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Nigeria Begins Export Of ‘obodo’ Crude To - Politics - Nairaland 1b4r2c

Nigeria Begins Export Of ‘obodo’ Crude To (13265 Views)

dre11(m): 9:14am On May 14

ActionAid knocks FG over partial remittance of subsidy removal gains

By : Oliwe Anthony

There are indications that cargo of Nigeria’s newest crude blend, Obodo, has been loaded and is possibly en route to , according to market sources.

Amid rising poverty and fiscal crisis, ActionAid Nigeria has criticised the Federal Government over the delay and partial remittance of fuel subsidy removal gains by the Nigerian National Petroleum Company Limited (NNPCL).

The Suezmax tanker, Atlanta Spirit, lifted the cargo on April 25 from the Tamara Tokoni Floating Production, Storage and Offloading (FPSO) vessel, tracking data from Kpler shows.

Argus reported that Nigerian energy firm, Oando, which marketed the cargo, reportedly sold it to an undisclosed buyer, traders familiar with the matter said.

A source at NNPCL disclosed that the shipment might be destined for Wilhelmshaven, a key North Sea port in . Obodo is a medium-sweet crude with an American Petroleum Institute (API) gravity of 27.65° and an ultra-low sulphur content of 0.05 per cent, according to a crude assay reviewed by Argus. Information on Obodo’s current production levels is yet to be made public.

The grade is being produced by Nigerian independent firm, Continental Oil and Gas, from the onshore Oil Mining Lease (OML) 150 in the Niger Delta. Its introduction follows the recent revival of similar medium sweet crudes such as Utapate, which NNPCL restarted in 2024, and Nembe, launched a year earlier.

Obodo is expected to appeal to European refiners, particularly as Nigeria’s other medium sweet grades, including Forcados, Escravos and Bonga have predominantly been shipped to Europe, which remains the largest market for Nigerian crude.

Speaking at the Argus European Crude Conference in London, Managing Director of NNPC Exploration and Production Limited (NEPL), Nicholas Foucart, hailed the development as a major milestone for the Nigerian oil sector, stating it would boost both export volumes and revenue.

Foucart noted that production at the Utapate field, located within OML 13, ramped up swiftly since May 2024, reaching 40,000 barrels per day (bpd). Output is projected to double to 80,000 bpd by the end of 2025.

QUOTING from the World Bank’s Nigeria Development Update (NDU) entitled ‘Building Momentum for Inclusive Growth, ActionAid noted that despite the full removal of petrol subsidy as of October 2024, NNPCL only began transferring revenues to the Federation in January 2025 and has, since then, remitted only 50 per cent of the gains.

The Country Director of ActionAid Nigeria, Andrew Mamedu, bemoaned the withholding of critical national revenue amid worsening economic hardship, describing it as unacceptable.

He pointed out that estimates by the World Bank showed that the gains should amount to roughly 2.6 per cent of Nigeria’s gross Domestic Product (GDP) in 2024, which is approximately N10 trillion.

The social justice organisation urged the public, civil society organisations, community leaders and the media to hold both federal and state governments able, adding: “Collective vigilance and civic engagement are essential to prevent corruption and ensure that the gains from subsidy removal translate into improved living conditions for all Nigerians.”

https://guardian.ng/news/nigeria-begins-export-of-obodo-crude-to-/

6 Likes 1 Share

namdyz(m): 9:29am On May 14

Good

2 Likes

Commentor: 9:30am On May 14

👍🏾.

2 Likes

royalfly(m): 9:30am On May 14

dre11:
ActionAid knocks FG over partial remittance of subsidy removal gains

https://guardian.ng/news/nigeria-begins-export-of-obodo-crude-to-/

It's well with nigeria

1 Like

gasparpisciotta: 9:30am On May 14

Congratulations to Nigeria 🤝

Congratulations to FG not Tinubu 🫡

2 Likes

thesicilian: 9:30am On May 14

I pray the common masses get to feel the impact of all these developments with seemingly great economic impacts before they all die of hunger.

6 Likes 1 Share

avidkeke: 9:30am On May 14

No be everyone 4 Uk wey de Ok

3 Likes

femoree2(m): 9:30am On May 14

Nice

1 Like

saintruky(m): 9:30am On May 14

Nice

1 Like

blamingthedevil: 9:32am On May 14

Good news everywhere

3 Likes

bigdammyj: 9:32am On May 14

Noted.

1 Like

GeneralPula: 9:34am On May 14

thesicilian:
I pray the common masses get to feel the impact of all these developments with seemingly great economic impacts before they all die of hunger.

The people working at the Obodo are also common man. Including the cleaners and securities. They’re all common man..

If e never reach you, maybe e never just reach your turn..

10 Likes

OMEGA009(m): 9:34am On May 14

Nice one. Never been a fan of this istration but I give credit where it is due

5 Likes

yesloaded: 9:35am On May 14

Nigeria is blessed with natural resources, good weather and very fertile land

Our main problem are the hyenas at the helms of affairs of the country who want to keep money for their 50 generations yet unborn

3 Likes

Adaumunocha(f): 9:36am On May 14

Relocation Sales
Household items available for Sale

GOFRONT(m): 9:36am On May 14

ThankGod for giving us Bayo Ojulari.........The best Northern NNPC GCEO

3 Likes 1 Share

INTEGRITYA1(m): 9:39am On May 14

That’s beautiful

1 Like

bassdow: 9:43am On May 14

dre11:
ActionAid knocks FG over partial remittance of subsidy removal gains

https://guardian.ng/news/nigeria-begins-export-of-obodo-crude-to-/

unDisClosed Buyer

DaniDani(m): 9:44am On May 14

Obodo crude from Anambra, and the writers keep repeating Niger Delta up and down?

5 Likes 1 Share

Judolisco(m): 9:45am On May 14

Wetin do europe green energy project?

1 Like

Satazaa: 9:49am On May 14

What kind of logic is it to ship such high grade crude to while Dangote refinery is right here to buy the crude at ongoing commercial rates, refine and sell back to end s here, NNPC is telling Nigerians that they are not deserving of the Obodo crude with such lovely low sulphur content, but Marketers has flooded Nigeria with low quality PMS last week which I think they feel that's what we deserve, No wonder Dangote has suddenly become grey haired and will become completely bald before this year runs out of he continue this battle with the oil mafias

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ogaontop(m): 9:58am On May 14

Obodo is Anambra oil at Ogbaru LGA, it's successful exploration is part of why Anambra is now classified as Oil Producing State.

6 Likes 1 Share

ogaontop(m): 10:00am On May 14

Judolisco:
Wetin do europe green energy project?

Gradually, you cannot do away with crude without having a sustainable alternative.
They are high in research on Renewable Energy Sources because crude is not renweable coupled with it's climatic actions!

2 Likes

Bennycollins: 10:01am On May 14

DaniDani:
Obodo crude from Anambra, and the writers keep repeating Niger Delta up and down?

Obodo Flowstation is in Warri.

7 Likes

ogaontop(m): 10:03am On May 14

Bennycollins:
Obodo Flowstation is in Warri.

You know what's a flow station?
The oil is produced where he said and shipped from the flow station in Warri, you can't ship goods or vessels from Anambra.

3 Likes