…NNPC 19 months crude supply falls short Dangote’s 650,000 barrels per day capacity
MON OCT 07 2024-theGBJournal| The Nigerian National Petroleum Company Limited (NNPCL) has supplied a total of 48.6 million barrels of crude oil to Dangote Refinery over the past 10 months, but these deliveries have fallen short of the refinery’s full capacity of 650,000 barrels per day.
In contrast, Nigeria’s petrol imports decreased by 12.6% in 2023, dropping to 20.29 billion litres from 23.24 billion litres in the previous year, while diesel imports rose to 4.94 billion litres, reflecting a shift in energy consumption patterns.
Local production of kerosene also saw significant growth, increasing by 56% to 69.7 million litres in 2023.
Amid these developments, President Bola Tinubu announced that ministerial approval for a $1.28 billion divestment deal between ExxonMobil and Seplat Energy is expected soon, aligning with the Petroleum Industry Act (PIA).
This deal is part of a broader trend of international oil companies (IOCs) divesting their onshore assets in Nigeria, following similar moves by Shell and TotalEnergies, indicating a significant transformation within the Nigerian oil landscape as these companies shift their investments toward offshore operations.
Meanwhile, Brent crude futures rose $1.09% to $79.14 per barrel on Monday amid Middle East conflict and fears of export disruption from major oil producing regions.
The U.S. West Texas Intermediate (WTI) crude futures climbed $1.55 $75.14
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