EXPOSED :BUNKERING INSIDE FORCADOS TERMINAL

EXPOSED :BUNKERING INSIDE FORCADOS TERMINAL

BY ABDULMUMINI ADEKU

[WORLD EXCLUSIVE]

 

The News Office Desk of Paedia express Multimedia Group in Lagos,Nigeria now understands that virtually all the officials of the Nigerian Navy,Mobil Oil among other partners working on the Multi-billion Forcados Terminal in the Niger Delta  all conspire at night to fleece Nigeria of millions of dollars by closing their eyes to naked bunkering at the terminal.

Checks by this reporter shows that the act of bunkering of crude oil usually occurs at the dead of the night between 1:00a.m. and 4:00a.m. when all will be asleep and quiet.

An impeccable source told this reporter how one of his naval official friend told him exclusively how he had not spent his salary in a whole year due to the racket going on at the Forcados Terminal .

According to the source,when his friend opened up his mobile phone to him for an observation  he saw a long row  of ships all queuing up to steal the nations commonwealth.

He explained that usually the bunkerers would have perfected documentations such that when seen later in the high seas up till when they get to their point of destinations  where nobody will be able to fault them at all.

He assured that if the crude oil is been sold internationally at 65 dollars,they can sell at their own depending on personal arrangement.
Exxon Mobil’s Qua Iboe export stream, Nigeria’s largest, had been under force majeure since July, following a leak in the 48-inch pipeline which carries the flow to the export terminal. While the Shell Petroleum Development Company of Nigeria Limited (SPDC), which operates the Forcados terminal, had also declared force majeure on exports on February 22 after a sub-sea pipeline was damaged.
Shipments of Qua Iboe crude averaged 340,000 bpd last year, according to Bloomberg estimates, and Forcados averaged 200,000 bpd.
Both look to load their first cargoes since halting, on 28-29 September.
“The resumption in Qua Iboe and Forcados oil exports could be potential game changers in the coming days,” says Bismarck Rewane, an economist and the CEO of Financial Derivatives Company.
Nigeria’s record 2016 budget has grown increasingly untenable, as oil revenue on a prorata basis, falls short of the targeted N820 billion.
Its local currency, the naira has also taken some bashing and the limit to defending it is ever more visible, after external reserves declined to less than $25 billion last month.
Nigeria was ousted as Africa’s largest oil producer by Angola in the second quarter of 2016, following a decline in output to 1.5 mbpd while Angola’s production output was steady at 1.7 mbpd.
An additional 540,000 barrels would boost Nigeria’s current 1.5 mbpd to the tone of 2 million bpd, and would see Nigeria return to top spot in October.