Nigerian Refineries Processed 10million Barrels Of Crude In Q1 2017

FUNSHO AROGUNDADE

The Nigerian National Petroleum Corporation (NNPC) has revealed that Nigerian refineries processed 10 million barrels of crude oil in the first quarter of 2017, more than they did for the whole of 2015.

According to report by Reuters, this revelation was made by the NNPC Group Managing Director Maikanti Baru, at a  presentation to a team from the UK’s Royal College of Defence Studies.

Baru said this feat was possible after positive talks with the Niger Delta militants which reduced their attacks on oil facilities and reduced restive in the region.

“Refining activities peaked at 10 million barrels of crude oil in the first quarter. That compared with just 8 million barrels for all of 2015 and 24 million for the whole of last year,” said Baru.

Nigeria has a refining capacity of 445,000 barrels per day (bpd) but imports most of its fuel as its three refinery plants have been shut or are running at reduced capacity due to years of neglect, vandalism and theft on pipelines.

Last year’s militancy in the Niger Delta region cut crude output by as much as a third, but there has been a lull in attacks this year.

Baru said that was due to government peace talks with community groups in the region.

The 10 million barrels processed in the first quarter equates to around 111,000 barrels per day (bpd), or around 25 percent of capacity.

Italian oil company Eni has also announced plans to build a crude refinery in Nigeria with a capacity of 150,000 barrels a day through its Agip subsidiary.

Dr. Ibe Kachikwu, minister of state for petroleum disclosed this last week.