Energy

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 Forex.com.

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.

Modular Refinery in Nigeria gets $1m Grant

The U.S. Trade and Development Agency (USTDA) has approved a grant of $1 million for the detailed engineering design of 20,000 barrel per day (bpd) modular refinery in Lagos.

Mr Enyeribe Anyanwu, Head, Media Communications of Integrated Oil and Gas Ltd., disclosed this in a statement made available to newsmen in Lagos at the weekend.

Anyanwu said that the U.S. Ambassador to Nigeria, Mr Stuart Symington, who disclosed this during the official signing of the agreement in Lagos, commended the initiative of Eko Petrochem and Refining Company’s management.

Nigeria Loses ₦11tr to Corruption in Power Sector –Report

Nigeria has lost N11 trillion to corruption in the power sector since 1999, a university lecturer, Dr Yemi Oke, said on Wednesday in Lagos.

Oke, a lecturer at the Department of Jurisprudence and International Law, University of Lagos, said at a media launch of a report on the power sector.

He regretted that with the trillions allegedly invested in the sector, the country has yet to enjoy uninterrupted power supply.

The report is entitled: “From Darkness to Darkness: How Nigerians Are Paying the Price for the Electricity Sector”.

Pages

myfinancialintelligence.com