W. Africa Crude-Sonangol offers cargoes while India tenders for oil

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LONDON, Nov 21 (Reuters) – Angolan state oil company Sonangol began offering January cargoes, but trading was subdued amid pending tenders. Several Nigerian export plans were still missing, but an excess of other cargoes kept a lid on differentials.
ANGOLA

* Angola’s Sonangol offered three cargoes from the January loading plan, including Dalia loading on Jan 3-4 and 11-12 and a Pazflor loading on Jan 24-25.

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* It offered the Dalia at 20-cent discounts to Brent and Pazflor at 10-cent discounts.

* The full export plan includes 51 cargoes, roughly the same as December exports.
NIGERIA

* One further January loading plan surfaced, bringing the total to 55 cargoes with 1.6 million bpd.

* Loading plans for Abo, Brass River, EA, Ebok, Okono, Okwori, Oyo and Pennington were still pending.

* Roughly a dozen December-loading cargoes were left for sale, along with some from the November plan, holding down prices versus dated Brent.

* The December loading plan, with some 1.9 million bpd, was the largest of 2017.
TENDERS

* India’s BPCL issued a tender to buy light crude oil, including Nigeria’s Agbami, Akpo, Bonny Light, Brass Rover, Qua Iboe, Yoho or Okwuibome or Angola’s Palanca. Loading is for Jan. 1-10.

* The first part of a tender from India’s IOC to buy oil closed today, but the award is expected later this week.

Taiwan’s CPC is running a buying tender closing later this week for January-loading sweet crude.
RELATED NEWS

* Venezuela’s state-run PDVSA is siphoning oil from its cash-paying joint ventures with foreign firms to feed its domestic refineries, two sources close to the matter told Reuters, at a time when late debt payments have triggered defaults.

* Norway’s Statoil is pitched in a race to develop the cleanest crude as countries wean themselves off fossil fuels. (Reporting By Libby George; Editing by Andrew Heavens) ))

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