Browsing: Nigeria energy sector

Dangote refinery

New era in Nigeria energy sector as $20Bn Dangote refinery starts petrol production

Investing
  • This [gasoline production] will eliminate all fuel queues in Nigeria. This will improve the health of everybody. This will also make sure that there is consistent supply to the market, says Aliko Dangote.
  • Refinery hailed as a big step in weaning Nigeria from its heavy reliance on imported oil products.
  • Its capacity to export surplus products, such as aviation jet fuel and diesel, offers additional revenue streams for the country.

Nigeria’s energy sector is poised to experience a monumental shift as the Dangote Oil Refinery, a $20 billion investment on the outskirts of Lagos, started gasoline production on Monday. According to media reports, this development marks a big step towards reducing the country’s heavy reliance on imported oil products.

The refinery, which began operations in January, is set to revolutionize Nigeria’s oil industry, promising to address long-standing challenges that have plagued the nation for decades.

“It’s a very historic, monumental …

Can Nigeria oil and gas firms succeed where Shell faced setbacks?

Industry and Trade
  • After nearly a century, Shell has decided to exit Nigeria's oil and gas sector.
  • Shell has faced persistent challenges over the years, grappling with numerous onshore oil spills caused by theft, sabotage, and operational difficulties.
  • In December 2022, Shell agreed to pay $15.9 million in damages to communities in Nigeria's Niger Delta impacted by numerous oil leaks.

After nearly a century, Shell has decided to exit the Nigerian oil and gas sector. The British multinational is selling Shell Petroleum Development Company of Nigeria Limited (SPDC), the entity that owns onshore oil assets in the nation's Niger Delta region.

As fate would have it, Shell is selling SPDC to the Renaissance consortium, an alliance of ND Western, Aradel Holdings Plc, First E&P, the Waltersmith Group, Petroleum Development Company Limited and Petrolin.

This deal, reported at a value of $1.3 billion, with further payments of up to $1.1 billion, could offer local…

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