source Emergy Mix Report on Sep 10, 2019
Nigeriaâ€™s finance minister said on Tuesday there were â€œstrong indicationsâ€ of an oversupplied oil market next year and lowered price expectations for the countryâ€™s benchmark crude.
Zainab Ahmed told journalists that she had lowered a forecast for Nigeriaâ€™s benchmark price to $55 per barrel from $60 per barrel, in part â€œto cushion against an unexpected price shock.â€
Ahmed said Africaâ€™s largest oil exporter is producing roughly 2.3 million barrels per day (bpd) of crude oil and condensates.
It has agreed a cap of 1.685 million bpd of crude oil with the Organization of the Petroleum Exporting Countries (OPEC).
Price offerings for Nigerian light sweet crude have eased in recent days, traders said, as refining margins for European gasoline finished the week sharply down. European refiners sought to offload gasoline tailored to summer specifications and cracks ended the week down on Friday. Asking prices for major grades have eased, traders said, with Bonny Lightâ€¦
Nigeria LNG, owners of the six train Bonny LNG plant located in Nigeriaâ€™s Niger Delta Wednesday said it signed a letter of intent for the engineering, procurement and construction, or EPC, contract with SCD JV Consortium, to build a seventh train at the plant. The consortium is made up of Saipem of Italy, Japanâ€™s Chiyodaâ€¦
Nigeria will do what OPEC asks it to do, its minister of state for petroleum resources said on Tuesday. â€œIt is not every day,â€ Timipre Sylva said when asked about current overproduction. â€œWe are team players. We will do what OPEC asks.â€ Â Source: Hellenic Shipping News
Eland Oil & GasÂ has announced that through its joint-venture subsidiary,Â Elcrest Exploration and Production Nigeria, it has completed drilling phase of theÂ Gbetiokun-4 development well. The OES Teamwork rig has successfully completed drilling operations on the Gbetiokun-4 well;Â the first well to be drilled on the Gbetiokun field following approval of the Field Development Plan (â€˜FDPâ€™)Â on 3rd Julyâ€¦
EPSNL Insights in a collation of Nigeria's oil and Gas Industry news and developments pulled together from various sources to enhance our site's user awareness...
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