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.

Oil Production at 1.6m bpd Excluding Condensates –Minister

Nigerian oil production, excluding condensates, is running at 1.6 million barrels per day (bpd), the country’s oil minister said on Wednesday.

“For next year, all things being equal, I expect that we will be able to meet 1.8 million bpd of crude,” Emmanuel Ibe Kachikwu told reporters in the capital, Abuja.

Council Approves Privatisation of Afam Power Plants

The National Council on Privatisation (NCP) has approved the commencement of the privatisation of Afam Power plants 1-5 to inject additional power into the national grid and improve electricity nationwide.

The Council, which is chaired by Vice President Yemi Osinbajo, also approved the pursuit of an out-of-court settlement involving the privatisation of Aluminium Smelter Company of Nigeria, Voice Of Nigeria reports.

OPEC Oil Output Slips from 2017 High

OPEC oil output has fallen this month by 170,000 barrels per day (bpd) from a 2017 high, a Reuters survey found, as renewed unrest cut supplies in Libya and other members stepped up compliance with a production-cutting deal.

A dip in supply from top two producers Saudi Arabia and Iraq helped to boost OPEC’s adherence to its output curbs to 89 percent, up 5 percentage points from July but still short of the levels above 90 percent achieved earlier in the year.

Chinese Consortium to Build $5.79b Mambilla Hydro-Power Plant

The Federal Executive Council (FEC), presided over by President Muhammadu Buhari, today approved $5.792 billion (about N1.140 trillion) for the construction of the Mambilla Hydro-Power project at Gembu in Taraba.

It will generate 3,050 megawatts.

The Minister of Power, Works and Housing, Mr Babatunde Fashola, disclosed this while addressing State House correspondents on the outcome of the Council’s meeting.

FG, Greenville LNG sign MoU on Gas Sales

The Nigerian National Petroleum Corporation (NNPC) Total Joint Venture and the Greenville LNG have signed a Memorandum of Understanding (MoU) on Gas Sales Aggregation Agreement (GSAA) worth 500million dollars to enhance the gas sector in the country .

Dr Ibe Kachikwu, Minister of State, Petroleum Resource, disclosed this at the signing of the agreement on Tuesday in Abuja.

He said the move was part on the 7 Bigwin programme of the ministry that geared towards ensuring that the gas sector of the economy was developed.

$200m Local Content Fund: Kachikwu Advocates Appropriate Utilisation

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has urged the Bank of Industry (BOI) to ensure that the 200 million dollar Nigeria content Intervention Fund (NCIF)  was carefully utilised for the growth and development of the sector.

Kachikwu disclosed this on Thursday in Abuja at the signing of the Mou of the Fund for programmes and activities that would drive local content in the sector.

Oil Prices Rise as US Supply Tightens

Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States.

Brent crude oil was up 40 cents at 52.06 dollars a barrel by 0715 GMT. United States light crude was 35 cents higher at 47.72 dollars.

“U.S. crude oil stocks have been falling consistently in recent weeks,” said Fawad Razaqzada, market analyst at futures brokerage

NNPC, Presidential Committee to Collaborate Against Oil Theft

Nigerian National Petroleum Corporation (NNPC) has pledged support to the Presidential Committee on Harmonised Standard Operating Procedures on Arrest, Detention and Prosecution of Vessels and Persons in Nigeria’s Maritime Environment (HSOP) to tackle the menace of oil theft and other criminal activities in the nation’s waters.