July 16, 2024

Nigerian Government issues crude-oil terminal operating license to Jack Rich’s Belema Ltd, NNPC E&P

 

Oredola Adeola

 

 

Belema Oil Producing Limited and the Nigerian National Petroleum Company (NNPC) Limited have been issued different operating licenses by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to establish new crude oil terminals.

 

 

This was disclosed in a statement released by NMDPRA on Tuesday, after Engr. Farouk Ahmed, Authority Chief Executive, presented the certificate to Jack-Rich, Chief Executive Officer, Belema Oil Producing Limited, in Abuja.

 

 

EnergyDay gathered that Belema Sweet Export Terminal Limited was issued license to establish a 2,000,000 BBLS Crude Oil Terminal at 20 Nautical Miles of Kula Southern Part of the Exclusive Economic Zone.

 

 

While NNPC Exploration and Production Limited as subsidiary of NNPCL, was issued a license to establish 2,179,747 barrels, Utapate Export crude oil terminals, offshore Akwa Ibom State, located within the waters of the Exclusive Economic Zone.

 

 

Engr. Farouk Ahmed, Authority Chief Executive, in his remark said the issuance was done in line with provisions of the Petroleum Industry Act which stipulates guidelines for the establishment of new export terminals.

 

 

According the ACE, Belema Sweet Export Terminal, an indigenous oil company has emerged as the second firm to acquire such a licence after the NNPC E & Production Limited.

 

 

He emphasised that based on the guideline, no company, or entity has the right to operate, establish a terminal or other facilities for the exportation or importation of crude oil or petroleum products.

 

 

Jack-Rich while commending the NMDPRA and President Bola Tinubu for the support, said that the Belema Sweet Export Terminal has become a reality.

 

 

He said that the export terminal was a great success achieved in less than two weeks of President Tinubu in office.

 

He said, “This is a 400,000 barrel of liquid per day central processing facility (CPF). This facility is estimated to secure over $ 5.85 billion (at $80 per barrel) as revenue annually to Nigeria’s economy when in full operations.

 

The CEO of Belema noted that the establishment of Nigeria’s hybrid Crude Oil Export Terminal with 8 million barrels of storage and export capacity could not have been possible without the Key Performance Indicator issued to all government agencies by President Tinubu.

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