• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 19 mins While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 4 hours US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 1 min Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 4 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 2 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 2 hours Marine based energy generation
  • 7 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 2 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 3 hours How to Create a Pandemic
  • 3 hours Apple to Bypass Internet and Beam Directly to Phones
  • 9 hours Which producers will shut in first?
  • 19 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
Big Oil Raises Debt To Ride Out Price Crash

Big Oil Raises Debt To Ride Out Price Crash

As prices crashed, the supermajors…

Nigeria Oil, Gas Revenue Up Almost 40% In June

oil barrels

Nigeria’s National Petroleum Corporation reported oil and gas export revenues of US$416 million for June—a figure that is 35.78 per cent higher than May, with crude oil accounting for US$274.95 million, up from US$244.72 million a month earlier, Nigerian media report.

Africa’s biggest oil exporter has struggled recently to find buyers for its crude despite rising crude prices. Earlier this month, Reuters reported there were 15 unsold cargos for October delivery out of a total of 58. The cargoes for November loading are the most in six months, however, despite the fact that buyers have been reluctant to commit.

The October loadings totaled 1.652 million bpd, according to an earlier Reuters report, while the November loading program is to average 1.876 million bpd. That would be 17 percent higher than the loading program for November 2017.

Perhaps Nigeria would be able to benefit from the U.S. sanctions against Iran but it’s doubtful: Nigerian crude is priced against Brent, which is now trading around US$85 a barrel, while Iran is selling its crude at a discount to benchmarks, in some cases a considerable one, to preserve whatever it can from its market share after the sanctions kick in.

Related: Goldman Warns Of Oil Market Surplus Next Year

Still, Nigeria is doing well on a year-on-year basis. The latest data from the country’s National Bureau of Statistics revealed Nigeria earned 17.38 percent more from exporting its crude oil during the first six months of 2018 than in the second half of 2017. Compared with the first half of 2017, Nigeria’s oil export revenues jumped by as much as 52.25 percent.

The West African nation is right now in the middle of preparatory work for a much-needed overhaul of its energy industry. The foundation of the overhaul, the Petroleum Industry Governance Bill (PIGB), however, has yet to be signed into law by President Muhammadu Buhari. Once this happens, hopes are that Nigeria’s oil company will become much more efficient and profitable. Yet there is a danger as well: the country could lose its OPEC member status as the reform envisages the float of 40 percent of NNPC or more. OPEC rules stipulate a member’s government needs to own at least 55 percent of the country’s oil reserves.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News