Tuesday, November 20, 2018
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Petrobarometer

    Nigeria targets bringing down oil production cost to $15/barrel

Nigeria targets bringing down oil production cost to $15/barrel

Ahead of proposed plan by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC members led by Russia to make permanent their cooperative agreement on putting a cap on oil production, Nigeria has urged oil companies operating in the country to start ensure drastic reduction in production cost per barrel.Ibe Kachikwu, minister of state for petroleum resources, said in Abuja [...]

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    ‘Modular refineries too expensive, won’t end fuel scarcity’ — LCCI douses enthusiasm

‘Modular refineries too expensive, won’t end fuel scarcity’ — LCCI douses enthusiasm

Despite the general enthusiasm by both the Nigerian and private investors for the establishment of modular refineries, the Lagos Chamber of Commerce and Industries (LCCI) says this plan is too expensive, and won’t end the challenge of fuel scarcity.Addressing the media shortly after visiting Vice-President Yemi Osinbajo at the presidential villa, Abuja, the LCCI president, Babatunde Ruwase, said the modular [...]

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    NNPC fuel import binge gulps $5.8bn — but scarcity persists

NNPC fuel import binge gulps $5.8bn — but scarcity persists

The Nigerian National Petroleum Corporation (NNPC) on Tuesday said it has spent $5.8 billion to import 9.8 million metric tons of petrol since late last year to combat the fuel crisis.Mainkati Baru, NNPC group managing director, said at the public hearing held by the senate committee on public accounts in Abuja that the corporation had to carry out the massive importation after private [...]

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    Kachikwu insists: We won’t sell the refineries

Kachikwu insists: We won’t sell the refineries

Ibe Kachikwu, minister of state for petroleum resources, says the federal government will NOT sell its refineries.Rather, the aim is to make Nigeria the refinery corridor for the rest of the continent, he said.The minister was speaking on Tuesday on the short and medium term priorities directed towards growing the country's oil and gas industry at the Nigeria International Petroleum [...]

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    Barkindo: Oil producers need $10.5tr investments to meet rising world oil demand

Barkindo: Oil producers need $10.5tr investments to meet rising world oil demand

Mohammed Barkindo, secretary general of the Organization of Petroleum Exporting Countries (OPEC), has expressed concern over the powerful cartel that gives rise to the continued instability in the international oil market. [...]

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    Nigeria ‘not worried’ about falling crude oil prices

Nigeria ‘not worried’ about falling crude oil prices

Ibe Kachikwu, minister of state for petroleum resources, says Nigeria is unruffled by the slide in crude oil prices, maintaining that the country can comfortable ride the storm with oil prices hovering between $60 and $70 a barrel band.  [...]

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    Kachikwu to NNPC: Do whatever it takes to end petrol queues in Abuja

Kachikwu to NNPC: Do whatever it takes to end petrol queues in Abuja

Ibe Kachikwu, minister of state for petroleum resources, says the Nigerian National Petroleum Corporation (NNPC) should “do whatever it takes” to end petrol queues in Abuja before Sunday.Speaking at a press conference on Thursday to announce the upcoming Nigeria International Petroleum Summit (NIPS) in Abuja, Kachikwu said it would be “embarrassing” for delegates of the event to witness the long [...]

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    Oil contribution to GDP rebounds after four-year fall — but Nigeria still vulnerable

Oil contribution to GDP rebounds after four-year fall — but Nigeria still vulnerable

Oil contribution to Nigeria’s gross domestic product (GDP) is on the rise after witnessing a downward trend over a four year period-between 2013 and 2017. [...]

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    Oil falls below $60— Nigeria safe for now

Oil falls below $60— Nigeria safe for now

The global crude oil market seems not to have recovered from the fears of another supply glut as West Texas Intermediate (WTI) fell below $60 on Tuesday.Brent crude, the international benchmark of crude oil, traded at $62; a safe place for Nigeria, whose Bonny Light oil is priced the same as Brent crude. [...]

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    Crude oil loses $3 in a week — good and bad news for Nigeria

Crude oil loses $3 in a week — good and bad news for Nigeria

The price of Brent crude -- the equivalent Nigeria's Bonny light -- has dropped by $3.31 between Monday and Friday after weeks of sustained rise. [...]

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    NNPC to import 100m litres of petrol daily to tackle scarcity

NNPC to import 100m litres of petrol daily to tackle scarcity

In a bid to tackle the fuel shortages still ravaging some parts of the country, the Nigerian National Petroleum Corporation (NNPC) says it has programmed to import two cargoes of petrol daily for the rest of February 2018 to boost supply. [...]

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    Petrol supply increases in January — yet scarcity lingers

Petrol supply increases in January — yet scarcity lingers

Facts and figures published by the ministry of petroleum resources show that the supply of petrol increased by 12.87 million litres per day between December 2017 and January 2018. [...]

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    Fears over renewed militancy after Bonga oil field shut-down

Fears over renewed militancy after Bonga oil field shut-down

The Bonga deep offshore oil field, one of Nigeria’s highest volume producers and top revenue earners, was shut down for days in January, disrupting crude exports and cutting the country’s projected oil revenues for the month, TheCable has learnt.  [...]

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    Buhari should sign PIGB ‘to eliminate huge oil revenue losses’

Buhari should sign PIGB ‘to eliminate huge oil revenue losses’

The Nigeria Natural Resource Charter (NNRC) has asked President Muhammadu Buhari to sign the Petroleum Industry Governance Bill (PIGB) into law. [...]

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    Nigeria, Niger to build oil refinery ‘to tackle smuggling’

Nigeria, Niger to build oil refinery ‘to tackle smuggling’

In a major bid to frontally tackle the menace of cross-border fuel smuggling, Nigeria and the neighbouring Niger Republic plan to build an oil refinery. [...]

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    Adeosun: Technically, there is no subsidy but ‘under-recovery’

Adeosun: Technically, there is no subsidy but ‘under-recovery’

Kemi Adeosun, minister of finance, says technically, there is no fuel subsidy -- but the national oil company is currently under-recovering cost of product imports because of high prices of crude oil. [...]

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Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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