'Those Who Mismanaged NNPC Will Soon be Prosecuted'

The people who misappropriated billions of naira of funds belonging to Nigeria’s state oil company NNPC, will soon be prosecuted, President Muhammadu Buhari has said, according to his spokesman, Femi Adesina.

Premium Times reports that Mr. Buhari, who said this on Sunday in New York at a meeting with President Xi Jinping of China, said his administration was determined to fully sanitize Nigeria’s oil industry and make it totally free of corruption and shady deals.

African Development Bank Head Pushes for Energy Access

Africa should push to achieve universal access to electricity within a decade while accelerating its transformation to a continent exporting finished goods, rather than raw materials, the new head of the African Development Bank said on Friday.

Akinwumi Adesina, who took over as president of the 50-year-old institution earlier this month, has set an ambitious series of goals to guide it through Africa's increasingly complex financial environment.

Nigeria's Crude Oil Exports Expected to Slide in November

Total exports of Nigerian crude were expected to fall by roughly 10 percent in November from the annual high hit the previous month.

According to Reuters, Nigeria plans to export a total of 56.66 million barrels of oil, or 1.89 million barrels (bpd) of crude oil in November, according to provisional loading programmes.

This is a decline from the 63.1 million barrels, or 2.04 million bpd, planned initially for October loading. On a per-day basis, the November programme is on track to be the lowest since July.

Oil Prices Dented by Uncertain Global Outlook

Crude oil prices fell on Tuesday, reversing a steep rally the previous day, under pressure from uncertainty over whether global demand will be enough to erode a sky-high surplus.

Volatility has picked up this week, as the outlook for crude has been muddied by data pointing to the market possibly having stabilised after losing more than half its value in a year, and the persistence of the highest global surplus in modern times.

NNPC’s $1.2b Alternative Funding to Generate $5b into Federation Account

In a landmark move designed to supplement the Federal Government’s Cash- Call commitment, the Nigerian National Petroleum Corporation (NNPC) has secured a $1.2 billion multi-year drilling financing package for 36 Offshore/Onshore Oil wells under the NNPC/Chevron Nigeria Limited Joint Venture.

'Volatile' Oil Price Hard to Predict, Says Shell boss

Royal Dutch Shell chief executive Ben van Beurden has told the BBC a recovery in the price of oil is hard to foresee.

"It is a very, very volatile business in terms of supply and demand. The oil price responds to very small mismatches between supply and demand," he told BBC Radio 4's Today programme.

The price of oil has roughly halved in the past year, to around $50 (£32) per barrel.

Goldman Sachs predicted earlier this month it could fall as low as $20.

Deep Offshore Production Agreements to be Reviewed –NNPC

PLAN –Oil and Gas Reform Agenda on Track.

The Nigerian National Petroleum Corporation (NNPC) is set to revisit the fiscal terms of the existing Production Sharing Contracts (PSC) entered into by the Corporation with some International Oil and Gas Companies with a view to seeking favourable benefits to Nigeria based on prevailing realities in the industry.

Kaduna Refinery to Experience a Turnaround

PLEDGE –Kachikwu assures Kaduna refining of enablers to operate optimally.

The Group Managing Director of the NNPC, Ibe Kachikwu, has assured that the corporation will provide all the necessary enablers to make Kaduna Refining Petrochemical Company (KRPC) operate commercially and optimally.

Mr. Kachikwu gave this assurance yesterday during a facility tour of the refinery in Kaduna.

He noted that the refinery will soon experience a turn around that will make it to be commercially sustainable.

Nigeria Issues Additional Gasoline Allocations

Nigeria has issued additional import allocations for at least 300,000 tonnes of gasoline for the remainder of the third quarter, oil traders said on Monday.

According to Reuters, the allocations, which enable the companies that hold them to import fuel under the country's subsidy regime, are in addition to the 1.5 million tonnes issued for the third quarter earlier this year to at least 37 importers.