W. Africa Crude-Bonny Light exports to rise, BPCL issues new tender

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LONDON, Oct 19 – Spot trade was limited on Thursday due to competition from alternative light, sweet grades and the overhang of Nigerian crude was set to worsen with a rise in Bonny Light exports.

* Shell lifted force majeure on Bonny Light crude oil exports on Thursday. Subsidiary SPDC declared FM one month ago when the Nembe Creek Trunk Line was shut by operator Aiteo. Exports had partially continued through the Trans Niger Pipeline.

* November-loading Nigerian cargoes have been selling slowly, weighed down by competing U.S. exports and rising light, sweet exports from elsewhere such as Libya.

* One trader said about 20 million barrels remained unsold.

* There was still no sign of either the November or December programmes for Bonny Light. The December programme for Qua Iboe emerged on Wednesday.

* Total has offered Congolese Djeno in the window this week at around dated Brent minus 70 cents a barrel loading Nov. 20-21.

* Nigerian Forcados was being offered at around dated Brent plus $1.70-$1.80 a barrel.

* Angola’s state firm Sonangol issued a final loading programme for December with two more cargoes added, taking the total to 51 cargoes.

* About 10 cargoes remained from Angola’s November programme.

TENDERS

* India’s BPCL has issued a new tender for Dec. 1-10 loading cargoes closing next week.

RELATED NEWS

* Angola is not the next Venezuela, the head of state oil firm Sonangol said on Wednesday while pledging to cut debt further, even if both oil-rich nations have relied heavily on loans from China.

* Congo Republic plans to replace the board of directors and appoint an audit committee at state oil company SNPC, as it strives to improve accountability and convince international lenders to bail out the country. (Reporting by Julia Payne; Editing by Dale Hudson)

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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