14 June 2023
The Federal Government of Nigeria has issued and signed licences for the establishment of two crude oil export terminals.
It said it establishment is capable of generating $11bn revenue annually for the country.
The license which was issued through the Nigerian Midstream and Downstream Petroleum Regulatory Authority to Belema Sweet Export Terminal Limited and NNPC Exploration and Production Limited in Abuja is said to be capable of generating $11bn revenue annually for the country.
Speaking at the event in Abuja, the Chief Executive, NMDPRA, Farouk Ahmed, said the signing of the terminal establishment licences for the two crude export terminals would lead to the addition of more than four million barrels of oil capacity to Nigeria’s export storage.
“Our activities today are pursuant to the provisions of the PIA (Petroleum Industry Act), which has stipulated new provisions for the establishment of new export terminals.
“According to PIA Section 174(1) (a) ‘Except in accordance with an appropriate licence issued by the Authority, a person shall not undertake the following activities with respect to midstream petroleum liquids operations — (a) establish, construct or operate a terminal or other facility for the export or importation of crude oil or petroleum products.’
“The authority has processed and hereby approves Terminals Establishment Licences for: (a) NNPC Exploration and Production Limited to establish 2,179,747 barrels Crude Oil Terminal at Offshore Akwa Ibom State within the waters of the Exclusive Economic Zone Nigeria.
“(b) Belema Sweet Export Terminal Limited to establish a 2,000,000 barrels Crude Oil Terminal at 20 Nautical Miles of Kula Southern Part of Exclusive Economic Zone Nigeria,” Ahmed stated. operated through a virtual power plant model.