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Brass Island devt’ll force down oil production cost — FG

OPEC, OILBy Michael Eboh

The Nigerian Content Development and Monitoring Board, NCDMB, has stated that a number of investment opportunities in the oil and gas industry abound in Brass, which if developed, would help force down the cost of crude oil and gas production as stipulated by the Minister of State for Petroleum Resources, Chief Timipre Sylva.

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The NCDMB also announced that it was considering building a modular refinery in Brass Island, in partnership with Waltersmith Petroman Oil Limited.

In a statement in Abuja, after the donation of a modular science laboratory and an Information and Communication Technology centre to two schools in Brass Local Government Area, Executive Secretary of the NCDMB, Mr Simbi Wabote, stated that the siting of a modular refinery in the island was part of a cocktail of investments the Board was considering for Brass.

According to him, the modular refinery would utilise feed stock from the Nigerian Agip Oil Company, which currently operates in the location.

Wabote described Brass Island as a strategic location for the petroleum industry, especially as it is the closest point from where one can access many of the Floating Production Storage and Offloading (FPSO) platforms that operate off the shores of Nigerian waters, including Bonga main.

He noted that some of the offshore oil and gas fields were currently being accessed from far locations like Lagos, with considerable cost implications.

He said, “Developing and utilising nearby locations like Brass Island for oil and gas logistics operations would help the industry meet the recent charge by the Minister of State for Petroleum Resources for players in the industry to ensure a significant reduction in the cost per barrel of Nigeria’s crude oil production.

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“Part of the strategy is to site logistics requirements where it is easy to access, reducing time, fuel consumption and improving turnaround maintenance time. A serious study is going on currently to see the things that would be possible on the Island of Brass in order bring down our cost of production.”

He listed other investments opportunities that were being considered by NCDMB for Brass Island to include siting a modular refinery in partnership with Waltersmith Petroleum Limited and utilising feed stock from the Nigerian Agip Oil Company, which operates in the location.

Vanguard

The post Brass Island devt’ll force down oil production cost — FG appeared first on Vanguard News.


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