Oil and Gas
- REFINERIES AND PETROCHEMICAL COMPANY
Among the key industrial projects of the Governor Udom Emmanuel led administration are the refineries and the petrochemical company.
Programmed to take off in December 2018 and generate over 5000 direct and 50,000 indirect jobs, the Hi Rev. Oil Petroleum Ltd which is under development is designed to refine 50,000 barrels per day. The investment attractions of this project include its seating on an oil bloc in Oko, Eastern Obolo LGA. The bloc has at least 17 oil wells, 15 of which have been confirmed to be commercially viable. The distance between the refinery and the crude deposits too is short. A primary challenge to the progress of this project was funding constraints which have now been addressed by the government.
With a take-off date of June 2017, the 100,000 barrels per day refinery is projected to employ over 10,000 people in direct jobs and 100,000 in indirect jobs. The state government has obtained all the basic licenses for this project. Located along Eket-Ibeno Road on 100 hectares of land, Resource Petroleum Ltd is billed to attract President Muhammadu Buhari to its ground breaking, considering the sheer scale of the project.
Fabricated about eight years ago, the Amakpe Refinery sited at Ikot Usekong, Eket LGA, is warehoused by its manufacturer in Pasedena, Texas, USA. Conceived to be the trailblazer in privately owned oil refinery, Amakpe Refinery comes with a capacity of 6,000 barrels per day, expandable to 12,000 barrels per day and a job prospect of over 2000 direct jobs and 5000 indirect jobs.
- QUANTUM PETROCHEMICAL COMPANY LTD
The 1.5billion dollar methanol plant located at Ibeno was initiated by Mr. Jim Ovia, the chairman of Quantum Petrochemicals Company Ltd as a fine example of private sector participation in the industrialization policy drive of the present administration. The ground breaking for this project was done by then President Goodluck Ebele Jonathan on 14th August 2014. Billed to take off in the final quarter of 2017, the Petrochemical plant is projected to generate more than 100,000 skilled and unskilled jobs when completed. Aware of the enormous importance of this project in the industrialization agenda, the state government has done the needful for the actualization of the project. These include the conduct of environmental impact assessment, issuance of certificate of occupancy and provision of more land to the promoters of the company for the building of an estate for staffers.