Oil | - Part 7

Nigeria flags oil output rise ahead of debt deal with majors

ABUJA (Capital Markets in Africa) – Nigeria’s oil production has risen to close to 1.8 million barrels per day (bpd), oil minister Emmanuel Ibe Kachikwu said ahead of the expected signing of a deal over repayments of $5.1 billion in debt from joint venture projects. Kachikwu is due to sign the deal later on Thursday with oil majors ExxonMobil, Royal Dutch Shell, Eni and Chevron. Nigeria has struggled with debt to oil majors amid the…

OPEC’s Ideal Price Is $60 to Avoid Shale Revival, Nigeria Says

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LAGOS (Capital Markets in Africa) – Oil prices at $60 a barrel would be “ideal” for OPEC, as higher levels risk sparking a recovery in competing supplies from the U.S., according to Nigeria’s petroleum minister. The “urgency” felt by the Organization of Petroleum Exporting Countries and its partners to end the oil rout will ensure they adhere to their Dec. 10 agreement to cut supplies, Emmanuel Kachikwu said in a Bloomberg Televisioninterview. The accord should push prices…

Zambia to re-finance $2.8 billion Eurobonds in 2017, Nigeria targets 2.1 mln b/d in January

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LAGOS (Capital Markets in Africa) – Zambia plans to refinance Eurobonds totalling around $2.8 billion that it issued between 2012 and 2015, Finance Minister Felix Mutati said on Wednesday. “The strategy for the Eurobonds next year is refinancing. We want to refinance the Eurobonds and get longer dated bonds at a bit of lower cost so that we minimise our debt,” Mutati told reporters. Mutati said the equivalent of 19 percent of Zambia’s gross domestic…

Nigeria needs billions in new investment to raise oil output, producer says

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LAGOS (Reuters) – Nigeria needs at least $14 billion a year in new investment over the next five years to raise oil output to 2.2 million barrels a day (bpd) and even higher spending to lift it to 3 million bpd, the head of a company producing oil in the country said. Ladi Bada, chief executive of Shoreline Natural Resources, a joint venture with oil and gas interests in southern Nigeria, estimated that about $9 billion…

Woodside takes $US350 million stake in Senegal offshore oil deal

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DAKAR (Capital Markets in Africa) – Woodside Energy has secured a 35 percent stake in three oil and gas tenements off West Africa after buying ConocoPhillips Senegal BV for $350 million. Woodside CEO Peter Coleman said in a statement on Saturday Woodside would be working with partners to commercialise the promising SNE and FAN deep-water oil discoveries off the coast of Senegal. “We look forward to working with the Government of Senegal and joint venture…

Total, Glencore and Gunvor bidding for Chevron’s South African assets

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CAPE TOWN (Capital Markets in Africa) – Total, Glencore and Gunvor are bidding for a 75 percent stake in Chevron’s South African downstream assets, which include a refinery, three industry sources told Reuters on Tuesday. U.S. oil major Chevron said in January it planned to sell 75 percent of its South African business unit, which includes a 110,000-barrels-a-day refinery in Cape Town. The second bidding round in which actual offers were made closed on Sept….

OPEC Crude Output Rises to Record as Nigeria, Libya Boost Supply

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LAGOS (Capital Markets in Africa) – OPEC crude production rose to a record in September, according to a Bloomberg survey, driven by returning output from Libya and Nigeria, members who will likely be exempt from last week’s deal to cut supply. Overall production from the Organization of Petroleum Exporting Countries increased by 170,000 barrels a day from the previous month to 33.75 million barrels a day, the survey of analysts, oil companies and ship-tracking data showed. Nigeria…

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