Nigeria: Lagos Start Crude Oil Production

-
Lagos 




A Nigerian firm has said it has started oil production from an offshore field in the commercial city of Lagos, the first output outside the country’s oil hub in the Niger delta. “Yinka Folawiyo Petroleum Co. Ltd (YFP) is pleased to announce that it has commenced production of crude oil from its Aje field located in block OML 113 offshore Lagos,” it said late Tuesday. YFP did not disclose the volume of current output from the field but said the company has capacity to produce 40,000 barrels per day. “Oil produced from the Aje field will be stored on the Front Puffin which has production capacity of 40,000 barrels of oil per day and storage capacity of 750,000 barrels,” it added in a statement. Production began after more than 25 years of exploratory, appraisal and developmental activities in the field, making Lagos — Nigeria’s commercial capital — an oil-producing state. Nigeria’s oil and gas industry is concentrated in the southern delta states but the region has been dogged by unrest and disruption from militants demanding a fairer share of revenue. Pipeline attacks and illegal refining or “bunkering” as it is called locally have hit output, which is currently estimated at about 1.8 million barrels a day, according to OPEC. Nigeria is reliant on oil revenue for its economy but crude earnings have been depleted drastically since the slump in global prices that started in mid-2014.


Comments

Post a Comment

Popular posts from this blog

How Buka Suka Dimka was Arrested After the Coup

-
Image
 40 years ago, after the calamitous coup failed, Lt. Colonel Buka Dimka who played a leading role in the events of February 13, 1976 sought refuge in the arms of an old girlfriend in Afikpo in the then Anambra State. An indigene of the town, Chief Jasper Okoro, a native of Afikpo now in Ebonyi State, a former Editor-in-Chief of Ebonyi State owned newspapers, publishers of the Nigerian Patriot recounts the events of that time and he like many other indigenes of the town would not disclose the present identity of Ugo, the former Dimka flame who is now married.  Excerpts: What can you say about the Dimka’s coup? I was a teacher when the coup took place and Dimka and his partners were declared wanted. At that time, the radio kept announcing that whoever finds him should report to the police as some benefits will be given to the person. So, every 15 minutes or thereabout the radio continued to flare the information. Dimka had served as an officer here, (Afikpo) we came back...
Continue »

Edo Government/ASUU-UNIBEN Squabble over Demolition of Property

-
Image
BENIN—Edo State Government and the Academic Staff Union of Universities, ASUU, University of Benin branch, are at loggerheads as the union accused the government of alleged lawlessness in the demolition of property belonging to the university. But the government, through the Commissioner for Information and Orientation, Prince Kassim Afegbua, described the allegation as baseless, saying that the said property belongs to the state government after it won the suit at the lower court and Court of Appeal. Zonal Coordinator of UNIBEN ASUU, Dr Anthony Monye-Emina, who addressed journalists yesterday, alleged that Governor Adams Oshiomhole had promised to compensate the lecturers affected by the earlier demolition but was surprised that the government went on to demolish the entire property when part of the matter was still before the court. But Afegbua said, “It is very unfortunate that members of ASUU who ordinarily should be knowledgeable about the dynamics of government c...
Continue »

NIGERIA: PRESIDENT BUHARI PRESENTED A BILL TO N/A FOR STIFFER WAR AGAINST MONEY LAUNDERING

-
Image
President Muhammadu Buhari on Wednesday introduced two bills to the National Assembly to strengthen the war against money laundering. The bills were titled, “The Money Laundering (Prevention and Prohibition) Bill, 2016” and “The Mutual Legal Assistance in Criminal Matters Bill, 2016.” The Senate President, Dr. Bukola Saraki, read the letter containing the bills at plenary on Wednesday while at the House of Representatives, the Speaker, Mr. Yakubu Dogara, read Buhari’s letter conveying the bills to members. Buhari in the letter stated that the first bill sought to repeal the existing Money Laundering Act, which was enacted in 2011 to provide for stiffer penalty for money launderers to discourage the illegal act. On the second bill, the President explained that its aim was to make provisions that would enable Nigeria to seek international assistance in recovering looted funds. Part of the letter read, “This bill seeks to facilitate the provision and obtaining by Nigeria o...
Continue »