries the basis of our economy, and so forth. No wonder we have a lot of issues.

So, stop rejoicing.

On $45b annual budget for over 230m people. Like lolzzzz ... Make it make sense nah

Fearyourcreator:
On $45b annual budget for over 230m people. Like lolzzzz ... Make it make sense nah

THat's the thing, we don't have enough money. 45billion dollars can't sustain 230 m people...that is why, as I said..we got to diversify our economy.