Dollar to Naira News

NNPC seals maintenance deal with WAGL Energy for crude oil terminal in Delta State – Nairametrics

By Cyrus Ademola

The Nigerian National Petroleum Corporation (NNPC) Limited has secured a maintenance agreement with WAGL Energy for a major  Nigeria’s crude oil terminal located in Delta State.

This is contained in a statement issued by the management of NNPC on Wednesday through its official X handle.

According to the statement, the Nigerian Pipelines and Storage Company Limited (NPSC), a downstream subsidiary of NNPC signed an agreement with WAGL for the provision of Operation and Maintenance (O and M) Services to the Escravos Crude Oil Terminal Facility.

It also noted that the collaboration aims to enhance the operational efficiency and reliability of the terminal, ensuring sustained crude oil production and export.

“Earlier today at the NNPC Towers, Abuja, the Nigerian Pipelines and Storage Company Limited (NPSC), a downstream subsidiary of the NNPC Ltd. Has signed an agreement with WAGL Energy Limited for the provision of Operation and Maintenance (O and M) Services to the Escravos Crude Oil Terminal Facility,” the statement read.

Why this deal matters

The Escravos crude oil terminal is one of Nigeria’s 31 crude oil terminals, alongside Bonny, Brass, Qua Iboe, Forcados, Odudu (Amenam Blend), and Tulja-Okwuibome.

The active terminals are responsible for the production of crude oil, blended condensates, and unblended condensates for exportation.

These facilities position Nigeria as a leading global crude oil exporter, generating significant foreign exchange and driving economic growth in the country.

Accordingly, maintaining these facilities helps to increase crude oil production in the country, attract investment capital, and mitigate energy theft.

As of May 2024, the Escravos crude oil terminal has a crude oil and condensates production to 4,204,614.

The terminal which is in the Warri South local government area of Delta state is operated by Chevron Nigeria.

About WAGL Energy

West African Gas was incorporated in March 2013 as a joint venture company. It was formed by the Nigerian National Petroleum Corporation LNG Ltd, a wholly-owned subsidiary of the Nigerian National Petroleum Corporation (NNPC), and Ocean Bed Trading Ltd, an established oil and gas trading company.

The primary purpose of the company is to serve as a vehicle for the offtake, marketing, and trading of NLNG NGLs under the equity lifting scheme.

This strategic focus allows the company to efficiently manage and market natural gas liquids. West African Gas leverages the long-term NGLs trading experience and expertise of its joint venture partners, particularly Ocean Bed Trading Ltd.

The combined knowledge and capabilities of these partners position the company as a strong player in the industry.

Focusing on trading NGLs, the company seeks to maximize value from the market while leveraging its vast resource base. This approach ensures that West African Gas can effectively meet market demands and generate significant returns.

See Dollar to Naira black market today, Pound to Naira, Euro to Naira, Dollar to Naira CBN rate and Dollar to Naira Bank rate today.

Related Posts

FG offers three bonds valued at N300bn for subscription – Punch News

By Agency Report The Debt Management Office is offering three Federal Government of Nigeria bonds valued at N300 billion for subscription at N1,000 per unit. According to the…

NOVA Bank plans nationwide expansion, competes for retail market – The Guardian News

By The Guardian News NOVA Bank Limited said plans are underway to expand branches across Lagos, Port Harcourt, Abuja and Kano as it seeks a reasonable slice of…

Airtel Africa, 23 Others Lift Stock Market by N262bn – This Day News

By Kayode Tokede The stock market segment of the Nigerian Exchange Limited (NGX) yesterday took a positive stance as investors buy-side actions in Airtel Africa Plc and 23…

Summer vacation, strong U.S. dollar push naira to a 4-month low – Nairametrics

By Olumide Adesina The bullish dollar index and summer vacation have led to a considerable increase in demand for foreign currencies, putting significant pressure on the naira. The naira…

Appeal Court quashes N20 million damages against Guaranty Trust Bank, backs it’s Know-Your-Customer requirements on corporate account – Nairametrics

By Nnaemeka Onyekachi Story Highlights  The Court of Appeal in Abuja has overturned a N20 million damages ruling against Guaranty Trust Bank (GTB) by the Federal Capital Territory High…

Standard Bank Securities: Banks under our coverage could pay N217bn as proposed windfall tax – The Cable News

By Bunmi Aduloju The Standard Bank Group (SBG) Securities says banks under its coverage could pay N217 billion in the proposed windfall tax. In a report on Thursday,…