Month: June 2019

A total of 132 oil and gas marketing companies on Thursday submitted bids to lift Nigeria’s crude oil. The firms include local, regional and international oil companies. The bid is for the 2019/2020 contract for the lifting of Nigeria’s crude oil under the direct-sales direct purchase (DSDP) scheme. Each of the eventually successful companies will be allocated some of the 445,000 barrels per day of Nigeria’s crude oil originally meant for domestic refining. The crude oil is being allocated because Nigeria is unable to locally refine such volume. Only companies with the capacity to utilize the allocated crude oil...

May 1, 2019 On April 25, the managing director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, said that Aliko Dangote’s new Lagos oil refinery is central to the government meeting its ambitious plan to triple Nigeria’s refining capacity to 1.5 million barrels per day (bpd). When complete, the new refinery is estimated to be able to refine 650,000 bpd, which alone would more than double the current capacity. Africa’s largest oil producer has long been forced to import refined petroleum products because of a lack of refining capacity. These imports are a significant drain on the country’s...

•Grants tax waiver to operators The Federal Government has disclosed that about 43 refineries, including large scale and modular refineries, have been licensed to refine petroleum products across the country. The Senior Technical Adviser to Nigeria’s Petroleum Minister on Refineries and Downstream Infrastructure, Rabiu Suleiman, told The Guardian in an exclusive interview that two of the refineries (modular) would be inaugurated in the coming week in the Niger Delta region. Suleiman, who said the plan is aimed at meeting local demand and export of petroleum products, added that some of the organizations have also been granted import waiver to...