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Crude oil: FG to achieve national target of 3m bpd before...

The Federal Government says it will increase crude oil production to the national target of three million barrels per day and reserves of 40...

Nigeria assures OPEC on Crude oil production cut target

Minister of State for Petroleum Resources, Chief Timipre Sylva, says that Nigeria will cut down on its crude oil production to comply with...

FG to deliver four FIDs, tackle Crude oil theft—Buhari

          . President Muhammadu Buhari disclosed this during the ongoing 24th World Energy Congress (WEC) in Abu Dhabi,...

692m barrels of crude oil produced in 2017 – Report

The Nigeria Extractive Industries Transparency Initiative (NEITI) says that 692 million barrels of crude oil was produced in the country in 2017. NEITI disclosed this...

FG to supply 10% of India crude demands

The Nigerian National Petroleum Corporation (NNPC)  says it will  continue to supply 10 per cent of India’s crude oil demand in the face of...

Navy declares 4 persons wanted for crude oil theft

  Theft Abuja, April 16, 2019 The Nigerian Navy (NN) has declared four persons wanted for alleged complicity in theft of petroleum products in Nigeria’s...

Navy declares four persons wanted for crude oil theft

Navy declares four persons wanted for crude oil theft Theft Abuja,April 16, 2019 The Nigerian Navy (NN) on Tuesday declared four persons wanted for complicity...

Oil slips to $71, hit by talk of higher OPEC+ production

  Oil slips to $71, hit by talk of higher OPEC+ production Analysts on average expect U.S. crude stockpiles to have risen by 1.9 million barrels...

Oyetola presents N152bn budget, promises  full payment of salaries

He also promised that workers’ salary would now be paid promptly and in full.

NECA urges FG to curb wastages to fund budget

Mr Timothy Olawale, the Director-General of NECA, who gave the advice at a stakeholders meeting in Lagos, said the resources used to fund the maintenance of the refineries could be directed to fund this years’ budget.

Delta got higher allocation in 2018 than 2017, says Commissioner

Allocation
By Mercy Obojeghren
Asaba, Jan. 29, 2019 (NNN) The Delta Commissioner for Finance, Mr David Edevbie, has said that the state’s monthly allocation from the Federation Account increased from an average of N7 billion in 2016 and 2017 to N16 billion in 2018.
Edevbie said this on Tuesday in an interview with the News Agency of Nigeria (NNN) in Asaba, pointing out that 2018 was fairly a better year for the state with regards to federal allocation.
He attributed the development to the increase in crude oil prices in the international market and production within the state.
He also spoke on the debt portfolio of the state, saying that borrowings amounted to approximately N114 billion at the end of the third quarter of 2018.
He said, “Of this amount, N77 billion or 67.6 per cent, comprised restructured loans inherited by this administration.”
Edevbie also predicted that the finances of the state for 2019 also looked bright, with the continued improvement in the Federation Account.
“The outlook for finances for the state seems bright as long as the statutory allocation from the Federation Account maintains a consistent upward trend.
“This is based on the optimism that crude oil prices do not dwindle but maintain its average level of $60 per barrel
“In addition, with the strategies put in place to increase our internally generated revenue, there should be a positive growth in the state’s finances.
“Thus, as long as oil production is not interrupted by pipeline bombings, statutory allocation to the state should remain favourable,” he further said.
The commissioner said that the major challenge faced by the government was always how to strike a balance between recurrent and capital expenditure.
He said that between 2015 and 2017, the state was under intense pressure struggling to pay workers’ salaries.
He said that during the period, salaries accounted for the greater percentage of the N7 billion average monthly allocations to the state. (NNN)
MOA/ESAN/USO
( Edited by Abiodun Esan/Sam Oditah)

BP’s 2018 profit doubles as output soars

The company’s debt rose, however, and the pace of its share buyback scheme slowed in the last quarter as it completed the $10.5 billion BHP acquisition.

Oil edges up as market eyes tighter supply

But disappointing U.S. factory data weighed on the market which on Monday saw U.S. West Texas Intermediate (WTI) and Brent crude reach 2019 highs as concern about the global economy persisted.

Asian stocks extend gains on firm Wall Street, Fed outlook

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.4 per cent and hovered near its four-month high marked on Friday.

Plateau govt. initiates project to power public buildings with renewable energy

Mr David Wuyep, the Commissioner for Water Resources and Energy disclosed this to the News Agency of Nigeria (NNN) on Friday in Jos.

Ecologist urges restaurant operators not to package hot foods with plastics

Michael, the Executive Director, Global Initiative for Food Security and Ecosystem Preservation (GIFSEP) gave the advice in an interview with the News Agency of Nigeria (NNN) in Abuja on Friday.

Asian shares subdued after Trump’s speech, Aussie slumps

Shares
Tokyo and Sydney, Feb. 6, 2019 (Reuters/NNN) Asian shares were subdued on Wednesday after U.S. President Donald Trump’s State of the Union speech failed to give markets fresh trading catalysts.