As the Nigerian Maritime and Safety Administration (NIMASA) plans to deploy its N50 billion modular floating dock, the federal government also eyes to generate N12 billion annually from the facility, saying it will help attain the blue economy objectives of the Tinubu administration.
NIMASA also said the dock will not only arrest capital flight, but also boost the nation’s ship repair capacity and transform Nigeria’s maritime industry for wealth and employment creation.… Read the rest
Aliko Dangote is reportedly in the process of establishing an oil trading division, potentially situated in London, aimed at managing the crude and product supply chain for his upcoming refinery in Nigeria, according to six informed sources who spoke to Reuters.
This strategy is expected to diminish the influence of the largest trading companies in the world. These companies have been in discussions for an extended period, seeking to secure financing for the refinery and supply crude oil, in return for the rights to export its products. … Read the rest
Dangote Refinery has ramped up its stock of imported crude oil from the United States as a second cargo as a second shipment of US light sweet crude oil was headed to Nigeria on Friday for delivery to the refinery, according to a trader and ship tracking data.
This is coming as indications emerged at the weekend that Nigeria’s efforts to raise crude oil production continued to yield results during the February circle, with output for the month rising by approximately 60,000bpd during the month.… Read the rest
The Nigerian Maritime Administration and Safety Agency (NIMASA) has noted that the federal government waste management project with XPO Marine Services Limited will enhance the economic growth of the country.
XPO Marine Services, a provider of offshore marine support services to the oil and gas industry, recently entered a Public Private Partnership (PPP) with the country for the establishment of an offshore waste recovery facility.… Read the rest
Brent, the global benchmark for crude oil, witnessed a rise in price in the past three days, crossing $84/barrel on Friday, after trading for an average of $80/barrel in the past weeks.
Its price rise came at a time the Nigerian government announced a new crude oil production target of 2.5 million barrels per day, a development that would really grow the foreign exchange fortunes of the country if met.… Read the rest
THE Shell Petroleum Development Company of Nigeria Ltd, said that Africa can unlock the potential of the energy sector and drive energy security, transition and economic prosperity by embracing partnerships, technological innovation and sustainable financing.
Speaking at a ministerial panel session on “Navigating the new energy world order: Security, Transition and Finance” at the just-concluded 7th Nigerian International Energy Summit in Abuja, Managing Director, The Shell Petroleum Development Company of Nigeria Ltd (SPDC)and Country Chair, Shell Companies in Nigeria, Mr.… Read the rest
Nigerian Navy Ship Delta on Tuesday disclosed that there is a noticeable reduction in the tempo of crude oil theft and other maritime crimes in the Niger Delta region.
The outgone Commander of the NNS Delta, Commodore Chindo Yahaya, while speaking during a farewell parade organised in his honour at the Warri Naval Base, specifically stated that the negative trends “have reduced drastically in its areas of operations.”… Read the rest
On February 27-28, 2024, Naval Support Activity Naples, Italy, became the focal point for pivotal discussions between U.S. Naval Forces Europe-Africa (NAVEUR-NAVAF) and the Nigerian Navy. These high-level talks, steered by Adm. Stuart Munsch and Rear Adm. Zakariyyah Muhammad, zeroed in on enhancing capabilities, maritime domain awareness, and fostering stronger bilateral maritime ties. The engagement underscored the Nigerian Navy’s crucial role in safeguarding maritime security across Africa, particularly in the battle against piracy and unlawful maritime activities in the Gulf of Guinea.… Read the rest
Local activists and international environmental groups want Nigeria’s government to delay approving the sale of oil company Shell’s onshore assets, claiming Shell is trying to shirk its environmental and social responsibilities in the highly polluted Niger Delta.
The London-based company is trying to sell its subsidiary Shell Petroleum Development Company — which operates its onshore assets in the delta — to Renaissance Africa Energy Company, a consortium of local companies.… Read the rest