Vienna, Austria — OPEC and its allies expect oil inventories to fall further in the coming months, OPEC’s secretary general…
Browsing: Nigeria International Petroleum Summit
30 January 2019, Sweetcrude, Lagos — International business leader and founder of Aiteo Group, Benedict Peters, was awarded African Icon of…
Oscarline Onwuemenyi 28 February 2018, Sweetcrude, Abuja – A lecturer at the Federal University of Petroleum Resources, Effurun, Prof. Ogbarode…
“Come 2020 you will need modular refineries operating in this country to the tune of 75 modular refineries of about 10,000 barrels per stream day. You have that working or we will go back to the situation of the fuel shortage irrespective of the revamping of the refineries, irrespective of Dangote refinery coming on board.”
“Our estimate is that you need about $100 billion worth of investment to drive this sector. Those investments will go into gas projects, they will go into pipelines that have be replaced, they will go into new plants, they will go into the flare policy of the government, they will go into the development of LPGs and CNGs.”
“For us in Africa we have to work hard to make the best of our God-given resources before it’s too late. Together we can surmount our hurdles faster, not if we try to do so individually.”
“Nigeria is a gas country with some oil. NLNG is a success story partly because we are in the mid-stream and most of the risks have been taken by the upstream companies. But the thing is that there is a market out there. “
Okunbor said that pipeline vandalism was the main reason Nigeria elapsed into recession in 2016, adding that the country was losing about 300,000 barrels per day due to sabotage at the time when oil prices were at historic lows.
He added that for Nigeria to remain competitive in the global oil and gas industry, upstream investment needs to be increased, stating that “it’s time to prepare for the likely demand outlook that’s positive, and has out-performed projections in the last 3 years. Let’s get back to E & P activities.”
The federal government in November 2017 disclosed that it was considering granting 13 operational licences for modular refineries in the Delta region. It also has, as part of its policy to revive the country’s oil sector, the Seven Big Wins, plans to incentivise the construction of modular refineries in the region.
