Economy
Oil Exports to Drop as Shell Commences Maintenance on Bonga FPSO
By Adedapo Adesanya
Nigeria’s oil exports will drop in February following the shutdown of the Bonga Floating Production Storage and Offloading (FPSO) vessel scheduled for turnaround maintenance.
Shell Nigeria Exploration and Production Company (SNEPCo) Limited confirmed the development in a statement issued, adding that gas output will also decline during the maintenance period.
This comes as SNEPCo begun turnaround maintenance on the Bonga FPSO, the statement signed by its Communications Manager, Mrs Gladys Afam-Anadu, said, describing the exercise as a statutory integrity assurance programme designed to extend the facility’s operational lifespan.
SNEPCo Managing Director, Mr Ronald Adams, said the maintenance would ensure safe, efficient operations for another 15 years.
“The scheduled maintenance is designed to reduce unplanned deferments and strengthen the asset’s overall resilience.
“We expect to resume operations in March following completion of the turnaround,” he said.
Mr Adams said the scope included inspections, certification, regulatory checks, integrity upgrades, engineering modifications and subsea assurance activities.
“The FPSO, about 120 kilometres offshore in over 1,000 metres of water, can produce 225,000 barrels of oil daily.
“It also produces 150 million standard cubic feet of gas per day,” he said.
He said maintaining the facility was critical to Nigeria’s production stability, energy security and revenue objectives.
Mr Adams noted that the 2024 Final Investment Decision on Bonga North increased the importance of the FPSO’s reliability. He said the turnaround would prepare the facility for additional volumes from the Bonga North subsea tie-back project.
According to him, the last turnaround maintenance was conducted in October 2022.
“On February 1, 2023, the asset produced its one billionth barrel since operations began in 2005,” Mr Adams said.
SNEPCo operates the Bonga field in partnership with Esso Exploration and Production Nigeria (Deepwater) Limited and Nigerian Agip Exploration Limited, under a Production Sharing Contract with the Nigerian National Petroleum Company (NNPC) Limited.
The last turnaround maintenance activity on the FPSO took place in October 2022. On February 1, the following year, the asset delivered its 1 billionth barrel of oil since production commenced in 2005.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
