Crude oil: FG to achieve national target of 3m bpd before 2023
The Federal Government says it will increase crude oil production to the national target of three million barrels per day and reserves of 40 million barrels before 2023.
Buhari challenges security chiefs on crude oil theft
President Muhammadu Buhari on Thursday in Abuja challenged security chiefs on the need to bring an end cases to crude oil theft in the country. The Inspector-General of Police, Muhammed Adamu, said the president gave the challenge when he met behind closed doors with security chiefs, at the State House, Abuja.
2019 budget and oil price volatility
A recent drop in the international price of crude oil has re-echoed the great need for a total overhaul of the management of the Nigerian economy.
Why crude oil losses persist despite huge surveillance contracts
Despite the Nigerian National Petroleum Corporation (NNPC) award of multi-million dollar pipeline surveillance contracts to private security companies, the loss of 22 million barrels of crude oil between January and June is a pointer that the problem is steadily growing worse.
Why oil prices may not rise again, by experts
As global crude oil prices linger around $60 per barrel, industry experts have given reasons why prices are not likely to increase again.
Insecurity, breaches on pipelines worsening oil firms’ challenges
The Managing Director, Eroton E&P, Ebiaho Emafo in this interview with KINGSLEY JEREMIAH, discusses critical issues in the oil and sector in Nigeria, particularly the challenges faced by indigenous oil exploration and production companies.
Nigeria’s daily crude production to rise by 160,000 barrels
Nigeria's crude production may rise further by additional 160,000 barrels per day (bpd) with the completion of Pan Ocean Oil Corporation Nigeria Limited’s three oil and gas infrastructure. Although Federal Government key assumptions and micro-framework for the 2019 budget is based on a projection of 2.3 million bpd oil production, oil price benchmark of $60/b…
Senate okays FG’s mid-term expenditure framework, police fund bill
The Senate yesterday passed the 2019-2021 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) of the Federal Government prior to the passage of the N8.83 trillion 2019 budget.
New revenue template exposes alleged NNPC’s lax probity
The new revenue template for revenue-generating agencies of government that came into existence last November may have exposed the alleged tardiness in accountability at the Nigerian National Petroleum Corporation (NNPC). The Federation Accounts Allocation Committee (FAAC) document revealed that the development was largely responsible for the past squabbles between the agency and the states, who…