The Nigerian National Petroleum Corporation has revealed that Dangote Refinery will get 300,000 barrels of crude oil from it to begin its operations. CONTINUE READING>>>>>
Group Chief Executive Officer of NNPC, Mallam Mele Kyari said this on Thursday, while delivering his address at the Nigeria Oil and Gas Opportunity Fair held at the Nigerian Content Development and Monitoring Board Conference Centre, Bayelsa.
The theme of the biennial conference is titled, “The oil and gas industries: Catalyst and fuel for the industrialisation of Nigeria”.
Dangote Refinery, a 650,000bpd-integrated refinery project, according to the company’s website, is due for its opening on Monday, May 22, 2023. CONTINUE READING>>>>>
Kyari said, “The NNPC saw the strategic interest of doing business, and we will be supplying 300,000 barrels of Nigerian crude to Dangote Refinery from NNPC. That is a marketing opportunity.”
He also added that Nigeria must focus on gas production, adding that the country must begin to expand its gas footprint.
According to him, the country will begin to succeed in creating the industralisation it craves for.
“The only way this industry can become the catalyst and fuel for that is for us to build gas, and we are focused on domestic gas, as we are also looking for gas that can go to other countries. We’re focused on domestic gas.
“Everyone is talking about domestic refining. We see what we are doing. We don’t talk about it. We will keep lamenting till we all will see.
For this industry, he explained that there is one big challenge which is security in the Niger Delta.
He, however, said the NNPCL had risen to the challenge with its partnership with government security agencies which is paying off.
“Production last year was at 1.1m barrel per day. In March, we hit 1.67m bpd. We have suffered some operational issues in the last 23 weeks, but we know that we will achieve our objectives of recovering production.
“Then, if we can come back and put their money into new ventures because no one is putting in money now. This is very simple because no one is going to produce oil for someone who did not contribute unless it is guaranteed. “This is the reality. That is why took the front line and decided that we will contend with the security situation.We are glad with the progress we have made now. There is a clear connection between energy and poverty. We are talking about climate change and energy transition. So, we need to provide a cleaner source of energy.
“There is no country that is developed without energy. Industralisation is guaranteed with energy. No industry works without energy,” he stated.
Kyari noted that industralisation and prosperity can come to Nigeria when issues bordering on energy is addressed.
He added, “The oil and gas industry is in a vantage position to provide that.
“As we look at the GDP numbers, it may look small but the reality is that 48 per cent of all revenues available to all tiers of government come from the oil and gas industry.
“This is the collection from FIRS, NURPC, authorizes and NNPC share. Any major infrastructure done with any state or at the national level is a result of this 48 per cent from this industry.
“No one is putting in oil now. No one is willing to put in money. There’s a clear connection between energy and poverty. No industry works without energy.”