Nigerian Upstream Petroleum Regulatory Commission (NUPRC) don approve the sale of ExxonMobil’s onshore oil and gas assets in Nigeria to Seplat Energy, after over two years of delay. The deal wey worth $1.28 billion, include 40% of four oil mining leases and associated infrastructure like Qua Iboe export terminal, and 51% of Bonny River natural gas liquids (NGL) recovery plant. This approval come after NNPC and ExxonMobil settle their differences in June 2024.
But while dis deal dey go on, another major player, Dangote Refinery, dey work hard to address fuel supply shortfalls in Nigeria. Dangote Refinery, wey be the largest single-train refinery in the world with 650,000-barrel per day capacity, don start roll out petrol to help reduce Nigeria’s dependence on imported petroleum products. Dis move come after President Bola Tinubu intervene in the row between Dangote and NNPC over the sale of refined products in naira.
The pump price of fuel for Akwa Ibom State don increase drastically from N617 to N995 and now dey swing between N1,000 and N1,200 per litre, causing economic hardship and high cost of living. However, with Dangote Refinery in operation, there be hope say Nigeria go eventually stop importing petroleum products, which be a big embarrassment for an oil-producing country.
Dangote Group also withdraw their N100 billion case against NNPC over fuel import licenses, following discussions and presidential directives. Dis move show say the parties dey work together to ensure smooth supply of fuel in the market.
