NIGERIAN OIL: 2 MBD
TOGY - Nigeria's oil production level has recovered to 2 million bopd, Nigerian National Petroleum Corporation (NNPC) Group Managing Director Maikanti Baru said late on Tuesday.
Speaking to reporters in Abuja following a meeting with President Muhammadu Buhari, Bari said the relative calm across the Niger Delta had facilitated the increase in output.
In related new on Wednesday, the NNPC official representing Bari at the the Offshore Technology Conference in Houston, Saidu Mohammed said that the company had courted Chevron and Total to construct power plants at Obite and Agura.
Also present in Houston, Minister of State for Petroleum Resources Emmanuel Kachikwu said the country had begun repaying IOCs its cash call debt over 2016, but stressed that this was a separate repayment scheme from the USD 5.1-billion settlement with Chevron, Eni, ExxonMobil, Shell and Total on exploration and production costs.
"We eventually agreed to pay several tranches; $400m out of that for the first tranche and then, the remaining $700m paid in monthly instalments for a period of one year. In other words, that will roughly be about $60m or $70m every month after the first $400m," the minister said.
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REUTERS - Brent LCOc1 futures fell 43 cents, or 0.5 percent, to $79.14 a barrel by 0218 GMT, after climbing 35 cents on Tuesday. Last week, the global benchmark hit $80.50 a barrel, the highest since November 2014. U.S. West Texas Intermediate (WTI) crude CLc1 futures eased 25 cents, or 0.4 percent, to $71.95 a barrel, having climbed on Tuesday to $72.83 a barrel, the highest since November 2014.
FT - Most oil majors can now cover dividends and capital expenditure at prices around $50 per barrel, meaning that, at $80, they make a healthy surplus.
EIA - The United States remained the world's top producer of petroleum and natural gas hydrocarbons in 2017, reaching a record high. The United States has been the world's top producer of natural gas since 2009, when U.S. natural gas production surpassed that of Russia, and the world's top producer of petroleum hydrocarbons since 2013, when U.S. production exceeded Saudi Arabia’s. Since 2008, U.S. petroleum and natural gas production has increased by nearly 60%.
PLATTS - China became the largest contributor to global LNG consumption growth in 2017. It surpassed South Korea as the world's second largest LNG importer and its share of global LNG demand is expected to converge with that of Japan by 2030.