May 28, 2019 / 4:29 PM / a year ago

W. Africa Crude-Nigerian crude offered at high differentials

LONDON, May 28 (Reuters) - Nigerian crude oil differentials were underpinned on Tuesday due to recent outages in the country but tenders continued to dominate activity.

* Less than 10 June-loading cargoes of Nigerian crude were still available.

* Nigeria’s major Trans Forcados pipeline resumed normal operations on Friday after being shut down for a few days due to a nearby fire.

* On Friday, Total said that oil production had resumed at a key field feeding the Amenam grade but force majeure was still in place.

* Differentials for Nigerian grades were underpinned by the outages, with Bonny Light being shown at dated Brent plus $2.95-$3.15 a barrel and Amenam at dated Brent plus $1.25 a barrel.

* More than 20 Angolan cargoes remained available from the July programme.

* Angola’s state oil company Sonangol lowered its offer for a cargo of new grade Mostarda to dated Brent $1.00 a barrel, down 20 cents from last week.

* Angolan Girassol was still being offered at around dated Brent plus $2.50, a trader said.

* Indonesia’s Pertamina issued a new tender mainly for West African crude cargoes for July 15-31 and Aug. 1-18 delivery. The tender closes on May 28 and remains valid until May 31.

* South Africa’s Sasol closed a buy tender on Tuesday for July 3-11 loading West African crude but details of who won the tender did not immediately emerge.

* China’s Sinochem bought a VLCC of West African crude via a tender but details did not immediately emerge.

* India’s IOC issued a new tender for West African crude loading July 22-31. It closes on Thursday.

RELATED NEWS

* Nigeria’s president has ordered the government to reduce all shares in joint venture oil assets to 40 percent in the 2019 fiscal year, according to budget documents released on Tuesday.

* Brazilian state oil company Petroleo Brasileiro SA is shipping crude during June and July for storage in China to respond more quickly to demand from the country’s independent refiners, two sources with knowledge of the matter said. (Reporting by Julia Payne; Editing by Jane Merriman) ))

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