- Presidency: PH Refinery is revitalised, ready for growth
Nigeria’s fiscal stability got a boost yesterday with the reaffirmation of the subsisting resolutions of the Organisation of Petroleum Exporting Countries (OPEC).
The resolutions offer opportunity for the expansion of the country’s crude oil production to 2.06 million barrels per day (mbpd).
At the 38th Joint Ministerial Monitoring Committee (JMMC) virtual Meeting of the OPEC, the meeting reaffirmed the crude oil production adjustments agreed during the 35th OPEC Ministerial Meeting, which will remain in effect until December 31, 2026.
The ministers also emphasised the critical importance of full conformity with production levels and the implementation of a robust compensation mechanism to enhance transparency and preserve market equilibrium.
Next year’s Appropriation Bill being proposed by the Federal Government, sets crude oil production at 2.06 mbpd in line with the 2025-2027 Medium Term Expenditure Framework and Fiscal Strategy (MTEF).
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobri, said OPEC’s resolution of crude oil production adjustments supports the 2.06 mbpd 2025 target.
Speaking against the background of Nigeria’s participation and decisions at the 38th JMMC, Lokpobiri said the ministers reaffirmed commitment to oil market stability.
Yesterday, The Presidency gave a pass mark to the Port Harcourt Refinery after a delegation’s tour of the facility.
Presidential Spokesman Bayo Onanuga said the refinery “is revitalized and ready for growth”.
Lokpobiri said: “For Nigeria, these resolutions provide a strategic pathway to achieving the nation’s 2025 production target of 2.06 million barrels per day (inclusive of condensates), as outlined in the draft 2025 Appropriation Bill, positioning the country to leverage its resources effectively while aligning with global market trends.”
The minister reiterated Nigeria’s commitment to the DoC and emphasised the critical role of collaborative efforts in ensuring a balanced and sustainable oil market.
He said: “This meeting reflects the unity and resolve of OPEC and its partners to maintain stability and ensure a balanced market. Nigeria remains steadfast in supporting these efforts while pursuing our national objectives within the global energy landscape.”
He said the Federal Government of Nigeria remains dedicated to fostering partnerships within OPEC and beyond, contributing to global energy security while ensuring the sustainable development of its resources.
The meeting brought together ministers and heads of delegations to deliberate on critical strategies aimed at ensuring sustained stability in the global oil market.
The discussions underscored the unwavering commitment of OPEC and non-OPEC member countries to the principles of the Declaration of Cooperation (DoC), first established in 2016 and reinforced through subsequent extensions, including adopting the Charter of Cooperation in 2019.
The framework, according to the statement, remains a cornerstone of OPEC’s strategic approach to balancing global supply and demand dynamics.
Presidency: PH Refinery is revitalized, ready for growth
Special Adviser to the President on Information and Strategy, Bayo Onanuga, has addressed ongoing concerns about the state of the Port Harcourt Refinery Complex, following a fact-finding mission on Wednesday.
Onanuga, part of a delegation that inspected the facility, described it as a transformed, functional operation working steadily toward full capacity.
The delegation was conducted on a comprehensive tour of the facility, including its computerised control room, loading bay, and other critical sections, by the Managing Director of the Port Harcourt Refinery, Ibrahim Onoja.
Onanuga reported that the team raised key concerns about the refinery’s operations and received reassuring answers from officials on-site.
He said contrary to circulating rumours, the refinery is currently operating at 70% of its installed capacity, with plans for a gradual increase in production.
Onanuga also confirmed that crude oil is being supplied regularly to the facility, debunking claims of shortages.
The refinery is producing a range of petroleum products, including kerosene, low-pour fuel oil, liquefied petroleum gas (LPG), diesel, and gasoline.
Samples of these products were tested during the visit, further affirming the refinery’s operational status.
According to Onanuga, a significant overhaul has modernized the once-aging facility, saying upgraded infrastructure includes parts that had remained unchanged for 27 years, as well as sections of a newly installed 300-kilometre pipeline network.
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The improvements have elevated the refinery to modern standards, he noted.
The fact-finding team also inspected the co-located refinery, commissioned in 1989, where workers were actively replacing old components.
While officials refrained from providing a completion timeline, Onanuga expressed optimism about its imminent operational readiness.
Commending the efforts of NNPC Limited and the refinery team, Onanuga stated that the revitalization has rescued the facility from obsolescence.
He urged Nigerians to disregard misinformation about the refinery’s state, asserting that it is on track to becoming a fully restored national asset.