Oil Prices Ease on Signs of Steady Output from Some Producers

Oil prices were about 1 percent lower on Monday as investors continued to await strong indications that an OPEC-led effort to drain a glut was proving effective but output increases in some top producers eased, keeping losses in check, Reuters reports.

Libya's national oil production stood at 1.03 million barrels per day (bpd), little changed from its level since the end of last month, an oil industry official said.

Cabinet Approves National Gas Policy

Nigeria's cabinet has approved a national gas policy that aims to reduce the country's dependence on crude oil by increasing gas exploration and facilities, the oil ministry said in a statement.

The policy was passed in last week's cabinet session but only made public on Wednesday.

Nigeria has for decades relied on its ample supplies of oil to power its economy. But despite having a wealth of crude, the vast majority was sent overseas for refining, and the country instead has had to import refined fuels at great expense, Reuters reports.

MDAs get ₦40b Bailout to Settle Electricity Bills

The Federal Government has provided N40 billion to settle reconciled outstanding electricity bills of its ministries and agencies.

Mr Udoma Udo Udoma, the Minister of Budget and National Planning, told “The Situation Room”, a group of civil society organisations, on Tuesday in Abuja.

The gesture was part of strategy to revamp the power sector, he said.

He explained that the step was imperative because the Economic Recovery and Growth Plan, which was predicated on the 2017 Budget, would not be effective without a bolstered power sector.

Nigeria Secures $2B Discounts on Oil Contracts -NNPC

The Nigerian National Petroleum Corporation (NNPC) has secured $2billion discounts in the last one year from renegotiated Upstream contracts being executed by its various service providers.

The Corporation said the feat was achieved in the quest to continually drive down the high cost of production in the industry.

This was made known today by NNPC Group Managing Director, Dr. Maikanti Baru, in a podcast message to the Corporation’s Staff to mark One-Year Anniversary of his appointment as the Corporation’s helmsman.

Oil Reserve: Nigeria Targets 40 billion Barrels as NNPC Secures $700m Funding

The plan by the Nigerian National Petroleum Corporation (NNPC) to grow the nation’s crude oil reserves to 40 billion barrels by the year 2020 received a major boost yesterday with the execution of a tripartite agreement in Abuja.

The agreement was between the NNPC/FIRST Exploration & Production Joint Venture and Schlumberger for the development of the Anyalu and Madu fields in the Niger Delta under Oil Mining Licence, OML 83 and OML 85, offshore Nigeria.

Nigeria's Crude Account One of World's Least Transparent –Report

Nigeria's Excess Crude Account tied for the world's most poorly governed sovereign wealth fund, according to a report by the Natural Resource Governance Institute (NRGI) released on Wednesday.

According to Reuters report, the $2.4 billion account was ranked alongside the Qatar Investment Authority as the worst in terms of oversight and transparency in NRGI's index of resource management. NRGI rated 11 sovereign wealth funds, managing least $1.5 trillion in total, as "failing".

Oil Exports Up in July on Forcados Restart

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 Sees Oil Market Rebalancing at Slower Pace

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.

Petrol Import Gulps ₦4.74tr in 2016

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.