Tuesday, December 31, 2024

Nigeria restarts Warri refinery operations after 10 years

Nigeria has announced the partial resumption of operations at the Warri oil refinery, reducing the country's reliance on imported fuel.

The 125,000 barrel-per-day (bpd) refinery, which was shut down in 2015 due to disrepair and crude shortages, is now operating at 60% capacity, according to a statement from presidential spokesperson Bayo Onanuga.

Now operating at 60% capacity, the facility is part of the government's commitment to revitalise its refining sector, plagued by years of neglect and mismanagement.

"This plant is running. We have not completed 100%," Mele Kyari, head of the state oil firm NNPC, said during a tour of the facility with government officials, regulators and journalists.

The refinery, currently undergoing rehabilitation since 2021 at a cost of $898m, will focus on producing straight-run kerosene, diesel, and naphtha, the Nigerian presidency said in an emailed statement.

Nigeria's refining infrastructure comprises four state-owned refineries with a combined capacity of 445,000bpd. These include the 110,000bpd Kaduna plant and three units in the Niger Delta, all of which have been non-operational for years, reported Reuters.

Last month, the Nigerian National Petroleum Corporation (NNPC) reported the restart of the 60,000 bpd Port Harcourt refinery, aiming to revive all four facilities this year.

This month, Nigeria's Dangote Refinery exported its first petrol shipment to Cameroon. This development could contribute to stabilising fuel prices across the region.

The Dangote Refinery, located in the Lekki Free Zone in Lagos, has a production capacity of 650,000 barrels per day (bpd).

"Nigeria restarts Warri refinery operations after 10 years" was originally created and published by Offshore Technology, a GlobalData owned brand.

Nigeria steps up crackdown on oil theft as it targets 3 million bpd production

Nigeria has stepped up its drive to crack down on oil theft in the Niger Delta region as it aims to increase national production to 3 million barrels per day in 2025.

Africa's top oil producer, which relies on the commodity for around two-thirds of state revenue and more than 90% of foreign currency earnings, has been hit by large-scale oil theft that has curbed government finances in recent years.

While the government estimates oil output at around 2.06 million barrels per day (bpd) in next year's budget, actual production hovers around 1.8 million bpd, according to official figures.

The operation to crack down on oil theft, code-named Delta Sanity (OPDS), was launched last year by the petroleum ministry and the Nigerian navy. Chief of Naval Staff Emmanuel Ogalla said OPDS has now been bolstered in a second phase with armed drones, attack helicopters, increased intelligence and other reinforcements which could push up oil production above the budget estimate to 3 million bpd.

"If you look at where we were last year, when we launched this operation, we were about 1.4 million bpd. We have now gone to 1.8 million.

"I believe that with all the assets that we are bringing on board, we are definitely going to meet that target and surpass it," Ogalla said in a statement on Tuesday after the operation's flag-off in the southern oil hub of Port Harcourt in Rivers state.

Junior oil minister Heineken Lokpobiri said Nigeria's average daily oil output was only a little above 1 million bpd when he came into office in August 2023.

"Our target is to reach 3 million bpd by 2025 and we are confident that the second phase of OPDS will play a key role in achieving this milestone."

Last month, Rivers State Government donated six gunboats to the Navy to boost its operation against oil theft in the region.

By Camillus Eboh, Reuters

Monday, December 30, 2024

Video - Nigeria faced significant economic challenges in 2024



The country endured record-high inflation and severe flooding that exacerbated food insecurity.

Starlink Increases Subscription Prices in Nigeria

Starlink will implement its revised pricing structure in Nigeria, following regulatory approval from the Nigerian Communications Commission (NCC). This move follows an earlier attempt by the provider to adjust tariffs on October 1, 2024, which was halted due to regulatory concerns by the NCC.

The NCC had expressed concerns over Starlink’s unilateral decision to increase subscription fees without prior regulatory approval. The NCC noted that the October 2024 adjustment violated established protocols. Following this Starlink had suspended the changes temporarily.

In an email to subscribers, the company once again announced the revised pricing model effective immediately. Residential subscriptions have been increased from NGN 38,000 ($24.6) to NGN 75,000 ($48.6). Mobile regional plan (Roam Unlimited) will now cost NGN 167,000 ($108.3) per month, instead of NGN 49,000 ($31.8). Mobile global roaming service isnow priced at NGN 717,000 ($464.8) monthly.

The revised tariffs mirror those proposed in the October 2024 announcement and follow proper regulatory channels, addressing concerns raised by NCC. The structured implementation allows immediate application for new subscribers while giving existing customers a transition period until their next billing cycle.


Friday, December 27, 2024

Video - Weak economy in Nigeria dampening festive spirit, hurting retailers



Record inflation, a petrol subsidy removal, the devaluation of the local currency, and several other issues combined to keep shoppers at home and cash registers quiet during the holiday season.