Following the persistent challenges the Nigerian oil firm is facing, Dangote Refinery plans to commence crude oil production.
According to S & P Global Commodity Insights, the crude production is expected to start at its two Niger Delta upstream projects in Oil Mining Leases 71 and 72, starting with about 20,000 barrels per day before ramping up further in the first quarter of 2025.
“The company source said production at the company’s two Niger Delta upstream projects in Oil Mining Leases 71 and 72 would start at around 20,000 b/d, before ramping up further in the first quarter of 2025,” the report said.
Recall that federal government recently confirmed that it has commenced a Naira-for-crude deal with Dangote Refinery.
In line with the deal, the federal government through the Nigerian National Petroleum Company Limited(NNPCL), will supply crude oil to Dangote Refinery in Naira.
Recall that President Bola Tinubu had directed NNPCL to supply crude in Naira to Dangote Refinery.
The development comes as NNPCL recently increased fuel pump prices to N1030 per liter in Abuja.
