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Dangote to Begin Crude Oil Manufacturing – Report
A report by S&P International Commodity Insights has stated Dangote Group is trying to begin manufacturing at its two Nigerian oil belongings within the fourth quarter of 2024, after enduring challenges close to crude provide.
The report quoting firm sources stated Dangote is at present in search of a Floating Manufacturing Storage and Offloading (FPSO) vessel with a capability of 650,000 barrels of crude.
The corporate holds an 85% stake in West African E&P Enterprise, which in flip has a forty five% working curiosity within the two blocks, alongside the state-owned Nigerian Nationwide Petroleum Firm’s 55%.
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The opposite stakeholder in West African E&P is Nigerian upstream participant First E&P, which operates OMLs 71 and 72.
The licenses are situated within the shallow water within the southeast of the troubled Niger Delta, simply 22 km from the onshore Bonny terminal. They comprise the Kalaekule and Koronama oilfields.
Discoveries had been first made on the blocks in 1966, and Shell started manufacturing there twenty years later. Output peaked at 21,000 b/d in 1999, earlier than declining in 2003.
Nonetheless, based on knowledge from Commodity Insights, the fields nonetheless maintain recoverable sources of just about 300 million barrels of oil and as a lot as 2.3 Tcf of pure fuel.
Commodity Insights forecasts that manufacturing on the blocks might begin in 2026, reaching 43,000 boe/d by 2036.
