Libya, Nigeria to cap at less than 2.8m Bpd total

It looks like OPEC is bringing exempt members Libya and Nigeria into the fold with contributions to the efforts to erase the oversupply, and the two African producers have agreed to cap their production at a collective level less than 2.8 million bpd, according to Iran’s Oil Minister Bijan Zanganeh.

On Thursday, a delegate revealed that OPEC talks ended in Vienna with an agreement to extend the production cut deal through the end of 2018.

NNPC Retail to promote consumption of LPG

The retail arm of the Nigerian National Petroleum Corporation (NNPC), NNPC Retail Limited, has declared it determination to promote the consumption of Liquefied Petroleum Gas, otherwise called cooking gas.

The Managing Director of the subsidiary, Mr. Yemi Adetuji, disclosed this in Abuja today at a press briefing to herald the commissioning of the new ultra-modern mega filling station near Sagamu, along the Lagos-Ibadan Expressway in Ogun State.

Govt misses delivery target on $186m anti-piracy equipment

The Federal Government may have shelved its promise of floating some high-tech machinery to combat maritime crime in the nation’s troubled waters.

Under the initial target, the facilities were expected to have arrived Nigeria in August, but three n=months after, the project now appears elusive.

President Muhammadu Buhari had earlier this year, approved the sum of $186 million to procure machineries to fully combat maritime crimes.

Hungary Eyes Nigerian Crude Oil, LNG

At a time that international crude oil market is getting more competitive, the Hungarian Government has indicated interest to purchase crude oil and Liquefied Natural Gas (LNG) from Nigeria.
The Hungarian Ambassador to Nigeria, Professor Gabor Ternak, who disclosed this during a courtesy call on the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru in Abuja, said the decision to import crude oil and LNG from Nigeria was informed by the need to bridge the current supply gap being experienced in Hungary.

OPEC maintains suspense on production cut deal

OPEC and Russia will apparently keep the oil market guessing until the last minute before deciding whether to implement an increasingly favored nine-month extension of its existing production cut deal.
Ministers emerged in the early evening Wednesday from a meeting of the monitoring committee overseeing the deal, telling reporters nothing had been decided and they would try to forge a consensus Thursday morning.

Nigeria unveils Africa's first female harbour crane operators

Determined to maintain its place as a pacesetter among the comity of African maritime nations, Nigeria has recorded another first with the training of the first female Rubber Tyre Gantry (RTG) operators on the African continent. 
Following this development, management of the Nigerian Ports Authority (NPA) has expressed pride and confidence in the special ability of the women folk in an effort to enhance the maritime industry and improve the nation’s economy through incursion into areas supposedly dominated by men.

Pakistan, Nigeria agree LNG supply deal

Pakistan has turned to Nigeria to meet its domestioc gas needs as the South Asian country has commenced purchase of Liquefied Natural Gas (LNG) from Nigeria.
Pakistan Head of Chancery, Mr. Asim Khan, told the News Agency of Nigeria (NAN) in Abuja that the first consignment of 70,000 metric tons of gas arrived at Pakistan’s Port Qasim in Karachi.
Khan said the deal was part of efforts to deepen economic relationship and marked the beginning of a major business expansion between Nigeria and Pakistan in the oil and gas sector.

2018 Budget: OPEC cautions FG on oil projection

The Organisation of Petroleum Exporting Countries (OPEC) has cautioned Nigeria against increase in oil demand projection even as the Federal Government, last weekend flaunted “bullish” Return on Investment (RoIs) for international oil companies (IOCs).   
Speaking through its Secretary General, Mohammed Barkindo, the group also warned investors against expecting oil to hit peak demand before 2040.
OPEC’s predictions, Barkindo said in  a document extracted from an Abu Dhabi conference, did not see oil demand reaching high soon.