Hints and tips:
...NNPC says NPDC produces 130,000 b/d, although funds for collateral are limited to 15,000 b/d, for reasons that aren’t clear....
...Overall US crude oil imports hit a peak of 10.8m b/d in July 2005. Since then, they have fallen by roughly a third to hit 7.6m b/d in July as domestic production boomed....
...NNPC officials vigorously batted off allegations of grand-scale corruption at senate hearings last year and the outgoing oil minister, Diezani Alison-Madueke, recently told the FT that there is “no amount...
...This is at least 1m b/d higher than Opec demand forecasts for the first half of 2015....
...Thursday’s Opec decision kept in place the 30m b/d output target that the cartel established three years ago. However, it has regularly breached the target....
...That could mean pumping as much as 10.5m b/d....
...The country is currently producing around 9.7m b/d....
...Meanwhile, Nigeria and Angola together exported 0.6m b/d to the US in 2012, the lowest in 25 years....
...Production is static at 2.4m b/d – at most – far below the 4m b/d that Nigeria had hoped to achieve by 2010....
...The NNPC, along with Ngozi Okonjo-Iweala, finance and economy minister, and Diezani Alison-Madueke, petroleum minister, are expected to provide their own statements at a senate hearing on Thursday....
...Diezani Alison-Madueke, the oil minister, plans to hold an auction of marginal fields before the end of the year....
...He estimates the scale of theft typically at about 180,000 b/d....
...Diezani Alison-Madueke, the petroleum minister, says the legislation would make the industry “more competitive and accountable. It proposed revolutionary changes”. That remains to be seen....
...Levi Ajuonuma, the corporation’s head of communications, says Nigeria has a target to increase capacity from current levels of 3m barrels of oil a day (b/d) to 4m b/d by the end of the decade....
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