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.

Afam Power Plant to Supply 340MW to Grid

About 340 megawatts of electricity would be added to the national grid in or before December from Afam power station, according to Mr Babatunde Fashola, the Minister of Power, Works and Housing.

Fashola said this during his visit to Afam Plant in Oyibo local government area of Rivers as part of Federal Government Power Sector Recovery Programme, the News Agency of Nigeria reports.

He said the 340 megawatts of electricity would be generated from Afam by December, while additional 270 megawatts would be generated before the end of 2018.

Oil Rises as Nigerian Pipeline Leak Overshadows Supply Worries

Oil prices rose on Friday after a pipeline stoppage in Nigeria, but crude still ended the week down nearly 4 percent on persistent worries about global oversupply, Reuters reports.

Brent crude oil settled up 29 cents at $48.15 a barrel. U.S. crude futures rose 19 cents to $45.83 a barrel. Both benchmarks posted weekly declines of nearly 4 percent, pressured by big U.S. inventories and heavy worldwide flows.

FG to Raise $1.2b for Refineries –Oil Minister

Nigeria plans to raise $1.2 billion to upgrade its oil refineries, aiming to end a reliance on oil product imports by 2019, the oil minister said on Thursday.

Although Nigeria is an exporter of oil, it is mainly dependent on imports for refined products. That drains the supply of foreign exchange in the country, making it harder for other businesses dependent on imports to succeed.