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2017-11-22 11:05:00

NIGERIA & CHEVRON PROJECT &1.7 BLN

NIGERIA & CHEVRON PROJECT &1.7 BLN

NNPC - Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.

The agreement, which was signed in London at the weekend, is also expected to achieve an incremental peak production of about 283mmscfd of gas.

Group Managing Director of the NNPC, Dr. Maikanti Baru, who signed on behalf of his Corporation, said the increment to be achieved by the agreement would spread "over the remaining life of the asset (until 2045)."

According to him, the project, which is about 92% completed, will cost about $1.7bn, with $780mn expected to be funded by third-party, while it will produce natural gas liquids and condensate extracted from the Sonam and Okan fields located in OML 90 and 91 in the Niger Delta.

Dr. Baru described the deal as a step in the right direction which would grow the nation's daily production and support the Federal Government's strategic domestic gas-to-power aspirations, while aligning with NNPC's 12 Business Focus Areas (BUFAs).

He said the project would also include the completion of the Sonam non-associated gas ("NAG") well platform and Sonam living quarters platform; drilling of seven wells in the Sonam field and the Okan 30E NAG well; as well as the completion of the 20" x 32Km Sonam pipeline and Okan pig receiver platform and development of the associated facilities.

"As we speak now, the facilities are 100% completed while wells are 40% executed," Baru stated.

In carrying out the project, the NNPC/CNL JV adopted a 2-staged financing approach. While Stage 1 which provided $400mn sourced from Nigerian Commercial Banks (NCBs) achieved financial close on 1st August 2017, Stage 2, (signed Friday), is set to provide $380mn from International Commercial Banks (ICBs).

Out of the US$780mn total financing for both stages, Chevron's Co-lending totals US$312mn while NNPC's portion of the total facility stands at is US$468mn.

Speaking further on the Alternative Financing approach, Dr. Baru explained that it was aimed at plugging NNPC's shortfall in funding JV cash call obligations including settlement of pre-2016 cash call arrears.

It will also enable full funding of NNPC's JV obligations to restore investors' confidence and stimulate further Foreign Direct Investments (FDIs) as we are beginning to witness, he noted.

Earlier in his remarks, the Managing Director of CNL, Mr. Jeff Ewing said his company supported the Federal Government's aspirations to sustain oil and gas production.

"We know the important role gas supply to the domestic market plays in growing power generation. We also understand government's need to seek alternative sources to fund profitable and bankable JV Projects," Ewing added.

He commended Dr. Baru and other partners for backing the third party financing arrangement, which he said, would lessen cash call burden on the federation account.

He expressed Chevron's commitment to execute the programme safely, timely and deliver its expected values for all stakeholders.

It would be recalled that in August this year, two sets of alternative financing agreements on JV projects were executed between the NNPC/CNL JV (project Falcon) and the NNPC/SPDC JV (Project Santolina).

Both are aimed at boosting reserves and production in line with parts of the federal government's aspirations for the Oil and Gas Industry.

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Earlier:

 NIGERIA:

 

 

 

 

 

 CHEVRON:

 

 NIGERIA'S OIL PRICE UP
2017, November, 14, 18:05:00

NIGERIA'S OIL PRICE UP

PLATTS - Nigeria's Bonny Light crude has seen its price rise to its highest levels since February, as the grade began to trade in a more regular fashion in the spot market following several months of disruption due to loading delays and forces majeures.

 

 

 

         CHEVRON NET INCOME $6 BLN
2017, October, 30, 11:20:00

CHEVRON NET INCOME $6 BLN

Chevron Corporation (NYSE: CVX) reported earnings of $2.0 billion ($1.03 per share – diluted) for third quarter 2017, compared with $1.3 billion ($0.68 per share – diluted) in the third quarter of 2016. Included in the quarter was a gain on an asset sale of $675 million and an asset write-off of $220 million. 

 

 NIGERIA NEED INVESTMENT $5.5 BLN
2017, November, 14, 18:00:00

NIGERIA NEED INVESTMENT $5.5 BLN

REUTERS - Nigeria will move ahead with plans to borrow $5.5 billion from foreign investors after the Senate on Tuesday approved President Muhammadu Buhari request for the move.

 

         CHEVRON'S INVESTMENT DOWN 15%
2016, December, 9, 18:30:00

CHEVRON'S INVESTMENT DOWN 15%

Chevron Corporation (NYSE:CVX) today announced a $19.8 billion capital and exploratory investment program for 2017. Included in the 2017 program are $4.7 billion of planned affiliate expenditures.

