Dangote Refinery approaches two African countries for Crude oil import

By Doris Isreal Ijeoma The Dangote Refinery said it is seeking crude oil import from Libya and Angola amid a supply challenge in Nigeria. The Vice President of Dangote Industry Limited (DIL), Devakumar Edwin disclosed this in an interview with Reuters on Sunday. Edwin said outside Libya and Angola, the 650,000 barrels per day refinery would also look to other African countries for crude to increase production in its facility. “We are talking to Libya about importing crude. “We will talk to Angola, as well and some other countries in Africa,” Edwin told Reuters. The development comes after the firm had sought crude oil from the United States and Brazil. Recall that in the past days, the Dangote refinery had been at the center of discussion in Nigeria’s media discourse following a statement by the Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed that its products are inferior. Ahmed’s has received a wide range of reactions from the public. Meanwhile, Aliko Dangote, the Chairman of Dangote Group has dismissed Ahmed’s statement, calling for an independent test.

Crude production plunges to 1.22mbpd in Q2 2023 -Report

Hope for increased crude oil production deemed with second quarter figures plunging to 1.22 million barrel per day (mbpd), Nigeria’s statistics bureau, has said. The decrease is coming in spite of the restoration of fragile peace in the Nigeria Delta region; the second quarter of 2023 recorded an average daily oil production of 1.22 million barrels per day (mbpd). This according to the Nigerian Bureau of Statistics (NBS) was much lower than the daily average production of 1.43mbpd recorded in the same quarter of 2022 by 0.22mbpd and lower than the first quarter of 2023 production volume of 1.51 mbpd by 0.29mbpd. The real growth of the oil sector was 13.43 per cent (year-on-year) in the second quarter of 2023, indicating a decrease of 1.66 per cent points relative to the rate recorded in the corresponding quarter of 2022 (-11.77 per cent). Growth also decreased by 9.22 per cent points when compared to the first quarter of 2023 which was –4.21 per cent. On a quarter-on-quarter basis, the oil sector recorded a growth rate of -14.12 per cent in the second quarter of 2023 and contributed 5.34 per cent to the total real Gross Domestic Product (GDP) in the second quarter of 2023, down from the figure recorded in the corresponding period of 2022 and down from the preceding quarter, where it contributed 6.33 per cent and 6.21 per cent respectively. The statistics bureau further said the non-oil sector grew by 3.58 per cent in real terms during the reference quarter (Q2 2023). This rate was lower by 1.19 per cent points compared to the rate recorded in the same quarter of 2022 and 0.81 per cent.