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Nigeria earns N69bn from LPG sales

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LAGOS-Nigeria earned about N68.957 billion from lifting Liquefied Petroleum Gas, LPG, for both export and domestic consumption in 2013, the Nigerian National Petroleum Corporation, NNPC, has revealed.

Offshore gas facilityThe NNPC in its Annual Statistical Bulletin 2013, disclosed that the country lifted 417,924 metric tonnes, MT LPG in 2013, despite LPG production of 409, 712 MT.The Nigerian Association of LPG Marketers, NALPGAM, using the Mont Belvieu LPG price, put current price of LPG at N3.3 million for 20 metric tonnes, translating to about N165,000/ MT. Belvieu LPG price is the international pricing model used by the Nigeria LNG Limited, NLNG, to sell gas to the domestic market.

The Bulletin in a breakdown of LPG production and lifting in 2013, indicated that Chevron and NNPC produced 163,885 MT and 245,827MT respectively, while both companies lifted 150,046 MT and 267,878 MT respectively. To this end, the NNPC accounted for 60 per cent of LPG production and 64 per cent of LPG lifting for export and local consumption, while Chevron accounted for 40 per cent and 36 per cent of LPG production and lifting respectively in 2013.

Further breakdown showed that Nigeria’s highest LPG lifting was recorded in November, with 59,669 MT; followed by September 59,035 MT and March 58,608 MT.Other LPG lifting were: January 29,833 MT; February 29,871 MT; April 29,894 MT; May 29,580 MT; June 36,962 MT; July 54,649 MT; while in August 29,824 MT.

There were no LPG lifting in October and December 2013, according to the NNPC Report.In the area of LPG production, May, March, and June 2013 recorded the highest output of 39,498 MT; 39,104 MT and 35,597 MT respectively.Others were: January 34,802 MT; February 28776 MT; April 34,652 MT; July 32,526 MT; August 32,473 MT; September 31,562 MT; while in October, November, and December 33,780 MT, 32,254 MT and 34,689 MT were produced respectively.

Furthermore, the report disclosed that a total of 1.191 million MT, MMT of Natural Gas Liquid, NGL, was produced in 2013, while 1.176 MMT NGL was exported.Specifically, 435,867 MT, 394,548 MT and 360,995 MT of propane, butane and pentane respectively, were produced in the period under review, while 443,550 MT, 396,312 MT and 336,397 MT of propane, butane and pentane respectively were lifted.

Indicating further, the Bulletin put total crude oil and condensate production in 2013 at 800.488 million barrels, giving a daily average of 2.19 million barrels per day (mmb/pd). This is lower than the previous year’s by six per cent.

LPG cylinders

LPG cylinders

“In the gas sector, a total of 2.325 trillion Standard Cubic Feet (SCF) of Natural Gas production was reported by 25 companies. This shows a decrease of 9.88 per cent when compared with 2012 production.

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Gas

Platform Petroleum targets a billion-dollar investment

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Platform Petroleum

Announces ambitious expansion plans

 

Platform Petroleum says the company is targeting a billion-dollar investment as it announces an ambitious strategic plan to bring 3 marginal fields into production by 2025, with a target of 10,000 barrels of oil and at least 50 billion standard cubic feet of gas per day.

Speaking on the sidelines of the 2024 Offshore Technology Conference (OTC) in Houston, USA, Chief Dumo Lulu-Briggs, Chairman of Platform Petroleum said that the company has scheduled a roadshow in London this June 2024 to raise extra funding to finance their ambitious expansion plans.

“The upcoming roadshow aims to attract equity partners and prepare for future opportunities, targeting a billion-dollar investment. We are seeking partners ready to invest in Nigeria’s oil and gas potential.

Our goal is to showcase the country’s vast opportunities and its potential to international investors” Lulu-Briggs said.
Platform Petroleum’s roadshow in London will highlight the company’s efficient production, upgraded flow stations, increased capacity, and achievements in nearly zero emissions.

With about one percent gas flare currently, Platform aims for zero gas flares by the last quarter.

“Nigeria is a vast market, and Platform Petroleum is thinking big. With the government’s ambitious plans, such as the Lagos-Calabar coastal line, Platform is poised for growth; pushing itself to the next level, building on a strong foundation and following Seplat’s successful precedent”, Lulu-Briggs said.

Despite being a small company, he emphasized that Platform Petroleum has demonstrated significant success and efficiency, showcasing that smaller oil and gas entities can indeed achieve remarkable feats adding that he believes that the company deserves recognition and more assets.

“Platform Petroleum is ambitious, aspiring to become a tier-1 company akin to international oil companies (IOCs) or a tier-2 company like Seplat. Interestingly, Seplat originated from Maurel & Prom, Shebah Petroleum, and Platform Petroleum, and today stands as a major player in the industry.

This history underlines Platform’s potential for substantial growth”, Lulu-Briggs said.
Furthermore, the Platform Petroleum Chairman said that the Offshore Technology Conference (OTC) is a crucial event for promoting Nigeria’s significant market potential.

