Oil set for biggest quarterly rise

Oil prices rose on Friday amid the ongoing OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, putting crude markets on track for their biggest quarterly rise since 2009.

U.S. West Texas Intermediate (WTI) futures were at $59.34 per barrel at 0802 GMT, up 36 cents, or 0.6 per cent, from their last settlement.

WTI futures were set to rise for a fourth straight week and were on track to rise 30 percent in the first three months of the year.

Brent crude oil futures were up 24 cents, or 0.4 percent, at $68.06 per barrel.

NNPC declares ₦12b trading surplus, despite pipeline breaches

The Nigerian National Petroleum Corporation, NNPC, declared a trading surplus of N12.13 billion in its financials for December 2018.

Group Managing Director of the NNPC, Dr Maikanti Baru In a statement on its Monthly Financial and Operations Report for December 2018, signed by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu,said its positive financial performance in the month under review was in spite of disturbing reports of breaches on its assets.

OPEC's Barkindo says compliance with supply cut deal improving

OPEC Secretary General Mohammad Barkindo said on Sunday that compliance with a supply cut agreement between OPEC and non-OPEC members was improving, and that this would help the oil market to weather through the build up of oil inventories, Reuters reports.

“There is a remarkable improvement on the level of compliance,” Barkindo said.

“The market will weather through a possible rebuild of inventories, which is our focus of attention, and ensure that we have supply-demand balance through the quarters,” he added.

Stakeholders urge incoming NASS to accelerate passage of PIB

Some stakeholders in Nigeria’s oil and gas industry have tasked the incoming 9th National Assembly to speedily pass the Petroleum Industry Bill (PIB) for the president’s assent.

The Executive Vice-President, Business Development, Tolea Energy Ltd. Mr Chikezie Nwosu, made the appeal on Friday in Lagos.

He said the passage of the bill was necessary to enable the anticipated growth of the sector.

Government to Bridge Funding gaps in Oil and Gas Industry

The Nigerian Content Development Monitoring Board (NCDMB) has announced plans to introduce a new financing scheme to address the gaps witnessed under the Bank of Industry (BOI) funding initiative for companies operating in the Nigerian oil and gas industry.

Speaking in Abuja, Executive Secretary of the NCDMB, Mr. Simbi Wabote, stated that companies selected under the newly-launched ‘Project 100’ programme, would be the initial beneficiaries of the funding that would be provided, Voice of Nigeria reports.

BoI, AllOn sign ₦1b off-grid energy fund

The Bank of Industry (BoI) and All On have signed a N1 billion partnership agreement to finance the Niger Delta Off-Grid Energy Fund.

The Managing Director, BoI, Mr Olukayode Pitan, during the ceremony in Lagos, said the partnership was a result of the bank’s efforts in exploring strategic partnerships with reputable institutions in developing sustainable solutions to facilitate social and industrial development.

Nigeria earns $640.35m from Crude export in Oct –NNPC

The Nigerian National Petroleum Corporation (NNPC) says the country earned 640.35 million dollars from the export of crude oil and gas for the month of October, 2018.

The corporation disclosed this in its monthly Financial and Operation report for October 2018, released in Abuja.

It said that the total export receipt of 640.35 million dollars recorded in October 2018 was higher than the 527.70 million dollars logged in September 2018.

40bn Barrels Unlikely, Investors Skeptical over Petroleum Industry Bill

The Department of Petroleum Resources (DPR) gave a report that Nigeria’s oil reserves remain low at 37 billion barrels, despite efforts made by the government and others to achieve 40 billion barrel by 2020.

Minister of State for Petroleum, Ibe Kachikwu In an interview said: “If you take into account Nigeria’s condensates production, the daily average production is over 2 million barrels.

Nigeria files $1.1b London Lawsuit against Shell, Eni over Oil Deal

The Nigerian government said it had filed a $1.1 billion lawsuit against Royal Dutch Shell and Eni in a commercial court in London on Thursday in relation to a 2011 oilfield deal.

The OPL 245 oilfield is also at the heart of an ongoing corruption trial in Milan in which former and current Shell and Eni officials are on the bench, Reuters reports.

Milan prosecutors allege bribes totalling around $1.1 billion were paid to win the licence to explore the field which, because of disputes, has never entered into production.

USA now World’s Biggest Crude Oil Producer

The United States is now the world’s biggest crude oil producer, pushing Russia and Saudi Arabia to the back seat.

In the week ending November, the U.S. crude production hit a whopping 11.6 million bpd, according to Energy Information Administration (EIA) data released on Wednesday.

That’s a threefold increase from the U.S. low reached a decade ago, and a 22.2 percent rise just this year. It makes the United States the world’s biggest producer of crude.

Russia pumps an average of 10.8million bpd and Saudi Arabia, about 10.5million bpd.