BENEFITS OF EXXONMOBIL OIL DISCOVERY TO TAKE 5 YEARS

It will take a minimum of five years for Nigeria to start reaping the benefits of ExxonMobil’s one billion-barrel crude oil discovery which was announced 27 October. Industry sources cite unresolved fiscal, regulatory and governance issues, cash call debts and inferior economics of developing new finds in a low oil price environment as key obstacles.

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WEAK ASIAN OIL DEMAND THREATENS NIGERIA’S CRUDE EXPORT

Nigeria will export about 1.83 million bpd of crude oil in October, down from 1.94 million bpd exported in September, a drop of about 6 per cent over a period of one month, export data LEADERSHIP sourced from Platt Energy Markets, an international news agency, have shown.


By current loading schedules, traders said some Angolan crude grades have been cleared for October loading, while Nigerian cargo appeared to be finding buyers more slowly.


Nigeria’s Qua Iboe offers to be at dated Brent plus $2.00, unchanged. A trader said cargoes were likely to be sold at dated Brent plus $1 to plus $1.50.