KACHIKWU TARGETS $20BN INVESTMENT IN 2016

A minister-designate and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has said with the confidence this present administration has built since it assumed office 11 weeks ago, the country would attract an inflow of foreign investments in excess of $20 billion over 2016 “if we chase them the right way.”

Speaking on the $6 billion cash call arrears owed the international oil companies (IOCs) by the NNPC and the commercial arbitration awards, which he said also stood at about $6 billion, Kachikwu stated that what was needed was the restoration of the confidence of investors to bring in new funding, while solutions are being explored to repay the historical debts.

 

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NEITI RECOVERS $2.4 BILLION FROM OIL FIRMS IN FIVE YEARS

The Nigeria Extractive Industries Transparency Initiative (NEITI) recovered over $2.4 billion from covered entities and another $7 billion as recoverable revenue into government covers within the last five years.
This was disclosed by the out-going Executive Secretary of NEITI, Zainad Ahmed, in Abuja while handing over the mantle of leadership to Dr. Orji Ogbonaya Orji, who will act pending the appointment of a substantive Executive Secretary.

Read more @ The Guardian

NNPC RAISES HOPE ON OIL FIND IN CHAD BASIN

Going by the analysis on recent 3D data generated from the Chad Basin, Nigeria seems moving closer to discovering oil in commercial quantity in the Basin, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, has disclosed.

A statement by the Group General Manager, Group Public Affairs Division of the NNPC, Ohi Alegbe, quoted Kachikwu as saying this while delivering a paper titled, “Ongoing Reforms in the Oil Industry: Impact of NNPC Reforms on the Nigerian Economy.”

Read more @ The Guardian

OPEC’S CONFIDENTIAL REPORT MAY SQUEEZE MARKET SHARE

Global demand for OPEC’s crude oil will remain under pressure in the next few years, the producer group said in an internal report, potentially fuelling a debate on its strategy of defending market share rather than prices.

The draft report of OPEC’s long-term strategy, seen by Reuters, forecasts crude supply from OPEC – which has an output target of 30 million barrels per day (bpd) – falling slightly from 2015’s level until 2019, unless output slows faster than expected in rival producers.

Read more @ The Guardian

NIGERIA’S LIGHT SWEET CRUDE PRICE FALLS TO $46.32 A BARREL

The price of Nigeria’s sweet crude, yesterday, fell to $46.32 per barrel against $47.17 a barrel it was offered in the market on Wednesday. Also, the global benchmark, Brent crude oil fell from $50.54 per barrel to $48.58 a barrel as at yesterday.

Besides, multinational oil and gas companies recorded revenue drop in their respective third quarter operations due to the declining crude oil prices.

Read more @ The Guardiuan

OIL GIANTS IN $19BN OIL WRITE-DOWNS ON GLOOMY PRICE OUTLOOK

Major multinational oil companies have reported over $19 billion in oil and gas write-downs in a single week as producers confront investors with stark reality of the oil price situation in the international market.

Royal Dutch Shell Plc leads the pack in recognizing that drilling prospects are worth a lot less than they used to. The producer announced its worst loss in 16 years on weekend, including $8.2 billion in impairments.

Read more @ The Union

NNPC’S PROCEEDS FROM SALE OF PETROLEUM PRODUCTS DROP BY N5.53BN IN SEPTEMBER

The corporation in its September financial and operational report which was obtained from its website in Abuja, disclosed that it realised a total of N38.67 billion in that month as compared to the N44.2 billion it realised in the previous month of August.

The monthly report is in line with the promise made by the Group Managing Director of the Corporation, Dr. Ibe Kachikwu, to publish monthly reports of its operations and financial standings. It started the new process in August.

 

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