News

NNPC Ltd Moves to Revive Brass, OK LNG Projects

Published

3 months ago

September 20, 2024

In its continued bid to maximise the nation’s abundant gas resources for economic development and prosperity, NNPC Ltd. has begun discussions with investors towards bringing back two Liquefied Natural Gas (LNG) projects, Brass and Olokola LNG projects.

NNPC Ltd.’s Chief Financial Officer (CFO), Mr. Umar Ajiya disclosed this on the sidelines of the ongoing 2024 Gas Technology Conference and Exhibition (Gastech), in Houston, United States, on Thursday.

Brass LNG and OK LNG are two LNG projects with the potential of manifold economic benefits for the country which include job creation, power generation, revenue generation and economic diversification. The multi-billion-dollar projects were however stalled due to unfavourable market dynamics and slow decision-making by the political class in the past.

“In the past, gas prices went down, the economics of the projects meant a high Capital Expenditure (CAPEX), and this was a dis-incentive for investors and partners. Also, there was slow decision-making by the political class,” the CFO added.

While describing NNPC Ltd. as a commercially driven Company which recognises timely project development and execution, the CFO said there are abundant gas resources in many parts of the world and therefore, the earlier Nigeria makes smart decisions to bring partners to the table, the better.

Ajiya commended President Bola Ahmed Tinubu for his support in driving new projects in the Industry through the Presidential Executive Orders on Oil & Gas Reforms.

“We are also happy to have the Petroleum Industry Act, 2021 (PIA) which has provided fiscal incentives for investors and is creating the enabling environment that has rekindled hope in the energy sector.”

Ajiya described Gastech as an avenue for NNPC Ltd. to learn new technologies which will help the Company decarbonise its operations and promote its abundant LNG resources to the global market.

In a statement signed by Olufemi Soneye Chief Corporate communications officer of NNPCL said Gastech is the world’s leading forum dedicated to delivering a more sustainable energy future by bringing together experts who brainstorm to create pathways towards global energy security for lasting climate impact.

News

Stampede at Catholic Church in Maitama Claims Ten Lives During Food Distribution

Published

20 hours ago

December 21, 2024

Nigerian Tracker

Ten people have been confirmed dead in a stampede at the Holy Trinity Catholic Church, Maitama, on Saturday, 21st December 2024, during the distribution of food items to vulnerable and elderly individuals.

The unfortunate incident, which occurred around 6:30 am, resulted in the loss of ten lives, including four children, and left eight others injured with varying degrees of severity. Four of the injured have been treated and discharged, while the remaining victims are still receiving medical attention.

The FCT Police Command, in a statement issued by its spokesperson, SP Josephine Adeh, confirmed the tragedy, extended condolences to the families of the deceased, and wished the injured a swift recovery.

News

Port-Harcourt Refinery Fully Operational- Says NNPC

Published

1 day ago

December 21, 2024

Nigerian Tracker

The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.

Preparation for the day’s loading operation is currently ongoing.

Members of the public are advised to discountenance such reports as they are the figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.

News

Port Harcourt Refinery Halts Production Less Than a Month After Resumption

Published

1 day ago

December 21, 2024

Nigerian Tracker

Less than a month after the porthacourt appeared to have resumed production, the facility has stopped working.

It was gathered that the lifting of petrol actually stopped last Friday, December 13, as the 18-arm loading bay of the new Port Harcourt refinery was empty.

While about 18 trucks littered the stretch of the busy road leading to the refinery itself, nine trucks were spotted inside the parking yard, while the loading bay was empty.

Journalists who visited the refinery on Thursday, December 19, 2024, observed that the lifting of Premium Motor Spirit (petrol) had stopped completely.

The depot, which is usually a beehive of activities where tankers scramble for space at the parking yard, was a shadow of itself with literally no vehicular or human activity relating to operations.

This was after $1.5bn was approved in March 2021 and spent on the rehabilitation of the facility.

The inauguration of the 60,000 barrel per day production capacity plant by the Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, on Tuesday, November 26, 2024, was met with celebration and fanfare.

During the re-opening of the facility, there was lifting of petrol to the excitement of the cheering crowd.

However, less than 10 trucks of petrol were lifted that day as against widespread claims that about 200 trucks carried petrol out of the bay.