 

 NIGERIA'S OIL PRODUCTION: 2.2 MBD
2017, September, 4, 12:25:00

NIGERIA'S OIL PRODUCTION: 2.2 MBD

The figure of around 2.2 million to 2.3 million b/d includes about 300,000 to 400,000 b/d of condensates, which implies that its current crude oil production is at the coveted 1.8 million b/d mark. 

 

         MAJORS DEBT'S RECORD
2016, August, 24, 18:55:00

MAJORS DEBT'S RECORD

Exxon Mobil Corp.Royal Dutch Shell PLC, BP PLC and Chevron Corp. hold a combined net debt of $184 billion -- more than double their debt levels in 2014, when oil prices began a steep descent that eventually bottomed out at $27 a barrel earlier this year. 

 

 SHELL STARTS IN NIGERIA
2017, August, 24, 14:00:00

SHELL STARTS IN NIGERIA

The Shell Petroleum Development Company of Nigeria Ltd joint venture has started production at Gbaran-Ubie Phase 2, a key project in Nigeria’s Niger Delta region.

 

 

         CHEVRON'S PROJECT: $40 BLN
2016, July, 4, 18:10:00

CHEVRON'S PROJECT: $40 BLN

The company said this week in a presentation on its website that the decision on expanding the Tengiz development in Kazakhstan will be made in mid-2016. Installing 4,500 camp beds for construction crews is done and port dredging 25 percent complete, it said. 

 

 IMF HAS NIGERIA
2017, March, 31, 18:35:00

IMF HAS NIGERIA

With oil receipts dominating fiscal revenue and exports, the Nigerian economy has been hit hard by low oil prices and falling oil production. The country entered into a recession in 2016, with growth contracting by 1.5 percent. 

 

 

         CHEVRON: TRILLIONS OF DOLLARS
2016, May, 25, 20:35:00

CHEVRON: TRILLIONS OF DOLLARS

“But when you sign agreements and create the impression that it’s going to be implemented when no one’s identified the trillions of dollars that it’s going to cost, it’s just not clear that’s going to deliver.”

 

 

 NIGERIAN OIL CRISIS
2016, November, 28, 18:40:00

NIGERIAN OIL CRISIS

“Security and access to funding are the biggest challenges right now to private sector players,” says Kola Karim, managing director of domestic producer Shoreline Energy. “The situation is really tough.”

 

 

         CHEVRON WILL REDUCE $26.6 BLN
2015, December, 10, 19:20:00

CHEVRON WILL REDUCE $26.6 BLN

Chevron, the second-largest energy company in the U.S. by revenue, and other major oil companies have been cutting costs and capital spending plans in response to an extended downturn in prices for crude.

 

 NIGERIA WANT $50 BLN
2016, June, 27, 18:15:00

NIGERIA WANT $50 BLN

“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.”

 

 

 

 

 

 

 

         СОКРАЩЕНИЕ ИНВЕСТИЦИЙ $250 МЛРД.
2015, September, 8, 18:17:00

DISINVESTMENT $250 BLN

Due to actual investments in production the volumes are still being added to the market, but the current cuts are starting to have an affect. In the next years the ongoing programs of investment shrinking - primarily from the transnational corporations - will certainly have their effect. As for now, the implementation of their long-term investment programs that started even before the current crisis has expressed in some production growth. But in 2014, the oil majors claimed to reduce the investment in production; in 2015, additional reductions by 10-20% and more were announced by such majors as BP, Shell, Chevron, Total. 

Tags: NIGERIA, NNPC, CHEVRON

Chronicle:

NIGERIA & CHEVRON PROJECT &1.7 BLN
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

NIGERIA & CHEVRON PROJECT &1.7 BLN
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

NIGERIA & CHEVRON PROJECT &1.7 BLN
2018, August, 17, 11:20:00

GAZPROM NEFT NET PROFIT UP TO 49.6%

GAZPROM NEFT - For the first six months of 2018 Gazprom Neft achieved revenue** growth of 24.4% year-on-year, at one trillion, 137.7 billion rubles (RUB1,137,700,000,000). The Company achieved a 49.8% year-on-year increase in adjusted EBITDA, to RUB368.2 billion. This performance reflected positive market conditions for oil and oil products, production growth at the Company’s new projects, and effective management initiatives. Net profit attributable to Gazprom Neft PJSC shareholders grew 49.6% year on year, to RUB166.4 billion. Growth in the Company’s operating cash flow, as well as the completion of key infrastructure investments at new upstream projects, delivered positive free cash flow of RUB47.5 billion for 1H 2018.

NIGERIA & CHEVRON PROJECT &1.7 BLN
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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