Oily path for 2018 budget

President Muhammadu Buhari, last Tuesday, presented a record 8.6 trillion naira ($28.16 billion) budget for 2018. Although the President plans to partly fund the budget with some recovered loots, he would expects the appropriation to be successful based on $45 per barrel price benchmark and 2.51 barrels per day oil production.The third budget presentation by Mr. President was said to foster shaky growth in Africa’s largest economy, which emerges from its first recession in 25 years. Dictates of 2018 finances The president had last month (October) forwarded the 2018- 2020…

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ExxonMobil’s contract finance to Nigerians hits $113m

The contracts finance scheme for local contractors by second biggest International Oil Company (IOC) in terms of assets and production, ExxonMobil Nigeria Unlimited, has hit $113 million.  The ExxonMobil Nigeria Unlimited is one of the country’s highest producers of crude oil, accounting for almost 600,000 barrels per day of crude, condensate and natural gas liquids, whose joint venture operation is over 90 offshore platforms from its Qua Iboe terminal operations area in Akwa Ibom State, comprising about 300 producing wells. Chairman of the company, Mr. Paul McGrath, who said this…

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Norths’ oil find: A waste or goldmine?

As more states in the North embark on aggressive push to join league of oil producers, financial experts and geologists hold divergent views over whether oil exploration, particularly in Chad basin, is a waste of time and resources or it is a step in the right direction. Adeola Yusuf reports To the Nigerian National Petroleum Corporation (NNPC), the oil search in the North is an impending success story; it is a foolery to the financial and investments experts. From Head, Energy Research, EcoBank Plc, Mr. Dolapo Oni to the Director,…

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Nigeria’s fortunes in flames

Nigeria, a country that suffers gross insufficiency in gas for power generation, flared $85.5 million gas last August alone. ADEOLA YUSUF looks at the country’s pathetic culture of waste Over eight billion cubic meters of gas flared yearly in Nigeria is enough to “generate electricity for over 75 million of its population that lack access to electricity, the World Bank had said. The global bank’s verdict came months before the latest revelation by the Nigerian National Petroleum Corporation (NNPC), which shows that the oil producers in the country burnt, with…

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BEDC: Cable thief jailed 5 years

Ajah residents face prosecution over energy theft A Magistrates Court sitting in Iguobazuwa, Edo State, has sentenced Abdullai Usman, male, aged 27 years to five year-imprisonment over vandalism of cables belonging to Benin Electricity Distribution Plc (BEDC). This came as residents of a 60-apartment estate in Ajah Lagos face prosecution over energy theft. The duo of BEDC and EKEDC said last weekend that their efforts to scale down cases of vandalism and energy theft are beginning to yield results. “Efforts by the Benin Electricity Distribution Plc (BEDC) to tackle electricity…

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New Telegraph makes Power Summit Award finalists’ list

The New Telegraph energy page has recorded another feat as its editor, Adeola Yusuf, was announced as one of finalists for the forthcoming Future Energy Nigeria Industry Awards. Organisers in a letter to the finalist, said that Mr. Yusuf was selected as one of the four finalists “in the Energy Reporter of the Year category,” based on his works, which stood him out among many entries received for the award. “We congratulate you on making the finals and would like to invite you to attend the Gala Dinner where the…

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NLNG invests $600, 000 for skill gap bridging

Nigeria LNG Limited (NLNG) has raised its investments for Corporate Social Responsibility (CRS) with $600, 000 to bridge the skill gap rocking the industry. The company, which said this in a statement, maintained that it awarded post-graduate scholarships to 10 deserving Nigerians in the fifth year of the initiative, to pursue Master’s degrees in a number of high-ranking universities in the United Kingdom (UK). NLNG projects that it would spend about USD600, 000, to cater for tuition, accommodation, living expenses and return tickets to UK for the new batch of…

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