News
Dangote to start crude production soon-Report
By Kayode Sanni-Arewa
Amid feedstock challenges, the Dangote Group, owners of the Dangote Refinery, will soon commence crude oil production.
According to reports by S&P Global Commodity Insights, the Dangote Group is looking to start production at its two Nigerian oil assets in the fourth quarter of 2024.
The company, which has endured months of crude supply woes, would reportedly commence production at its two Niger Delta upstream projects in Oil Mining Leases 71 and 72, starting with about 20,000 barrels per day before ramping up further in the first quarter of 2025.
“The company source said production at the company’s two Niger Delta upstream projects in Oil Mining Leases 71 and 72 would start at around 20,000 b/d, before ramping up further in the first quarter of 2025,” the report said.
The report stated that Dangote is currently seeking a floating production, storage and offloading vessel with a capacity of 650,000 barrels of crude.
The company, it was learnt, holds an 85 per cent stake in West African E&P Venture, which in turn has a 45 per cent working interest in the two blocks, alongside the state-owned Nigerian National Petroleum Company’s 55 per cent.
The other stakeholder in West African E&P is Nigerian upstream player, First E&P, which operates OMLs 71 and 72.
“The licences are located in the shallow water in the southeast of the troubled Niger Delta, just 22 km from the onshore Bonny terminal. They contain the Kalaekule and Koronama oilfields.
“Discoveries were first made on the blocks in 1966, and Shell began production there two decades later. Output peaked at 21,000 b/d in 1999, before declining in 2003,” S&P explained.
However, according to Commodity Insights, the fields still hold recoverable resources of almost 300 million barrels of oil and as much as 2.3 trillion cubic feet of natural gas.
The report noted that though Dangote’s upstream activities are seldom discussed, the imminent startup of production at OMLs 71 and 72 suggests the Dangote refinery could soon supplement its crude feedstock, after battling crude supply issues for months.
The $20 billion facility came online in January, and started up its residue catalytic cracker in early September, allowing for high-volume petrol production when the unit stabilises.
Built by Africa’s richest man, the refinery was designed to end Nigeria’s decades-long dependence on imported refined products. To date, it has produced volumes of gasoline, diesel, gasoil, jet fuel and naphtha, for domestic use and export.
However, the plant struggled to obtain sufficient Nigerian crude in its early months, forcing it to import large volumes of WTI Midland crude from the US, and sparking a bitter public row between the NNPC, international oil companies, Dangote and Nigeria’s upstream regulators.
Data from S&P Global Commodities at Sea shows Dangote took just under 200,000 bpd of Nigerian crude in September and it has not imported any US crude since mid-July.
However, Dangote may acquire crude from other oil producers, including Libya, Senegal and even Brazil, with company sources warning that NNPC could only be able to fulfil 60 per cent of its crude demand.
News
Impeachment Plot: Akpabio Cautions Nigerians To Disregard Media Report
By Gloria Ikibah
The President of the Senate, Senator Godswill Akpabio, has admonished Nigerians to disregard stories of his planned impeachment, even as he described it as an illusion.
Naijablitznews.com recalled that an online publication, (Name withheld on Wednesday, published a story titled “DSS Takes Over National Assembly Amid Impeachment Speculations Against Senate President Akpabio”, which has since been republished by other media outlets.
The Special Adviser on Media and Publicity to the President of Senate, Hon. Eseme Eyiboh in a statement on Wednesday said the report was a figment of the reporters imagination.
He said: “Distinguished Senator Godswill Akpabio, President of the Senate of the Federal Republic of Nigeria, wishes to state without equivocation that the speculation and misinformation circulating about an alleged impeachment plot against him is the handiwork of fifth columnists who are perpetual merchants of misinformation and purveyors of mischief.
“As a Head of one of the Arms of government, the President of the Senate categorically denies these baseless claims and reaffirms his commitment to transformational leadership of the Senate particularly and effectively collaborates with the other arms of government. There is no crack in the Upper Chamber and no Senator or Caucus is plotting any impeachment against the President of the Senate. Every Senator is focused on raising the bar of Legislative Agenda and Nation building.
“The allegations are nothing but a desperate attempt to create division and discord among the esteemed senators. It’s unfortunate that some individuals would resort to spreading falsehoods to promote the invidious reins of their blackmail enterprise.
“Senator Godswill Akpabio remains focused on the implementation of the 10th Senate’s Legislative Agenda and working tirelessly to address the pressing National issues of growth and prosperity.
“The Senate President will not be distracted by these unfounded rumours and wants to assure the public that his commitment to Nigeria’s progress remains unwavering.
“We therefore urge the public to disregard these baseless claims and instead focus on the meaningful work being done by the Senate to improve the lives of all Nigerians”.
News
BREAKING! FG delegation in meeting with NLC, TUC
By Kayode Sanni-Arewa
The Federal government delegation is currently meeting with the leaders of organised labour at the Presidential Villa in Abuja.
The meeting is centred on the state of the nation, especially the petrol pricing system.
The meeting is taking place at the Secretary to the Office of the Government of the Federation, SGF, George Akume.
At the meeting are Mallam Nuhu Ribadu, the National Security Adviser, NSA; Nkeiruka Onyejeocha, the Labour Minister; and Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
Others are the Information Minister, Petroleum Minister, State Minister of Gas, and representatives of the Nigerian National Petroleum Corporation, NNPC, Limited.
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