Damilola Shittu – Abuja A sum of N1. 149, 385 trillion is estimated to go into the payment of subsidy on petrol imported into the country this year. With the provision of a mere $1 billion, which is about N305 billion in the 2019 budget year, the country may run into a massive budget deficit…
By Julianne Geiger Iran’s Parliament Research Center is predicting negative growth for Iran in the current fiscal year that ends March 20 due to its falling exports, Radio Farda reported on Friday. The economic contraction could be as significant as 5.5 per cent negative growth, the Research Center figures, with the best-case scenario ending with…
The General Manager, Corporate Communications, Eko Electricity Distribution Company (EKEDC), Mr Godwin Idemudia, said the company distributed food items to orphanages in 10 districts within its network. Idumudia said on Thursday, in Lagos that the gesture was part of the company’s Corporate Social Responsibility (CSR). Idemudia said the food items were distributed between December 20,…
Damilola Shittu with Agency Report Crude oil cargoes leaving for the United States from Nigeria and other members of the Organisation of Petroleum Exporting Countries (OPEC) dropped in December to the lowest level in at least five years, data from Refinitiv Eikon and market intelligence firm, Kpler, showed. Oil cargoes departing from OPEC nations to…
By Irina Slav The oil industry, it seems, has gone all-in on digital technology, having gotten an early taste of how much various solutions can influence its cost discipline and bottom lines. Last month, Oilprice wrote how some in the digital tech field expected artificial intelligence for the oil and gas industry to pass from…
India was Nigeria’s biggest trading partner in the third quarter of 2018, gulping N719.2 billion of crude and N37.7 billion of natural gas exports from the country. India also bought cashew nuts worth N4.7 billion. According to the News Agency of Nigeria (NAN), latest figures from the National Bureau of Statistics (NBS), covering July, August…
Brazil’s Mines and Energy Minister, Moreira Franco, has emerged the winner of the Petroleum Economist’ ‘Minister of the Year’ award. The Petroleum Economist Award was created in 2014. Energy Ministers from around the world participate for this award. The honour recognises the minister who has made a significant contribution to the energy sector of his…
The task of determining the daily consumption and subsidy on petroleum products has been taken over by the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC). The development came as statistics show that the government currently pays N2.434 billion daily to subsidise petrol.It was gathered that the Petroleum Products…
Total has started up production on December 29, 2018 from the Egina field, located in around 1,600 meters of water depths, 150 kilometers off the coast of Nigeria. At plateau, the Egina field will produce 200,000 barrels of oil per day, which represents about 10 per cent of Nigeria’s production. The Floating Production Storage and…
By Oke Peter The Nigerian National Petroleum Corporation (NNPC) on Tuesday said daily crude oil production recorded an upward swing of about 2.09million barrels in the outgone 2018. The increase, which translates to 9 per cent, when compared with the 2017 average daily production of 1.86 million barrels, is an indication that the nation maintained…
