REVENUE WOES HEIGHTEN AS TRADERS SHUN NIGERIA'S CRUDE

Nigeria’s dwindling revenue is set to worsen, as international crude oil traders have shunned the country’s export of Bonga crude oil grade for the months of May and June 2015, making it difficult for the country to find buyers for the product and putting the price of the commodity under pressure.

According to a report by Platts, the differentials for Nigerian crude grade, Bonga, are sliding due to the accumulated oversupply from the May and June program ahead of the release of the new July program this week.“On the demand side, Cepsa, Total, ExxonMobil are not buying Bonga at this stage and India’s strategic petroleum reserve alone cannot support the grade,” a trade from Europe stated.

Read more @ Vanguardonline

CHINA IMPORTS MORE LNG FROM NIGERIA

China’s state-owned companies have increased their imports of Liquefied Natural Gas from Nigeria LNG Limited, with six cargoes delivered to the country’s LNG terminals so far this year

China imported two cargoes from Nigeria in the period January-February 2014 and seven cargoes for the year as a whole – all in the first seven months, according to Platts’ shiptracking software.

Read more @ Punch Online

FG SLASHES OIL JOINT VENTURE BUDGET BY 40%

The dropping oil prices have forced the Federal Government to reduce the capital budget for joint venture oil operations by 40 per cent to $8.1 billion for the fiscal year 2015.

According to Platts ( a provider of energy and metals information and a source of benchmark price assessments in the physical energy markets), “The Nigeria National Petroleum Corporation (NNPC) has informed the joint venture partners that this year’s capital expenditures will be cut down by 40 percent from the initial proposed budget of $13.5 billion.”

 

Read more @ Businessday