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.

Petroleum Development Company to Grow Equity Production

Nigerian Petroleum Development Company (NPDC), the flagship subsidiary of the Nigerian National Petroleum Corporation (NNPC), is poised to grow its equity production from the current 180,000 barrels per day to 300,000 bpd by 2018 and by 2019 and 2020 its production is expected to hit 400,000 bpd and 500,000 bpd, respectively.

NPDC Managing Director, Mr. Yusuf Matashi, who disclosed this in Benin, said the planned increase in the company’s equity production was due to the ongoing transformation in NNPC.

Nigeria’s Oil Output remains below Agreed OPEC Cap

Nigeria is pumping less than 1.8 million barrels per day (bpd) of crude, its oil minister said on Friday, meaning the country is sticking to an output cap agreed under an OPEC-led deal to limit output.

The Organization of the Petroleum Exporting Countries and other producers, including Russia, are reducing crude output until next March in an attempt to support prices by cutting a glut of crude on world markets, Reuters reports.

OPEC Panel to Discuss Extending Oil Cut Deal, Tracking Exports

OPEC and non-OPEC nations meeting on Friday will discuss a possible extension of an oil supply cut deal to support prices and will consider monitoring exports to assess compliance.

The Organization of the Petroleum Exporting Countries aims to clear a global oil supply glut by curbing output by about 1.2 million barrels per day (bpd). Russia and other non-OPEC producers agreed to cut half as much. The pact runs to the end of March.

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.