Dangote Group says petroleum products from its 650,000 per day refinery will hit the market by early 2022 against the previous 2021 fourth-quarter target. Devakumar Edwin, executive director of capital projects and portfolio management at Dangote Group, told Arise TV that the earlier completion and products production date could not be met due to the COVID-19 pandemic that as restrictions led to delays in the shipment of equipment from abroad. In November 2020, the group said its refinery had reached 80 percent completion; engineering and construction were 100 percent, and procurement was 98 p ..read more

Royal Dutch Shell Plc said its carbon emissions and oil production have peaked and will decline in the coming years as the company laid out a detailed plan for its transition to cleaner energy. In a sign of how much the petroleum industry has shifted away from its mantra of growth and exploration, Shell said its oil production will fall by 1% to 2% a year. Assuming an annual reduction on the upper end of that range, the oil majors production would fall by 18% by the end of the decade. Output of “traditional fuels” will be 55% lower by 2030. In a wide-ranging strategy update published on Thursd ..read more

International oil companies have started reporting their 2020 results, and three of those operating in Nigeria posted record losses, a development that poses further threats to major projects in the country. Some multibillion-dollar projects in the country have not been sanctioned by the IOCs several years after they were announced. The slump in oil prices last year as a result of the coronavirus pandemic forced many companies, including the IOCs, to slash their capital budgets and suspend some projects. ExxonMobil last week posted its first annual loss in 40 years as a public company as the C ..read more

Baring any unforeseen developments in the local and international economy, the 200,000 barrels per day BUA Petroleum Refinery will commence full commercial operation in 2024, after a groundbreaking ceremony billed for May this year. Giving graphic details on the economics of Nigeria’s second largest petroleum refining complex in Lagos at the weekend, Executive Chairman of BUA Group, Abdul Samad Rabiu, said the project was initiated against the backdrop of the huge amount of foreign exchange the nation spends importing refined petroleum products into the country. Rabiu who defended the sustaina ..read more

The Dangote Group has said the International Monetary Fund (IMF), the global financial watchdog, is projecting that Dangote Refinery would help to rebound the economy when it is completed and begins production by 2022. According to a statement from Dangote, it cited the latest IMF report on Nigeria’s economy, with the Fund hopeful that the operation of the refinery, solely owned by Africa’s richest man, Aliko Dangote could help Nigeria improve its Current Account balance. It said Dangote Refinery has “the potential to catalyze more domestic crude oil production and boost GDP growth.” “On the u ..read more

Members of the Independent Petroleum Marketers Association of Nigeria on Wednesday disrupted loading of petroleum products at private depots in Apapa as well as Ibadan, Ejigbo and Mosimi depots belonging to the Nigerian National Petroleum Corporation. Our correspondent learnt that the marketers picketed the facilities to protest their inability to get products due to a new payment method introduced by the Petroleum Products Marketing Company, a subsidiary of the NNPC. The Chairman, IPMAN, Ore Depot, Mr Shina Amoo, confirmed the development in an interview with our correspondent in Ibadan on We ..read more

11 PLC, which until October 2016 was known as Mobil Oil Nigeria Plc, hopes to delist its more than 360.592 million ordinary shares from the daily official list of the Nigerian Stock Exchange (NSE) by the end of the first quarter, in furtherance of a resolution passed at its last annual general meeting in October. “The purpose of delisting is to enable the company explore strategic opportunities, alliances and collaborations that can bolster earnings and/or provide synergized benefits with little or no regulatory obligations,” the energy firm said in an explanatory statement issued Tuesday and ..read more

Total SE bucked the trend of a disappointing fourth quarter for Big Oil, reporting earnings that exceeded expectations and pledging more cash for cleaner energy. The results show once again how the French giant has outperformed its peers throughout the downturn caused by the coronavirus pandemic. As its more heavily indebted rivals have stumbled, Total’s lower costs and stronger cash flow allowed it to preserve its dividend and lead the way on investments in clean energy. “The real reason of the resilience of Total,” said Chief Executive Officer Patrick Pouyanne, “is the quality of the portfol ..read more

The Federal Government yesterday launched the Nigerian Upstream Cost Optimisation Programme (NUCOP) to cut down the cost of crude oil production to $10 per barrel. The new programme is targeted at boosting industry collaboration and process enhancement, according to the Minister of State, Petroleum Resources, Mr Timipre Sylva, at the ceremony in Abuja. He said of all the nine priority areas given to the Ministry as its operational mandate, reduction of oil extraction cost remains pivotal. The minister noted that the Ministry has since identified some initiatives to tackle the challenges stacki ..read more

Axxela Limited(Axxela), has been accorded favourable national scale issuer ratings of BBB+(NG) and A2(NG) in the long term and short term by Global Credit Ratings (GCR). The ratings are valid until September 2021 and were ascribed due to Axxela’s strategic initiatives, continued diversification of revenue sources, and robust business continuity plans. Before now, Agusto & Co. had revalidated Axxela’s corporate credit rating as “Bbb+” with a stable outlook until June 30, 2021. Commenting on the rating renewal, Chief Executive Officer, Axxela, said: “Given the global headwinds faced by many ..read more