Energy

Nigeria Plans $2.3b in Oil Asset Equity Restructuring –DMO

Nigeria plans to raise 710 billion naira ($2.26 bln) via restructuring its equity in joint venture oil assets and increasing private sector participation, the Debt Management Office (DMO) said on Thursday.

Oil companies including Royal Dutch Shell, Chevron and ExxonMobil, operate in Nigeria through joint ventures with NNPC. The government has considered selling stakes in these joint ventures for more than a decade.

Nigeria Supports OPEC Cut Extension Under “the Right Terms”

Nigeria supports an extension of a deal between OPEC, Russia and other non-members to cut oil supply until the end of 2018 “as long as the right terms are on the table” regarding its own participation, its oil minister said.

He said there is growing agreement among other members of the Organization of the Petroleum Exporting Countries to extend the deal.

“There isn’t any reason to change what is a winning formula,” oil minister Emmanuel Ibe Kachikwu told Reuters, adding “there is a consensus to extend. The issue will be the duration.”

Nigeria Signs Rosatom Deals to Build Nuclear Power Plant

Russia’s state-owned Rosatom and Nigeria have signed agreements for the construction and operation of a nuclear power plant and research centre in Africa’s biggest economy, Rosatom said on Monday.

The deals are the latest signed by Russia’s state nuclear agency as it looks to expand in Sub-Saharan Africa beyond a planned bid to build nuclear power plants in South Africa.

Africa Should Create Gas Pricing Index as Demand Rises –Ministers

Africa should develop a gas pricing index based on the cost of electricity set midway between existing global benchmarks to ensure fairer pricing in new export projects on the continent, two African ministers said.

The idea is being floated when the world’s poorest continent, where 600 million people are without electricity, is turning to liquefied natural gas (LNG) as a cheaper way to power up amid plentiful global supply.

Africa’s Biggest Refinery Takes Shape

The completion of Dangote Refinery in 2019 will mark another milestone in the Nigerian oil and gas industry as it holds the prospect of stopping the importation of refined petroleum products by Nigeria.

The Dangote Refinery will produce 650,000 barrels per day of refined petroleum products to meet all the country’s refined petroleum products needs.

It will also have spare volume for export to other countries, the News Agency of Nigeria reports.

NNPC: Kachikwu, Baru Hold Crucial Meeting

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu and Group Managing Director of NNPC, Mr Maikanti Baru, met on Tuesday and discussed opportunities  to further develop the  nation’s oil and gas sector.

They met in Abuja at the ongoing Nigerian Economic Summit at the Energy Policy Committee session.

The News Agency of Nigeria reports that the duo had been involved in controversies over alleged misapplication of funds at the NNPC, leading to the intervention of President Buhari.

Kachikwu’s Letter: CSJ wants NNPC Boss Investigated

The Centre for Social Justice (CSJ) has called for immediate investigation of the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr Maikanti Baru over the alleged $25 billion dollar contract.

The Lead Director of the centre Eze Onyekpere disclosed this in a statement, issued in Abuja, on Wednesday.

He said that the centre noted with regret the recent allegations by the Hon. Minister of State for Petroleum, Dr. Ibe Kachikwu on the way and manner Baru, had been running the affairs of the Corporation.

Petroleum Development Company to Grow Equity Production

Nigerian Petroleum Development Company (NPDC), the flagship subsidiary of the Nigerian National Petroleum Corporation (NNPC), is poised to grow its equity production from the current 180,000 barrels per day to 300,000 bpd by 2018 and by 2019 and 2020 its production is expected to hit 400,000 bpd and 500,000 bpd, respectively.

NPDC Managing Director, Mr. Yusuf Matashi, who disclosed this in Benin, said the planned increase in the company’s equity production was due to the ongoing transformation in NNPC.

Nigeria’s Oil Output remains below Agreed OPEC Cap

Nigeria is pumping less than 1.8 million barrels per day (bpd) of crude, its oil minister said on Friday, meaning the country is sticking to an output cap agreed under an OPEC-led deal to limit output.

The Organization of the Petroleum Exporting Countries and other producers, including Russia, are reducing crude output until next March in an attempt to support prices by cutting a glut of crude on world markets, Reuters reports.

OPEC Panel to Discuss Extending Oil Cut Deal, Tracking Exports

OPEC and non-OPEC nations meeting on Friday will discuss a possible extension of an oil supply cut deal to support prices and will consider monitoring exports to assess compliance.

The Organization of the Petroleum Exporting Countries aims to clear a global oil supply glut by curbing output by about 1.2 million barrels per day (bpd). Russia and other non-OPEC producers agreed to cut half as much. The pact runs to the end of March.

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