August 13, 2025 [The Guardian]- The nation’s revenue is expected to experience a boost of $50 million monthly from the Belema sweet crude terminal in Kula Kingdom, Akuku-Toru Local Council of Rivers State, an oil and gas expert, Dr Vincent Ajilo, has said.
The Guardian gathered that the terminal, OML 55, which is a joint venture with Nigerian National Petroleum Company Limited (NNPCL), has two million barrels capacity, which will enable the production of 100,000 barrels of crude oil per day.
Accordingly, this will lead to a monthly export production of 950,000 barrels of crude from the corridor, and if crude oil is sold at a minimum of $50 per barrel, it is expected to generate almost $50 million per month.
Dr Ajilo, a technical consultant to Belema Sweet Export Terminal Ltd, disclosed this alongside other stakeholders during the presentation of the Environmental Impact Assessment carried out by the federal and state ministries of environment at the weekend in Port Harcourt .
He explained: “What we are doing is to provide a long-term solution to crude evacuation. This will enable the production of the assets because some of them were shut down due to the vandalism of the Nembe Creek truck line, which used to be the initial evacuation line.
“The project is coming to solve that problem as well as provide opportunities for other assets within the corridor. This is nice because it accommodates the needs of the environment and economic development in the Kula Kingdom.
Recall that Kula is a kingdom that houses a lot of oil and gas assets, but the communities are impoverished, lacking basic amenities, including hospitals, electricity, and water, among others.
Ajilo assured that through the project, electricity, hospitals, and job opportunities will be provided for the people. He added: “This will increase the nation’s revenue generation because with the 100,000 barrels of crude oil per day, that will lead to at least one month of export production, which is about 950,000 barrels of crude oil to be exported every month from that corridor.
If crude oil is sold at a minimum of $50 per barrel, that is a huge revenue to the government, and almost $50 million will be raised every month. “
