Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

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.

-----

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, November, 19, 11:20:00

U.S. SECURITIES OUTFLOW $29.1 BLN

U.S. DT - The sum total in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC outflow of $29.1 billion. Of this, net foreign private inflows were $23.5 billion, and net foreign official outflows were $52.7 billion.

NIGERIA'S OIL SETTLEMENT: $5.1 BLN
2018, November, 19, 11:15:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in October, as a gain for manufacturing outweighed decreases elsewhere. As a result of upward revisions primarily in mining, the overall index is now reported to have advanced at an annual rate of 4.7 percent in the third quarter, appreciably above the gain of 3.3 percent reported initially.

NIGERIA'S OIL SETTLEMENT: $5.1 BLN
2018, November, 19, 11:10:00

GREEN NUCLEAR ENERGY

WNN - "nuclear energy is a "mature, low greenhouse gas emission source of baseload generation that could make an increasing contribution to global development based on low-carbon energy supply".

NIGERIA'S OIL SETTLEMENT: $5.1 BLN
2018, November, 19, 11:05:00

SAUDIS, PAKISTAN INVESTMENT: $6 BLN

ARAB NEWS - Saudi Arabia has shown investment interest in Pakistan’s largest coastal refinery, a multibillion-dollar project being set up at Khalifa Point, near Hub, Balochistan, officials have confirmed.

All Publications »