Edo Refinery Receives 15,000 Barrels of Crude Oil from Oza Oil Field for Production

Edo Refinery has received a total of 15,000 barrels of crude oil in 2024 for production from the Oza Oil Field.

This milestone marks the first crude oil exports from the Oza Oil Field through the Trans Niger Pipeline (TNP) and the Bonny Export Terminal.

The oil was sold to Shell Western Supply and Trading Limited (Shell), and the proceeds are expected to bolster the financial position of Decklar Resources and Millenium Oil & Gas, the co-venturers of the Oza Oil Field.

The Edo Refinery, with a current capacity of 6,000 barrels per day (bpd), is being expanded to 21,000 bpd.

It is a project developed by the Edo Refinery and Petrochemical Company Limited (ERPC), facilitated through a Memorandum of Understanding (MoU) between Governor Godwin Obaseki’s government and AIPCC.

The facility is capable of producing 500,000 litres of diesel, 300,000 litres of Naphtha, and 200,000 litres of low-pour fuel oil.

Sanmi Famuyide, the Chief Executive Officer of Decklar Resources, expressed his enthusiasm about this achievement, stating that the restoration and continued operation of the TNP connection between the Oza Oil Field and the Bonny Export Terminal has enabled the delivery of a steady stream of crude oil to market, generating a consistent revenue stream for the company.

He also mentioned that the approximately 8,000 barrels of crude oil previously delivered to the Forcados export terminal is expected to be nominated for export and sales in the coming weeks.

The Oza Oil Field, operated by Decklar Resources and its co-venturer, Millenium Oil & Gas Company Limited, has been injecting crude oil into the TNP for transport to and export from the Bonny Export Terminal.

The crude oil produced is sold to Shell, with the first export cargo of 15,000 barrels having a bill of lading date of February 7, 2024, and sales proceeds expected in the last week of March.

Another crude oil export nomination notice from Shell is anticipated before the end of March 2024 for the export of an additional 15,000 barrels of crude oil currently held in the Bonny Export Terminal tanks.

This development is a significant step forward for the Nigerian oil and gas industry, showcasing the potential of local refineries and the role of international partnerships in boosting the country’s economy.