“One Already Produces 600m Litres”: FG Gives Fresh Conditions to Licensing New Modular Refineries
- The Nigerian government has said new modular refinery owners will get financial backing from the Nigerian government
- Heineken Lokpobiri stated that the government will give priority to refinery owners in the award of oil licenses
- He revealed this during the inspection of the Waltersmith modular refinery in Imo state
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, has revealed that the Nigerian government will give financial aid to modular refinery owners with good records.
The minister disclosed this during his visit to the Waltersmith Refinery in Imo State.
Source: Facebook
A new modular refinery begins production in Imo
Lokpobiri was accompanied by the Executive Secretary of Nigeria Content Development and Management Board (NCDMB), Simbi Wabote, on Tuesday, November 21, 2023.
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Daily Trust reports that the minister revealed that the new refinery had produced almost 600 million litres of petroleum products, stating that about 20 trucks leave the facility daily.
He said the refinery had produced almost 600 million litres of various petroleum products, saying that about 20 trucks leave the refinery daily.
FG approves award of new oil blocks to
This comes as the minister revealed that President Bola Tinubu has approved the conduct of a fresh marginal oil bid round to offer for sale oil and gas fields left by international oil firms, which have been lying untapped for more than a decade.
Lokpobiri said the bid rounds would commence soon.
Legit.ng reported that the new bid rounds come after three years since 57 oil fields were put up for sale, and the process concluded last year.
ThisDay reports that many awardees struggle to mobilize to the site to develop their assets due to funding and regulatory issues.
The minister said in a statement on Wednesday, November 22, 2023, that he had obtained presidential approval to conduct fresh bid rounds for the marginal oil fields.
He said marginal oil fields would be prioritized in terms of their proximity to those with modular refineries so they can produce.
The Nigerian government exclusively reserves marginal oil fields for local firms to participate in oil and gas exploration and production space.
Marginal oil fields are awarded to boost Nigeria’s oil and gas production and reserves, create jobs, and contribute to host communities’ development.
FG commits to improving local refineries
Lokpobiri applauded the Waltersmith Group and the Nigerian Content Development and Monitoring Board (NCDMB) for supporting the Nigerian government’s plan to improve domestic refining capacity.
He said:
“The quickest way to fix our energy challenge in the country should be through modular refineries while we await the total rehabilitation of the big refineries.”
According to the minister, the 5,000-per-stream-per-day facility has been a source of diesel, kerosene, naphtha, and high-fuel oil to the domestic market since it began operation three years ago.
“No More N610/L:” Nigerians brace for fuel price reduction as petrol vessels arrive at ports
Legit.ng reported that Oil marketers stated on Saturday, November 18, 20023, that the price of petrol may drop across filling stations owned by independent marketers this week following the imports of PMS by the Nigerian Independent Petroleum Company Limited (NNPCL).
Feelers show that the recent hike in petrol prices at outlets owned by independent marketers was due to the short supply of the product, leading to profiteering by depot owners and filling stations.
However, operators in the downstream sector revealed that several cargoes imported by NNPCL arrived, some of which are currently discharging at the ports, a Punch report said.
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Source: Legit.ng
