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2016-11-18 18:30:00

NIGERIA'S OIL SETTLEMENT: $5.1 BLN

NIGERIA'S OIL SETTLEMENT: $5.1 BLN

According to BLOOMBERGNigeria reached a $5.1 billion settlement to reimburse foreign oil companies including Exxon Mobil Corp. and Royal Dutch Shell Plc for past operating costs.

The amount, less than the $6.8 billion previously discussed, will be settled through crude-oil sales over five years and will be interest free, Petroleum Minister Emmanuel Kachikwu told reporters in the capital, Abuja, Thursday.

"What we have been able to put together has enabled us to shave about $1.7 billion in savings for the federal government from the $6.8 billion that was owed," he said. "The barrels to pay those will come from incremental barrels generated by the oil companies, not from the current 2.2 million-barrel-a-day production.

"In other words, if we do not meet those thresholds we will not pay the $5.1 billion," he said.

Exxon, Shell, Chevron Corp., Total SA and Eni SpA are owed money for costs incurred from 2010 to 2015. Nigeria still owes the companies $2.6 billion from operations this year.

Shell and Total declined to comment. The other producers didn't immediately reply to requests for comment.

Nigeria could pay more than its share of costs from October to December this year to reduce the outstanding bill for 2016 to $1.5 billion, Kachikwu said.

Revenues Squeezed

Crude's collapse has hurt the economies of oil-producing countries including Venezuela and even Saudi Arabia. Lower government revenues have prevented state-run companies from contributing their share of expenses and foreign producers -- also hurt by the slump -- in some cases haven't been paid.

In Nigeria, the debt has been a point of contention for the oil companies, and the settlement could unlock investment. The agreement is likely to result in $15 billion of spending by the international oil companies, which may be announced within weeks, the minister said. That could bring back some of their projects in the country, he said.

Nigeria surpassed Angola as Africa's biggest oil producer in October, according to data compiled by Bloomberg. The country is restoring output shuttered by militant attacks and is exempt from any potential production cuts by the Organization of Petroleum Exporting Countries, which is due to meet in Vienna later this month.

Kachikwu sees oil production rising to 2.5 million barrels a day by 2019 and 3 million by 2021. The country also plans to reduce production costs to $18 a barrel in two years from $27 now, and to $15 a barrel in four years.

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Earlier: 

NIGERIAN OIL WILL UP TO 3 MBD 

NIGERIA'S OIL PRODUCTION UP TO 1.9 MBD 

NIGERIAN OIL FIRE 

NIGERIA MAY LOSE $25 BLN 

NIGERIAN OIL UP

 

 

 

Tags: NIGERIA, OIL, EXXON, SHELL

Chronicle:

NIGERIA'S OIL SETTLEMENT: $5.1 BLN
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

NIGERIA'S OIL SETTLEMENT: $5.1 BLN
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

NIGERIA'S OIL SETTLEMENT: $5.1 BLN
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

NIGERIA'S OIL SETTLEMENT: $5.1 BLN
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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