Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu has said that the cost of importing oil into the country ranked the highest in the world.
Kachikwu made this known on Thursday, February 18, while delivering the 45th Convocation lecture of the University of Nigeria, Nsukka (UNN) entitled, “the Petroleum Industry and the future of Nigerian nation.”
The Minister, who also doubles as the GMD of the NNPC, lamented the price of oil which has remained unpredictable but expressed hope that in future it will not be bleak because the price might appreciate.
The oil industry in Nigeria, he said, is plagued by a lot of factors among which is that some individuals are working contrary to the growth of the industry.
He gave Nigerians hope that in the near future, more refineries will be built so that Nigerians will enjoy their God endowed natural resources.
He said the refineries were built to work for Nigerians and for this reason, Nigerians should enjoy their endowment.
“Nigerian refineries must work for Nigerians,” he said pointing out that at present, two refineries have started producing and pumping oil to Nigerians.
Shell Suspends Operation at its Forcados Terminal
Shell Petroleum Development Company, SPDC, on Thursday, February 18, confirmed that it has suspended operation at its Forcados Terminal in the nation’s Niger Delta area.
Spokesman’s of the company, Precious Okolobo, stated that the development was an offshoot of the company’s investigation of the source of a crude oil spill which was observed on water around Forcados Terminal on Sunday (February 14).
Although Okolobo did not disclose the amount of crude shut-in, Forcados has the capacity to export about 150,000 bpd.
This initial investigation will enable the company to quickly determine what suitable response is further needed.
He said in a statement: “SPDC JV and third party production into the terminal has been suspended as a precautionary measure. SPDC has activated its Emergency Response and Oil Response teams to manage the incident, while booms and other oil containment resources have been deployed to the area to try to stop the spread of spilled oil.
“The support of industry group – Clean Nigeria Associates (CNA) has been enlisted for a comprehensive response to the spill.”
The relevant authorities including security agencies have been informed of the incident, preparatory to a joint investigation visit which will determine the cause and volume of oil spilled.”
