By TheInvestigator Admin
Edo Refinery received 15,000 barrels of crude oil in 2024 from the Oza Oil Field, which is operated by Decklar Resources Inc. and Millenium Oil & Gas Company Limited for production. Sanmi Famuyide, the Chief Executive Officer of Decklar Resources, announced the ongoing crude oil injection volumes into the Trans Niger Pipeline, which will be transported to and exported from the Bonny Export Terminal.
Edo Refinery and Petrochemical Company Limited (ERPC) developed the 6,000bpd capacity plant through a Memorandum of Understanding (MoU) between Governor Godwin Obaseki’s government and AIPCC. T governort is being expanded to 21,000bpd and can produce 500,000 liters of diesel, 300,000 liters of Naphtha, and 200,000 liters of low-pour fuel oil.
According to Famuyide, the first crude oil exports from the Oza Oil Field through the TNP and Bonny Export Terminal have been achieved, and crude oil is still being trucked to the local refinery customer in Edo State. This milestone has allowed Decklar and Millenium to deliver a steady stream of crude oil to market and generate a continuing revenue stream.
Decklar and Millenium produced crude oil sold to Shell Western Supply and Trading Limited (Shell). The crude oil held in storage at the Oza Oil Field and crude oil being produced into storage tanks from the Oza-1 and Oza-4 wells are being transported by truck a short distance in-field to the transfer pumping station at the Oza Oil Field for injection into the TNP.
The first crude oil export cargo of 15,000 to Shell was loaded on board a vessel with a bill of lading date of February 7, 2024, with sales proceeds expected in the last week of March. Decklar and Millenium are expecting another crude oil export nomination notice from Shell before the end of March 2024 for the export of another 15,000 barrels of crude oil currently held in the Bonny Export Terminal tanks.
Famuyide noted that continued revenues from crude oil sales would allow the company to improve its financial position and progress with additional field development activities including re-entries and drilling plans.