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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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.