In a twist of fate, NNPCL Exploration and Production Ltd. and Belema Sweet Export Terminal Ltd. have emerged victorious, receiving licences from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to establish crude export terminals. This uproarious development took place in Abuja, leaving everyone in stitches.
Utapate and Belema Sweet Take the Stage
NNPCL Exploration and Production Ltd. will proudly operate the Utapate Export Terminal in Akwa Ibom, while the dynamic Belema Sweet Export Terminal Ltd. stands tall in Rivers State. These two trailblazers have earned the distinction of being the first to receive the prestigious licences, much to the delight of the petroleum community.
Crude Capacity Boom: A Barrelful of Opportunities
The signing of the Terminal Establishment Licences marks a milestone that will significantly boost Nigeria’s Export Storage, adding an impressive four million barrels of capacity. Mr Farouk Ahmed, the Authority’s chief executive, couldn’t contain his excitement as he emphasized the magnitude of this leap forward for the nation.
PIA 2021 Unleashed: New Provisions and Laughs Galore
Ahmed cheerfully revealed that the issuance of these licences was in full compliance with the Petroleum Industry Act (PIA 2021), which introduces groundbreaking provisions for the establishment of export terminals. Quoting PIA Section 174(1) (a), he jokingly cautioned against unauthorized midstream petroleum liquids operations, as the licences now unlock the power to build, operate, and even import and export crude oil and petroleum products.
From Licence to Action: Countdown to Crude Awesomeness
The enthusiasm continued as Mr Modibbo Ahmed, representing the Nigerian National Petroleum Company Limited (NNPC Ltd), eagerly accepted the licence. He confidently announced that the Utapate Export Terminal would be fully operational within a mere three months. The NNPCL E&P, a subsidiary of NNPC Ltd, is ready to make waves with its first cargo, spreading joy to all Nigerians.
Belema Sweet: The Terminal of Dreams
Mr Tein Jack-Rich, the charismatic CEO of Belema Oil Producing Limited, graciously applauded the Federal Government for facilitating business operations and couldn’t contain his excitement about the terminal’s global potential. This groundbreaking masterpiece has the capacity to generate a staggering $11 billion in national revenue and a whopping 400,000 barrels of crude daily, with a storage point fit for eight million barrels. Jack-Rich even hinted at the creation of over 100,000 jobs, bringing smiles to the faces of the Niger Delta community and the nation as a whole.
The Future of Crude: Innovation Takes Center Stage
As if the hilarity couldn’t get any better, the Belema Sweet Crude Export Terminal will position Nigeria as a global leader in climate-consciousness. Through an ingenious virtual power plant model, renewable energy will integrate seamlessly into the terminal’s operations. Jack-Rich’s visionary outlook is sure to keep everyone entertained and eagerly anticipating this revolutionary step forward.
Subsidy, Who? Refinery and Consumption Get a Sweet Boost
Jack-Rich, never short on wit, highlighted the positive impact of subsidy removal on oil production and consumption. With this groundbreaking development, the excess capacity can now be accounted for, leading to a surge in local refineries and consumption. There’s even talk of establishing a mini refinery to ensure that no drop goes to waste—a win-win situation that had everyone nodding in agreement.