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Crude Export to Increase by 380,000b/d in Days

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Crude Export

Crude Export

Crude oil export from Nigeria is expected to increase by about 380,000 barrels per day in the next few days, following the expected return of Shell’s Forcados crude pipeline by mid September.

The Chief Executive Officer, Shoreline Group, Mr. Kola Karim, on Wednesday, stated that Shell Nigeria’s Forcados crude oil pipeline would resume deliveries by September.

Karim, who spoke to Bloomberg, said, “We are hearing Forcados is due to return at the middle of next month. It has been a tough situation for us these past couple of months.”

In its latest Financial and Operations report for June 2016, the Nigerian National Petroleum Corporation revealed that the subsisting Force Majeure at Forcados Terminal meant that about 380,000 barrels of oil per day remained shut in.

The Forcados pipeline system is among oil infrastructure targeted by Nigerian militants this year.

In February, Shell declared force majeure, a legal clause that allows it to stop shipments without breaching contracts, after militants blew up a line feeding the Forcados terminal, which typically exports about 200,000 barrels a day.

Of that, Shoreline sends about 52,000 barrels a day, according to Bloomberg.

A Lagos-based spokesman for Shell, Precious Okolobo, declined to comment on Wednesday.

While the Niger Delta Avengers, which claimed most attacks in Nigeria’s oil heartland this year, have announced a halt to hostilities, other militant groups have emerged.

The Niger Delta Greenland Justice Mandate claimed an assault this week on the Ogor-Oteri pipeline, which is run by the Nigerian Petroleum Development Company and Shoreline and was already halted following a previous attack on Forcados.

“It’s key to note that there are other groups now trying to assert themselves,” Dolapo Oni, the Lagos-based head of Ecobank Energy Research, said by phone. “Nevertheless, it shouldn’t prevent the September opening.”

Shoreline is still trying to pinpoint the location and assess the damage from Tuesday’s attack in Delta State, Karim said.

Nigeria expects to pump 1.5 million barrels a day “at best” this year, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had said on August 12.

Nigeria, an OPEC member, produced about two million barrels a day last year.

“With Forcados, we are likely to regain output at 1.8 million barrels a day and should be able to sustain that till year-end, which is a major boost for government revenue,” Oni said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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MTN Nigeria, Gameloft Partner to Increase Access to Variety of Exciting Games

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MTN Nigeria announced it has partnered with Gameloft, a leader in the development and publishing of games, to increase access to a variety of fun and exciting games online.

The telecommunications giant in collaboration with its new partner, Gameloft announced the launch of MTN Gameworld, a new gaming platform for its subscribers.

According to MTN, the new platform will allow the Nigerian growing gaming community access to a lot of unique games online through an extensive premium catalogue from Gameloft and other renowned publishers.

Commenting on the partnership, Srinivas Rao, the Chief Digital Officer, MTN Nigeria, said, “We are constantly seeking to deliver innovative products that support the aspirations of our customers, whilst delivering superior user experience. This partnership allows us to provide our customers with access to a variety of exhilarating games from Gameloft and other leading publishers at an affordable rate.”

MTN Gameworld will allow subscribed customers access to a variety of games, which they can play at subsidised data rates through the MTN Gameworld app. Android, iOS and Windows phone users can subscribe via SMS, app, web, USSD menu (*447#), 131 USSD menu and any other MTN customer channel.

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President Buhari Commissions 5,000bpd Modular Refinery Built in Imo State

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President Muhammadu Buhari on Tuesday commissioned the 5,000 barrels per day modular refinery built by Waltersmith Group in Imo State.

President Buhari, who commissioned the new modular refinery virtually, said the refinery will enable Nigeria to export petroleum products to neighbouring countries and other markets.

The 5,000 barrels per day Waltersmith Modular Refinery is the first phase of 50,000 barrels per day combined capacity plant planned for Imo State, according to the Group.

Buhari commended Waltersmith Group, an indigenous oil firm, and the Nigerian Content Development and Monitoring Board for the collaboration that led to the actualisation of the modular refinery.

President Buhari, therefore, directed the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation, the Department of Petroleum Resources and all other relevant government agencies to provide Waltersmith all the necessary support in terms of access to crude oil and condensate feedstock.

Buhari said, “We rolled out our refining roadmap in 2018, to address challenges in the downstream sector. After many years of government giving out modular refining licences without any coming on-stream, we are today seeing a commissioning within two years.

“The plan to commence the expansion of this refinery to 50,000bpd capacity, to refine crude oil and condensate, is a demonstration of the economic reform Nigeria is undergoing.

“The realisation of the refinery roadmap will ultimately lead us to becoming a net exporter of petroleum products, not only to our neighbouring countries but to other wide markets,” he said.

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Elon Musk Net Worth Jumps by $100 Billion this Year to Topple Bill Gates, Mark Zuckerberg, Others 

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Elon Musk, the Chief Executive Officer and founder of Tesla, is now the world’s second-richest person following another surge in the price of Tesla share.

Musk total net worth jumped by $7.6 billion to $110 billion between November 16 and 17 to dethrone Facebook founder, Mark Zuckerberg, from the third position.

Since then, Tesla stock has been on a bullish run and in the last 24 hours added $7.24 billion to Elon Musk’s total net worth, according to Bloomberg Billionaire Index. Bringing the billionaire’s total net worth to $128 billion.

Elon Musk’s net worth rose from just $28 billion in January 2020 to $128 billion on November 24, 2020, representing an increase of $100 billion, the highest by any billionaire.

Musk has finally toppled Bill Gates as the second richest person and for the first time, Bill Gates is the third richest man in the world. This is the first time in almost 40 years that Gates will be in the third position.

Billionaires listed on Bloomberg Index have collectively gained $1.3 trillion this year.

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