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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
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

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.

NIGERIA'S OIL SETTLEMENT: $5.1 BLN
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

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.

NIGERIA'S OIL SETTLEMENT: $5.1 BLN
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

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.

NIGERIA'S OIL SETTLEMENT: $5.1 BLN
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

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.

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