Dangote refinery achieves historic 650,000 bpd capacity as crude, MS units hit full optimization - ITREALMS

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The Dangote Petroleum Refinery has reached a definitive operational milestone, successfully restoring and optimizing its Crude Distillation Unit (CDU) and Motor Spirit (MS) production block, reports ITREALMS.

This achievement marks a global first, as the facility becomes the premier refinery in the world to reach its full nameplate capacity of 650,000 barrels per day (bpd) within its initial operational phase.

Petrol price: Dangote assures on stability despite rise in crude oil price - ITREALMS

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Dangote Petroleum Refinery & Petrochemicals reaffirms that, despite the fluctuations in global crude oil prices, it has consistently reduced the price of Premium Motor Spirit (PMS), commonly known as petrol.

A press release, available to ITREALMS and signed by the Group Chief Branding and Communications Officer, Anthony Chiejina said the decision to maintain price stability reflects its unwavering commitment to supporting the Nigerian economy and alleviating the burden on consumers from the increase in fuel prices by maintaining price stability.

Dangote buys 12m barrels of crude oil from United States for refinery operations - ITREALMS

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The Dangote Petroleum Refinery has advanced plans to buy some 12 million barrels of crude oil from the United States, reports ITREALMS.

The refinery resorted to crude importation as local supply challenges hindered the new $20bn refinery’s push to reach full refining capacity.

NNPC boost oil production as Utapate crude grade hits global market - ITREALMS

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...OML 13 asset eyes 80,000 bpd by end of 2025

The NNPC Ltd has officially unveiled the Utapate crude oil blend, before the international crude oil market, reports ITREALMS.

NNPCL, ITREALMS recalled had in July, 2024, alongside its partner, the Sterling Oil Exploration & Energy Production Company (SEEPCO) Ltd introduced the Utapate crude oil blend, following the lifting of first cargo of 950,000 barrels which headed for Spain.

Dangote commends NUPRC for publishing domestic crude supply obligation guidelines - ITREALMS

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The management of Dangote Industries Limited (DIL) have commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its various interventions in the oil company's crude supply requests from International Oil Companies (IOCs), and for publishing the Domestic Crude Supply Obligation (DCSO) guidelines to enshrine transparency in the oil industry.

Vice President, Oil & Gas, Dangote Industries Limited, Mr. DVG Edwin however said: “If the Domestic Crude Supply Obligation (DCSO) guidelines are diligently implemented, this will ensure that we deal directly with the companies producing the crude oil in Nigeria as stipulated by the PIA.”

NNPC declares state of emergency on crude oil production - ITREALMS

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In a move towards increasing Nigeria’s crude oil production and growing its reserves, NNPC Ltd has declared a state of emergency on production in Nigeria’s oil and gas industry.

The Group Chief Executive Officer of NNPC Ltd, Mr. Mele Kyari, disclosed this in a keynote address at the opening ceremony of the 23rd edition of the Nigeria Oil & Gas Conference and Exhibition (NOG Energy Week) in Abuja, on Tuesday.

NNPC solicits EFCC’s support in fight against crude oil theft - ITREALMS

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has appealed to the Economic and Financial Crimes Commission (EFCC) to help tackle the menace of crude oil theft in the country.

A press statement available to ITREALMS by the Chief Corporate Communications Officer, NNPC Ltd, Mr. Olufemi O. Soneye, quoted the Group Chief Executive Officer of the company, Mr. Mele Kyari, as making the appeal at an interactive session with the EFCC’s helmsman, Mr. Ola Olukoyede, which held at the NNPC Towers in Abuja on Monday.

Dangote refinery receives second one million barrels of crude - ITREALMS

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Dangote Refinery has made a further move towards the commencement of production of refined petroleum products with the receipt of an additional one million barrels of bonny light crude supplied by the Nigeria National Petroleum Corporation Limited (NNPCL).

The fresh one million barrels of crude from the Shell terminal via the MT Otis owned by Trafigural is the second consignment to be delivered to the Dangote facility out of the six million barrels of crude being expected by the world's largest single-train refinery.

NNPC/Aiteo joint venture launches Nembe crude oil grade - ITREALMS

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The NNPC/ Aiteo Joint venture has announced the introduction of Nembe Crude Oil Grade, a new oil grade into the international crude oil market.

A press statement available to ITREALMS by the Chief Corporate Communications Officer, NNPC Ltd. Olufemi O. Soneye, disclosed that the Nembe Crude Oil Blend, produced by Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), was revealed at the ongoing Argus European Crude Conference in London, on Tuesday.

Oil price increase as crude hits $50 per barrel

ITRealms:

For the first time this year, oil prices have risen above $50 per barrel, which is almost doubling of prices since 12 year lows in January and a return to levels seen in November last year. This happened as a result of supply disruptions and a decline in crude inventories in the United States, ITRealms reports.
Canada experienced a decline in output of about 1 million barrels a day this month, after wildfires hit production, while, militant activity in Nigeria has also reduced output by 40 per cent to 1.4 million bpd.

However, OPEC’s meeting, which is to be held on  the 2^nd of June, remains to be the key risk factor in the short term as markets are enthusiastic to know whether an agreement on a possible oil freeze will see the light.

However, analysts have said that higher prices could mean some producers increase supplies and make more expensive production methods, like shale, viable again.

According to Citibank, “The return of US oil production on the back of higher oil prices, cost deflation across the sector, and Saudi Arabia’s intentions to raise crude production and exports are headwinds to a price rally,” Last year, prices rallied from January to May before collapsing again.

Okoli Vincent/GEE


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