Nigeria's crude oil exports are set to reach 1.84 million barrels per day (bpd) in July, slightly higher month-on-month, because of a recovery in Forcados exports, according to loading programmes compiled by Reuters on Wednesday.
Forcados exports resumed at the end of May after a nearly complete shutdown since February 2016. The grade's operator, Shell's local subsidiary SPDC, issued an initial June schedule of 197,000 bpd before increasing it to 252,000 bpd.
OPEC said on Tuesday a long-awaited rebalancing of the oil market was under way at a "slower pace" and reported that its own output in May jumped due to gains in nations exempt from a pact to reduce supply, Reuters reports.
In a monthly report, the Organization of the Petroleum Exporting Countries said its output rose by 336,000 barrels per day (bpd) in May to 32.14 million bpd led by a rebound in Nigeria and Libya, which were exempted from supply cuts because unrest had curbed their output.
Minister of State for Petroleum, Dr Ibe Kachikwu has revealed that Nigeria spent about N4.74 trillion on importation of petrol last year, representing 30 per cent of the total foreign exchange outlay of the Central Bank of Nigeria (CBN).
“The importation of petroleum products between January and December of last year amounted to about 20 million metric tonnes”, he said in a response to the Senate on plans to refurbish Nigeria’s creaky refineries.
He outrightly denied reports of the concession of Port Harcourt Refinery to Oando and Agip companies.
About 340 megawatts of electricity would be added to the national grid in or before December from Afam power station, according to Mr Babatunde Fashola, the Minister of Power, Works and Housing.
Fashola said this during his visit to Afam Plant in Oyibo local government area of Rivers as part of Federal Government Power Sector Recovery Programme, the News Agency of Nigeria reports.
He said the 340 megawatts of electricity would be generated from Afam by December, while additional 270 megawatts would be generated before the end of 2018.
Oil prices rose on Friday after a pipeline stoppage in Nigeria, but crude still ended the week down nearly 4 percent on persistent worries about global oversupply, Reuters reports.
Brent crude oil settled up 29 cents at $48.15 a barrel. U.S. crude futures rose 19 cents to $45.83 a barrel. Both benchmarks posted weekly declines of nearly 4 percent, pressured by big U.S. inventories and heavy worldwide flows.
Nigeria plans to raise $1.2 billion to upgrade its oil refineries, aiming to end a reliance on oil product imports by 2019, the oil minister said on Thursday.
Although Nigeria is an exporter of oil, it is mainly dependent on imports for refined products. That drains the supply of foreign exchange in the country, making it harder for other businesses dependent on imports to succeed.
Indonesia, a South East Asia emerging economy, has indicated interest to purchase more crude oil from Nigeria.
Indonesian Ambassador to Nigeria, Mr. Harry Purwanto, who stated this in Abuja when he paid a courtesy visit to the Group Managing Director of Nigerian National Petroleum Corporation (NNPC) Dr Maikanti Baru, explained that his Country’s President Joko Widodo, had instructed Indonesia National Oil Company, Pertamina, to direct its attention to Nigeria in its quest to meet that country’s surging energy needs.
The long-awaited oil governance bill passed by Nigeria's upper chamber of parliament proposes breaking up the state oil company into three commercial entities supported by a regulatory body and a fund to oversee the distribution of money, Reuters reports.
The Petroleum Industry Governance Bill, passed on Thursday by the Senate, is part of planned reforms that make up the sprawling Petroleum Industry Bill (PIB), discussed for over a decade following several redrafts, aimed at revamping the OPEC member's energy sector.
The worst disruptions in Nigeria's oil-producing Delta region are over, and production could reach 2.2 million barrels per day (bpd) by the end of June, the chief executive of Nigeria's Oando said on Wednesday.
According to Reuters report, Oando chief Pade Durotoye told the Africa Independents Forum in London the long-closed Forcados oilfield could be back to capacity by the end of June, enabling a return to nearly full production from what is typically Africa's largest oil exporter.