DPR Orders Massive Truck-out Of Products To Combat Scarcity

The Department of Petroleum Resources, DPR, has ordered depots with petroleum products to commence massive truck out of the products to petrol stations across the country so as to reduce the sufferings being experienced by Nigerians in getting the product.

The DPR, in a statement signed by its Director, Petroleum Resources, Mr. Mordecai Ladan, which also directed all petrol stations in strategic locations to operate on a 24 hours throughout the Easter holidays and beyond, said that the DPR had constituted special intelligence monitoring teams nationwide to ensure prompt delivery of petroleum products to designated filling stations.

He added that the teams would enforce government-approved price regime and would ensure that the right quantity and quality of products are dispensed.

“The DPR, hereby, directs all depots with liftable petroleum products to truck out massively to designate filling stations as programmed while all filling stations in strategic locations shall continue to operate 24 hours,” he said.

He also warned that the N2 million sanction against fuel depots found engaging in overpricing of petroleum products and N100,000 per dispensing pump sanction against filling stations found to be selling above the regulated price and other related offences are still in force.

He stated that any marketer found to be hoarding would have their products dispensed free to the public while diversion of products would attract a penalty of N200 per litre.

“In addition, offenders’ operating licences would be suspended for a minimum of three months or outright revocation depending on the magnitude of the offence.

“The Public is hereby advised to contact the DPR 24 hours call centre — 019037150 or 012790000 — to report any suspected violation or sharp practice for prompt response,” he said.

The recent comment by the Minister of State for Petroleum Resources, Mr. Ibe Kachikwu that the fuel scarcity witnessed across the country would continue till the end of May, seem to have worsened the fuel crisis, as massive queues resurfaced in petrol stations across the country.

The queues which was gradually thinning out since the beginning of last week, took a turn for the worse, as motorists struggle to purchase the product, since, according to some of them, it is uncertain when next they would get the product to buy.

Kachikwu had told State House Correspondent last week that the fuel crisis would continue till May, as he was not a magician to make the queues disappear.

However, the NNPC had in a statement in Abuja, denied that Kachikwu made such statement, saying it was a “Misinterpretation of an otherwise benign and sincere assessment of the fuel supply scenario.”

The NNPC also stated that efforts are in full gear to eliminate all extraneous factors which have so far impeded the free flow of petrol across the country, especially the issue of foreign exchange for oil marketers which the Minister is working with the Central Bank of Nigeria to resolve.

The NNPC apologised to Nigerians for the hardship in assessing petroleum products, assuring of normalisation of the fuel supply and distribution system in the weeks ahead.

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ExxonMobil Announces 2015 Reserves Additions, Makes Additional Oil Discoveries In Nigeria

Exxon Mobil Corporation has said that it added 1 billion oil-equivalent barrels of proved oil and gas reserves in 2015, replacing 67 percent of production, including a 219 percent replacement ratio for crude oil and other liquids.

The oil major said that at year-end 2015, its proved reserves totaled 24.8 billion oil-equivalent barrels, noting that liquids represented 59 percent of proved reserves, up from 54 percent in 2014.

The oil company said its reserves life at current production rates is 16 years.

It explained that in 2015, reserves were added in Abu Dhabi, Canada, Kazakhstan and Angola, while liquid additions during 2015 totaled 1.9 billion barrels, adding that Natural gas proved reserves were reduced by 834 million oil-equivalent barrels primarily in the United States reflecting the change in natural gas prices. The company said it expects this gas to be developed and booked as proved reserves in the future.

ExxonMobil said it has over the past 10 years replaced 115 percent of the reserves it produced, including the impact of asset sales.

According to the chairman and chief executive officer, Rex W. Tillerson, “ExxonMobil has a successful track record of proved reserves replacement over the long term, demonstrating the strength of our global strategy to identify, evaluate, capture and advance high-quality opportunities.

“Our proved reserves represent a diverse portfolio that positions us to create shareholder value as we supply long-term energy demand growth. We will continue to apply our disciplined, paced investing approach as we develop our industry-leading resource base.”

The company noted that reserves additions in 2015 reflect new developments as well as revisions and extensions of existing fields resulting from drilling, studies and analysis of reservoir performance, explaining that the annual reporting of proved reserves is the product of the corporation’s long-standing, rigorous process that ensures consistency and management accountability in all reserves bookings. “Consistent with SEC requirements, ExxonMobil reports reserves based on the historic average market prices on the first day of each calendar month during the year,” the company said.

On its resource base, the company said it added 1.4 billion oil-equivalent barrels to its resource base through by-the-bit exploration discoveries, undeveloped resource additions and strategic acquisitions during 2015.

“ExxonMobil’s by-the-bit exploration success in 2015 included a significant oil discovery offshore Guyana and additional discoveries in Iraq, Australia, Romania and Nigeria. Strategic unconventional resource additions were made in the Permian Basin in West Texas, Canada and Argentina.

Overall, the corporation’s resource base totaled more than 91 billion oil-equivalent barrels at year-end 2015, taking into account field revisions, production and asset sales. The resource base includes proved reserves, plus other discovered resources that are expected to be ultimately recovered,” the company said.