International

Halliburton opens Nigeria’s first oil & gas training centre

Halliburton, one of the world’s largest oilfield services providers, and the Akwa Ibom state government have opened Nigeria’s first oil and gas training centre equipped with oilfield operations tools.
 
The Akwa Ibom Oil and Gas Training and Research Centre will provide courses in field development, drilling and completions engineering, well intervention solutions and digital technologies to local energy employees and students, Halliburton informed.
 

Steady exports lift Bonny Light crude to 3-month high

Nigeria's Bonny Light crude has seen its price rise to its highest levels since February, as the grade began to trade in a more regular fashion in the spot market following several months of disruption due to loading delays and forces majeures. 
 
S&P Global Platts assessed Bonny Light at a premium of 60 cents/b versus the West Africa Dated strip. The grade last hit this value mid-August and was last higher February 21, when it was assessed at 65 cents/b. 
 

Nigeria, a potential global crude oil refining hub- Experts

Experts have urged the Federal Government to put in place a clear policy to promote private sector involvement in commercial exploitation of opportunities in building modular refineries.
 
This, they said, would help to increase the nation’s crude oil refining capacity, boost revenues and develop the economy, as the country has the potential to become a global crude oil refining hub.
 

OPEC records less output in October

OPEC oil output in October fell 90,000 b/d from the previous month as declines were observed in six member countries, an S&P Global Platts survey of OPEC and oil industry officials and analysts showed Wednesday.
 
OPEC's 14 members saw their collective October output fall to 32.57 million b/d from 32.66 million b/d in September, owing to sharp declines in Iraq and Nigeria, along with slight falls in Algeria, Venezuela, Iran and Qatar.
 

The 11th OTL AFRICA DOWNSTREAM WEEK- COMMUNIQUE

Oil Trading and Logistics Africa (Downstream) is a Pan-African initiative dedicated to promotion of business, policy and stakeholder relationships in downstream petroleum markets across the continent.

It achieves its goals through strategic government and business liaison, research and advocacy. Its flagship platform, the annual OTL Africa Downstream Week is the continent’s leading business forum for market insights, emerging opportunities, products’ showcase and recognition of excellence in the African downstream petroleum value-chain.

NIMASA to end foreign control of crude lifting

The Nigerian Maritime Administration and Safety Agency (NIMASA) is set to end foreign domination of crude oil lifting. The agency plans to introduce new measures that will pomote indigenous participation in the highly lucrative business.
 
Its Director-General, Dr Dakuku Peterside, it was gathered, has concluded arrangement to introduce new policies that will enthrone the participation of many Nigerians.
 

Petrobras to sell Nigerian offshore assets

Brazilian state-controlled oil company Petrobras said on Tuesday it planned to sell its stake in Petrobras Oil & Gas B.V. (POGBV), a joint venture that has assets in Nigeria. The company has initiated the opportunity disclosure stage related to the sale of 100% equity interest in Petrobras Oil & Gas B.V. ('POGBV'), a joint venture formed by Petrobras (50%), BTG Pactual E&P B.V. (40%) and Helios Investment Partners (10%). 
 

Nigeria supports OPEC cut extension under "the right terms"

Nigeria supports an extension of a deal between OPEC, Russia and other non-members to cut oil supply until the end of 2018 “as long as the right terms are on the table” regarding its own participation, its oil minister, Emmanuel Kachikwu said.

He said there is growing agreement among other members of the Organization of the Petroleum Exporting Countries to extend the deal. “There isn’t any reason to change what is a winning formula,” Kachikwu told Reuters, adding “there is a consensus to extend. The issue will be the duration.” Nigeria itself, however, is exempt from the deal.

Oil hits highest levels since 2015

Oil prices hit their highest levels early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.

Brent futures, the international benchmark for oil prices, hit 62.44 dollars per barrel early on Monday, their highest level for years now. U.S. West Texas Intermediate (WTI) crude hit $56.00 per barrel in early trading, also the highest for many months now.

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