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One Killed in Chevron Refinery Fire in Mississippi

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HOUSTON – A Chevron Corp worker was killed in a fire that broke out early Friday morning at a cracking unit at the major U.S. oil company’s 330,000-barrel-per-day refinery in Pascagoula, Mississippi.

The plant’s emergency teams put out the fire, which started at 2 a.m. CST, Chevron and officials from Jackson County and Pascagoula said.

The fire broke out at a furnace in a gasoline-making unit known as the “Cracking II area,” Chevron said.

Cash gasoline prices on the U.S. Gulf Coast spiked briefly on news of the conflagration before retreating, traders said after the latest in a string of accidents in the U.S. energy sector.

The fire came the day after a Chevron pipeline unrelated to the refinery exploded in rural Milford, Texas, shooting flames high into the air and prompting evacuations but causing no injuries.

Chevron Refinery Fire in MississippiThe Gulf Coast refinery network has started to emerge from seasonal work that drained stockpiles after plants cranked up runs, bingeing on cheap domestic feedstock to ship products abroad.

Since the start of September, distillate stockpiles in the region have fallen by 3.5 million barrels to 38.5 million barrels, nearly 2.8 million barrels below the five-year seasonal average. Gasoline inventories are off 5.2 million barrels over the past nine weeks, but at nearly 73 million barrels are 1.1 million barrels above the five-year average.

Chevron’s Pascagoula refinery appeared to have been undergoing some maintenance work before the fire, according to energy intelligence group Genscape, which reported on Thursday that a unit had shut down and then had begun restarting with another unit.

Genscape, which monitors activities at refineries by camera, said on Friday that the restart of the 55,000-bpd catalytic reformer, which turns naphtha into gasoline components, was halted at the time of the fire.

It said the restart of a 29,000-bpd hydrocracker, which uses hydrogen to break down molecules into other refined products, had been completed and that all other units were online.

Chevron did not reply to a request for comment on the Genscape reports.

The refinery, which began operating in 1963, is the largest of three in Mississippi.

The plant can process and treat low-grade heavier, sour, foreign crude oil. It produces about 130,000 bpd of motor gasoline, 50,000 bpd of jet fuel and 68,000 bpd of diesel fuel, according to Chevron’s website.

In April of this year, a filing with the U.S. Securities and Exchange Commission showed Chevron’s board had trimmed cash bonuses for some managers in a bid to hold them accountable for “operational incidents” in 2012.

Donnie Carlson, Pascagoula’s deputy fire chief, said the city’s crews were put on standby in a staging area but did not fight the fire.

“The fire’s out,” he said.

Shares of Chevron were up 3 cents at $119.59 in morning trading on Friday.

– REUTERS

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Oil

FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry

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In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.

The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.

The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.

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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.

The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.

This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.

These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.

The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.

 

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Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative

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By Yemie Adeoye

NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.

The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”

The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.

“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.

Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.

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Oil

ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

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As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.

Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”

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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.

We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.

“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.

On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.

 

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