W. Africa Crude-Nigeria’s March exports surface, Angolan allocations begin


LONDON, Jan 18 (Reuters) – Nigeria’s March loading plans began to surface on Thursday, while Angola’s Sonangol began allocating cargoes from its own export plan. Spot trading was limited as a result.

* March export plans for several oil grades, with Qua Iboe set to fall on a barrel-per-day term.


* Exports of Bonga were set at 153,000 bpd and Erha at 92,000 bpd, while Equatorial Guinea’s Zafiro will include two 1 million barrel cargoes.

* Exxon had offered Zafiro at a 40 cent premium to dated Brent.

* Official selling prices from Nigeria’s NNPC were expected within the coming day.

* Roughly 20 February-loading cargoes were still available, including Escravos, Erha, Bonny Light and Qua Iboe.

* Angola’s Sonangol had begun allocating crude from its March export programme, traders said, but had not yet offered its own cargoes.

* Angola plans to export 49 cargoes or about 1.52 million bpd of oil in March, down from the February level of 1.58 million bpd.

* Some other sellers had begun to offer cargoes, with ExxonMobil showing Dalia at a $1 discount to dated Brent, Saxi at a 60 cent premium, Kissanje at a 70 cent premium and CLOV at an 80 cent premium.

* Around five February-loading cargoes had yet to trade, including Nemba, Kissanje and Saturno.

* Traders said Vitol had won a tender to supply Uruguay’s Ancap with a cargo of Angola’s Nemba oil delivered in March.

* India’s HPCL and Taiwan’s CPC were also running tenders to buy crude oil.

* European trading house Vitol has reached a $530 million deal with Nigeria’s Shoreline to finance an oilfield in exchange for access to some of the 50,000 barrels per day (bpd) of oil it produces, the Nigerian company said on Thursday.

* Venezuela’s oil production fell nearly 13 percent last year according to figures released by OPEC on Thursday, hitting a 28-year annual low that suggested a deepening economic crisis and increased chances of a debt default.

* Nigeria moved closer to turning the first part of a long-awaited oil industry bill into law after the lower house passed the same version of the legislation approved by the Senate last year, a lawmaker in the House of Representatives said on Thursday. (Reporting by Libby George; Editing by Adrian Croft) ))

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.


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