There is a raging concern that the Naira-for-Crude initiative, which ensures local refineries receive crude oil in Naira and sells refined products to marketers in the local currency, may be threatened as a result of inadequate crude supply to domestic refineries, findings have shown.

Crude oil prices dropped by 8 per cent to $78.17 per barrel, from more than $85 per barrel, weekend, causing imported petroleum products prices to crash in the domestic market.

The crude oil would come from some International Oil Companies, IoCs and independents, including Shell, Chevron and Seplat Energy.

Nigeria’s Oriental Energy Resources Limited has unveiled a $315 million Floating Production, Storage and Offloading (FPSO) vessel to boost Nigeria’s oil production capacity. 

Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State…

“We achieved this because of the clear mandate by President Bola Tinubu to ramp up crude oil production in the country”

“When the price goes up the beneficiaries are the government and operators. This does not necessarily trickle down to the common man”

“Shell is not leaving Nigeria. We are not going anywhere and we will be together for a long time. Our onshore assets shares are being divested to a consortium of four companies which had gone through rigorous selection process”

Crude oil prices fell more than 4 percent on Tuesday after a report that Israel was willing to spare Iranian oil targets, easing concerns over supply disruption.

The sale of crude oil to Dangote Refinery and other Nigerian refineries in Naira will start on October 1, this year.