“Partnering with the Petroleum Technology Association of Nigeria (PETAN) at OTC is key to attracting investment. The current proactive government understands the necessity for economic growth, and Platform is prepared to leverage every opportunity in the oil and gas industry to contribute to this expansion”, he concluded.

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NNPC JV Unveils New Crude Oil Grade ‘Nembe’, Commences Exports With 1,900 Barrels

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Precious ADELOLA

The NNPC/Aiteo Joint venture has announced the introduction of Nembe Crude Oil Grade, a new crude oil grade into the international crude oil market.

 

The announcement of the Nembe Crude Oil Blend, produced by Aiteo, the Operator of the NNPC/Aiteo Oil Mining Lease (OML) 29 Joint Venture (JV), was made at the ongoing Argus European Crude Conference in London, on Tuesday.

 

OML 29, an asset located onshore Nigeria, is operated by Aiteo Eastern Exploration & Production Ltd, Africa’s leading indigenous hydrocarbon producer, following a historic acquisition from Shell in 2014.

 

NNPCL Boss, Engr. Mele Kyari

The Nembe Crude was previously blended with the popular Bonny Light grade and exported via the Bonny Oil & Gas Terminal.

The unique selling point of the Nembe Crude Oil grade with an API gravity was highlighted by both the Aiteo E & P and NNPC Limited Leadership at the Argus Conference in London.

The Nembe Crude Oil grade also has a low sulphur content and low carbon footprint due to flare gas elimination, fitting perfectly into the required spec of major buyers in Europe.

Two cargoes of 950,000 barrels each of the Nembe Crude Oil grade have since been exported to France and the Netherlands. With its attractive Assay of API 29 and low sulphur content, the Nembe Crude Oil grade commands a premium to the global Brent benchmark.

 

With the NNPC-Aiteo OML 29 JV back on-stream, Nigeria now boasts of an additional crude oil export of 2 Cargoes at 950,000 barrels each per month and 1.2 Bcf of export gas monthly.

 

This remarkable achievement signals the commencement of activities at Nigeria’s newest crude oil terminal, the Nembe Crude Oil Export Terminal (NCOET), which was licensed in line with the extant laws and Crude Oil Terminal establishment regulations.

 

The terminal was conceived as a Floating Storage and Offloading Vessel (FSO) with a storage capacity of two (2) Million Barrels and the ability to offload crude oil to any export tanker from AFRAMAX to Very Large Crude Carriers (VLCC).

 

It has a loading capacity of 25,000 barrels per hour and will be exporting over 3.6 million barrels of Crude oil monthly at full scale of operation.

 

Currently, hydrocarbon production from OML 29, which was hitherto constrained due to evacuation challenges owing to the security issues around the Nembe Creek Trunk Line (NCTL) corridor, has now been resolved through a collaborative and creative approach that led to the innovation of the Alternative Crude Oil Evacuation Solution.

 

The Argus European Crude Conference 2023 in London is a gathering of energy majors, refiners, NOCs, traders, financial institutions, and other representatives from across the global oil markets. The event also provides a critical opportunity for business leaders to connect, discuss, share and learn from one another.

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Business

NNPCL, NCDMB, Oil Majors Agree Improved Efficiencies

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Modupe Asudo

Major players in the oil and gas sector in Nigeria led by the Nigerian National Petroleum Company Limited (NNPCL) have covenanted to optimise operations by reducing contracting cycle to not more than 180 days.

A statement issued by the company disclosed that the Memorandum of Understanding (MoU) to this effect was endorced on Monday in Abuja at the company’s head office.

Other parties to the the contract include, the Nigerian Content Development and Monitoring Board, (NCDMB) and international oil companies.

Biztellers reports that an optimised contracting cycle was expected to improve the ease of doing business, reduce cost and drive efficiency, which would eventually translate to production growth, increased revenues, and ultimately improved profitability.

In addition, the MoU was expected to contribute significantly to the double-digit economic growth rate agenda of the Federal Government and generate value for all stakeholders, including investors, companies, host communities and Nigeria.

Notable elements in the framework of the MoU, going by the statement, included a reduction of the contracting cycle for open competitive tender, selective tender, and single sourcing tender to 180, 178, and 128 working days respectively.

This was in contrast with the current best effort performance of 327, 333, and 185 working days respectively.

According to Group Chief Executive Officer, NNPCL, Mele Kyari, signing the agreement portends exciting times for Nigeria’s oil and gas industry, in addition to standing as a bold testimony that the company was plunging into the future of hope, productivity and success.

Kyari, represented at the occasion by Executive Vice President, Upstream, NNPCL, Oritsemeyiwa Eyesan, pointed out that with oil and gas as the bedrock of Nigeria’s economy, there was need to get the contracting process in the Industry right so as to get the economy back on track.

In his remarks, Executive Secretary, NCDMB, Simbi Wabote, described the MoU as a way forward and a critical step towards enhancing the nation’s crude oil production.

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