Energy

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.

Refinery Management Sets November Resumption Target

GOAL –Warri Refinery Gets 90 days Fast-Track Ultimatum.

The Group Managing Director of the Nigerian National Petroleum Corporation, Ibe Kachikwu, has given a 90 days ultimatum to the Management of the Warri Refining and Petrochemicals Company (WRPC) to commence full production at the facility which has the capacity to process 125, 000 barrels of crude oil per day.

‘We Need to Fine-Tune PIB’

MODIFY –NNPC needs at least one year to get the bill back on track.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Ibe Kachikwu has explained that the Petroleum Industry Bill (PIB)which has been pending before the National Assembly in the last seven years requires extensive engagements with all stakeholders to iron out all grey areas.

NNPC to Explore Community-Based Pipeline Policing

GUARD – Corporation to re-strategise on the use of brute force to secure pipelines.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Ibe Kachikwu has hinted that the Corporation may settle for the option of community based policing to protect the vast artery of oil and gas pipeline network across the country.

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