Global refinery earnings were lower in second-quarter of 2016 compared with the same period last year and are converging among different locations globally, according to the U.S. Energy Information Administration.Weighed down by lower crude oil prices, weak refinery margin and renewed militant attack on facilities in the Niger Delta, some International Oil Companies (IOCs) as well as indigenous firms have suffered a loss of over N2.26 trillion in the first half of 2016.
As part of the efforts to address frequent disruptions to the supply of crude oil to the Kaduna Refinery and Petrochemical Company (KRPC) as a result of the Niger Delta militancy, the Nigerian National Petroleum Corporation (NNPC) is considering importing crude oil from Chad and Niger Republic, investigations by THISDAY have revealed.
The Integrated Oil and Gas Limited has confirmed that its 20,000 bpd modular refinery is on course and will be coming on stream in 2017.
The Department of Petroleum Resources (DPR) has given Integrated Oil and Gas Limited, an indigenous company, licence to begin preliminary work for a 20,000 capacity modular refinery on the Lagos coast, estimated to cost between $75 – $250 million.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) is seeking the Federal Government’s directive to commence its proposed $3 billion (N495 billion) refinery.
The Central Bank of Nigeria has expressed its readiness to support the refinery, fertiliser and petrochemical complex being built by Dangote Industries Limited in Lagos by providing foreign exchange for the importation of equipment.
Gas flaring hits 775.1 million scfpd Port Harcourt refinery.[/caption]THE four refineries in the country processed about seven million barrels of crude in 11 months, against 146.8 million barrels for that period based on their combined installed output capacity of 445,000 barrels per day.
As hopes rise that Nigeria’s refineries may come on stream by December, details are emerging that the Kaduna Refining and Petrochemical Company (KRPC) may not be among them, and may even need to be ‘scrapped.’\
A top oil industry expert who claimed to have knowledge of the past handling of a tender for the turnaround maintenance (TAM) of the Port Harcourt refinery in Eleme at the weekend provided THISDAY with details of how officials of the Nigerian National Petroleum Corporation (NNPC) allegedly ruined TAM plans on the refinery.
A preliminary report submitted to President Muhammadu Buhari by the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has shown that $1 billion in foreign exchange will be saved from fuel import substitution when local refineries commence full production.
The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has given a 90-day ultimatum to the management of the Warri Refining and Petrochemicals Company (WRPC) to commence full production at the facility.
Barely a month after it resumed production, the Warri Refining and Petrochemical Company Limited has been shut down again, a situation that may constitute a setback to the new administration’s current efforts at shoring up local supply of petroleum products.
Nigeri's plan to increase its crude oil export in October may suffer setback as European refinery maintenance is expected to peak in that month, limiting the amount of crude oil they consume.
Hope for Nigeria’s less-dependent on imported petroleum products has been renewed as the Port Harcourt Refinery will this week resume full production of petrol, when Chrome Oil Services Limited would have completed the rehabilitation of Area 3, where petrol, Liquefied Petroleum Gas (LPG) and other lighter products are produced.
Royal Dutch Shell says it will axe 6,500 jobs this year and step up spending cuts, to deal with an extended period of lower oil prices.
