GAZPROM NEFT COST ESTIMATE RAISED TO $3 B
OAO Gazprom Neft increased its estimated costs for the Badra oil field in Iraq to about $3 billion, according to a bond prospectus this month from its parent company.
The Gazprom Neft-led group is planning to begin oil output at Badra this year and produce 170,000 barrels a day from the field by 2017. The Iraqi government is allowing the group to recoup initial investments, awarding a fee of $5.50 a barrel produced over the 20-year span of the contract.
Gazprom Neft is also investing in projects in Iraq’s Kurdistan region where it plans to start production this year.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.