By dint of ambidexterity and audacious determination to change the status quo, Pinnacle Oil and Gas has ushered in a regime of efficiency, cost optimisation and robust competition in the Nigerian downstream petroleum sector with its $1 billion ultramodern offshore subsea mooring petroleum terminal in Lagos, writes It is now a month gone since the presidential unveiling of Nigeria’s largest and first ever offshore subsea bidirectional intake and offtake petroleum terminal built by Pinnacle Oil...
The terminal, which comprises the Single Point Mooring facility and the Conventional Buoy Mooring facility with the capacity to receive large import and export vessels, has addressed some major challenges facing the downstream sector. Specifically, the facility has reduced, if not eliminated, the inefficiencies and resultant high cost of operation occasioned by multiple handlings hitherto obtained at the nation’s port.
The elated president, who has been championing reforms in the nation’s oil and gas industry, congratulated the Chief Executive Officer of Pinnacle Oil and Gas Limited, Mr. Peter Mbah, for establishing the massive terminal facility and providing hundreds of jobs to Nigerians. ”We provided targeted support to the energy industry by providing an enabling environment, including regulatory facilitation, to ensure investment in critical infrastructure.
As the nation’s largest sub-national economy, the governor said they understand what their responsibilities were, which includes to lead by example, to create that enabling environment most conducive for investment across all sectors. He said he had been told that the petroleum products terminal has been designed to make possible the direct transfer of products from large vessel to the CBM and SPM facilities.
In addition, the Lagos Governor noted that the facility could store up to 300 million litres of refined petroleum products, maintaining that by all standards. The Group Chief Executive Officer of NNPCL, Mallam Mele Kyari, described the facility as the largest exit point for petroleum products currently in Nigeria, adding that Pinnacle’s facility has demonstrated capacity by easing the delivery of petroleum products in many parts of the country and during difficult situations.
He noted that NNPC sees a great opportunity unfolding, particularly for Lagos with growth in population and as well as the substantial growth in energy requirements despite the conversations around energy transition.
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