NIGERIA WANT $50 BLN
BLOOMBERG published, Nigeria is seeking $40 billion to $50 billion in investment in oil projects as the OPEC producer said it raised crude output to as much as 1.9 million barrels a day as of two days ago.
The African producer signed a potential deal for $8.5 billion of investment with China North Industries Group Corp., Nigerian State Minister for Petroleum Resources Emmanuel Ibe Kachikwu said in a Bloomberg television interview in Beijing on Monday. The country's crude output should rise to 2.2 million barrels a day next month if repairs to a pipeline are completed, he said.
"We're looking to raise about $40 to $50 billion," Kachikwu said in the Bloomberg interview. "Going to places like China, which have a huge capacity to put money in the oil sector, is very helpful."
Low oil prices, which have fallen by more than half in the past two years, are forcing some of the world's largest drillers to seek investment to maintain and expand output. Saudi Arabia's Deputy Crown Prince Mohammed bin Salman said in April the government plans to list less than 5 percent of the state producer known as Saudi Aramco, which could turn the world's biggest oil exporter into the largest publicly traded firm with a value in the trillions of dollars. Russia is seeking buyers for 19.5 percent of Rosneft PJSC.
Militant attacks earlier this year reduced Nigeria's oil production to 1.3 million barrels from from 2.2 million a day, and output was between 1.8 million and 1.9 million as of two days ago, Kachikwu said. Crude prices may end the year between $50 and $55, he said.
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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.
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.
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.
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.