posted September 11, 2023
… as Edo Refinery receives 55,000 barrels so far
In the wake of reforms by Governor Godwin Obaseki to transform the state into a petrochemical hub, the two modular refineries in the state have continued to wax strong, with both now having a standing order of 300,000 barrels of crude from the Oza oil field.
Decklar Resources Inc and its co-venturer Millenium Oil & Gas Company Limited, which operated the Oza oil field, confirmed that aside from the 200,000 barrels of crude ordered by the Edo Refinery and Petrochemical Company Limited, Duport Midstream Company Limited has placed an order of 100,000 barrels of crude from the field.
The products from the modular refineries in Edo State include diesel, low-pour fuel, and naphtha.
In a statement, Chief Executive Officer of Decklar Resources Inc., Sanmi Fumuyide, said trucking of crude oil from the Oza Oil Field to the Edo Refinery and Petrochemicals Company Limited (“ERPC”) facility in Edo State, Nigeria has reached a cumulative volume of over 55,000 bbls, with 10,000 bbls delivered in 2022 under the initial sale and purchase agreement and over 45,000 bbls delivered so far in 2023.
“Deliveries are continuing under the 200,000 bbls contract. The terms of the 200,000 bbls agreement include an invoicing and payment cycle that is triggered as each 5,000 bbls batch is delivered and offloaded at the Edo refinery,” he disclosed.
He added that delivery of crude oil has continued from the Oza Oil Field to the Duport Midstream Company Limited (“DMCL”) refinery and just under 13,000 bbls have been delivered to date.
He said: “DMCL has agreed to purchase up to 100,000 bbls over the next 12 months. The Company has experienced some delays obtaining permits to truck crude to the ERPC and DMCL refineries but anticipates that with new systems recently implemented by the government regulatory agencies, future permits will be obtained and issued in a more timely and efficient manner.”