Energy

NNPC, Chevron Wrap Up $1.7b Deal

The Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement.

A statement signed by the Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, in Abuja said the agreement was signed in London, over the weekend.

He said that the Group Managing Director Dr Maikanti Baru signed the agreement which would help to increase crude oil production in the country by about 39,000 barrels per day on behalf of the corporation.

Middle East, US Crude Oil Curb Indian Appetite for African Supplies

India’s imports of African crude oil in October plunged to their lowest in over four years, with the world’s No.3 oil consumer increasingly turning to cheaper supplies from the United States and heavier Middle Eastern grades, ship tracking data showed.

U.S. crude production C-OUT-T-EIA has soared more than 14 percent since mid-2016 to 9.65 million barrels per day (bpd), altering trade routes as its relatively cheap and light grades become a viable import option for Asian refiners.

FG Recovers $64m Electricity Debt from Int’l Customers

The Federal Government on Monday announced that it had recovered 64.6 million dollars electricity debt from its international customers.

Minster of Power, Works and Housing, Babatunde Fashola announced this at the 21st monthly power sector meeting in Asaba.

Fashola, in a text of his opening remark made available to the News Agency of Nigeria in Abuja,  said that  the money recovered was from  Benin and Niger Republics.

Nigeria Plans $2.3b in Oil Asset Equity Restructuring –DMO

Nigeria plans to raise 710 billion naira ($2.26 bln) via restructuring its equity in joint venture oil assets and increasing private sector participation, the Debt Management Office (DMO) said on Thursday.

Oil companies including Royal Dutch Shell, Chevron and ExxonMobil, operate in Nigeria through joint ventures with NNPC. The government has considered selling stakes in these joint ventures for more than a decade.

Nigeria Supports OPEC Cut Extension Under “the Right Terms”

Nigeria supports an extension of a deal between OPEC, Russia and other non-members to cut oil supply until the end of 2018 “as long as the right terms are on the table” regarding its own participation, its oil minister said.

He said there is growing agreement among other members of the Organization of the Petroleum Exporting Countries to extend the deal.

“There isn’t any reason to change what is a winning formula,” oil minister Emmanuel Ibe Kachikwu told Reuters, adding “there is a consensus to extend. The issue will be the duration.”

Nigeria Signs Rosatom Deals to Build Nuclear Power Plant

Russia’s state-owned Rosatom and Nigeria have signed agreements for the construction and operation of a nuclear power plant and research centre in Africa’s biggest economy, Rosatom said on Monday.

The deals are the latest signed by Russia’s state nuclear agency as it looks to expand in Sub-Saharan Africa beyond a planned bid to build nuclear power plants in South Africa.

Africa Should Create Gas Pricing Index as Demand Rises –Ministers

Africa should develop a gas pricing index based on the cost of electricity set midway between existing global benchmarks to ensure fairer pricing in new export projects on the continent, two African ministers said.

The idea is being floated when the world’s poorest continent, where 600 million people are without electricity, is turning to liquefied natural gas (LNG) as a cheaper way to power up amid plentiful global supply.

Africa’s Biggest Refinery Takes Shape

The completion of Dangote Refinery in 2019 will mark another milestone in the Nigerian oil and gas industry as it holds the prospect of stopping the importation of refined petroleum products by Nigeria.

The Dangote Refinery will produce 650,000 barrels per day of refined petroleum products to meet all the country’s refined petroleum products needs.

It will also have spare volume for export to other countries, the News Agency of Nigeria reports.

NNPC: Kachikwu, Baru Hold Crucial Meeting

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu and Group Managing Director of NNPC, Mr Maikanti Baru, met on Tuesday and discussed opportunities  to further develop the  nation’s oil and gas sector.

They met in Abuja at the ongoing Nigerian Economic Summit at the Energy Policy Committee session.

The News Agency of Nigeria reports that the duo had been involved in controversies over alleged misapplication of funds at the NNPC, leading to the intervention of President Buhari.

Kachikwu’s Letter: CSJ wants NNPC Boss Investigated

The Centre for Social Justice (CSJ) has called for immediate investigation of the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr Maikanti Baru over the alleged $25 billion dollar contract.

The Lead Director of the centre Eze Onyekpere disclosed this in a statement, issued in Abuja, on Wednesday.

He said that the centre noted with regret the recent allegations by the Hon. Minister of State for Petroleum, Dr. Ibe Kachikwu on the way and manner Baru, had been running the affairs of the Corporation.

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