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Home Business News

NNPC explains contract for the Forcados Pipeline Surveilance

Fikayo Owoeye by Fikayo Owoeye
December 5, 2018
in Business News, Company News
Nigerian National Petroleum Corporation, Ndu Ughamadu

NNPC

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The Management of the Nigerian National Petroleum Corporation (NNPC) has proffered informed perspective on the reported award of oil infrastructure surveillance contract to an indigenous firm, Ocean Marine Solutions for the protection of the strategic 87-kilometre Trans Forcados Pipeline (TFP), just as the Corporation revealed that it lost $800m (N244.8bn) to breaches in the Pipeline.

Under the deal, the Port-Hacourt based company, Ocean Marine Solutions Ltd., will police the 87-kilometer pipeline and bear the cost of repairs if there’s a breach.

According to the NNPC, faced with massive losses in projected revenue, stakeholders in the TFP which accounts for daily production throughput of over 250, 000 barrels of crude oil were unanimous in the decision to seek better ways of ensuring reliability and availability of the line.

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“In 2018, we lost over 60 days of production due to incessant breaches on the TFP despite having a security contract in place. In terms of production numbers, this translates to over 11 million barrels of crude oil which on face value equates to over $800m in lost revenue to all the stakeholders in the matrix which includes:  NNPC, its Joint Venture partners and the Nigerian Federation,’’

More than $32 million was spent this year on repairs to the pipeline after it was shut for over 60 days this year. The Trans Forcados Pipeline pumps crude to the Forcados Export Terminal, operated by Royal Dutch Shell Plc. The Forcados Oil Pipeline System is the second largest network in the Niger Delta


Follow us for Breaking News and Market Intelligence.
Tags: Ocean Marine SolutionsTrans Forcados Pipeline (TFP).
Fikayo Owoeye

Fikayo Owoeye

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com

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L-R: Quality Control Manager, BUA Obu Cement, Adeyinka Adesola; Chairman, Kano State Block Moulders Association, Umar Musa; Regional Manager, BUA Obu Cement, Yahuza Salisu; Head of Training, ITF, Dauda Lawal; General Manager Sales, BUA Obu Cement, Nasiru Ladan; and Unit Head Civil/Building Department, SON, Engr Musa Bauchi at the Concrete and Blockmaking Stakeholders workshop held on Tuesday in Kano State and organised by BUA Cement.

Kano block and concrete makers hail BUA Cement quality

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