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Tag Archives: crude oil

Fraudsters Issuing Crude Oil Contracts On Paper……..NNPC Reveals

Crude Oil, NNPC, Fraudsters, Contract

In a statement signed by Ndu Ughamadu, its spokesperson, the corporation said the suspects specialize in circulating letters of crude oil allocation with the intent of defrauding unsuspecting would-be buyers or members of the public.At the presentation of commendation letters of commendation to 12 staff of the crude oil marketing division, Maikanti …

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Nigeria loses N3.4tn as crude production declines

Oil price

Crude oil production in Nigeria, including condensates and natural gas liquids, fell by 23.94 million barrels in the second quarter of this year, down from a total of 165.62mb in the preceding quarter to 141.68mb. According to the latest economic report of the Central Bank of Nigeria, the estimated average …

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2017 BUDGET: Federal Government plans N6.812t

Federal Government

The Federal Government plans to spend an estimated N6.812tn as its budget for 2017. According to punchng.com, The figure is about 13.3 per cent or N806bn above the N6.06tn budgeted for 2016. These details were contained in the 2017-2019 Medium-Term Expenditure Framework and Fiscal Strategy Paper, which President Muhammadu Buhari …

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Nigeria running out of oil and gas reserves — NNPC


The Nigerian National Petroleum Corporation, NNPC, yesterday, painted a gloomy outlook for Nigeria’s economic fortunes, as it disclosed that the country’s crude oil and gas reserves were fast depleting. The NNPC in a statement in Abuja, therefore, begged oil and gas exploration companies, professionals and other stakeholders to focus on …

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Zero-oil plan: Mission possible

By Boluwaji Apanisile All hands on deck as President Muhammadu Buhari embark on a mission to run the economy with the non-oil sectors. Merely looking at it, one would conclude that the president is embarking on a mission impossible with the riveting challenges in the country yet the president has …

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2015: Crude oil production challenge

By Markus Droll (who says Nigeria must surmount multiple challenges to produce crude oil in 2015). The global oil market today is very volatile. After four years of relative oil price stability at $110 per barrel, between mid-2014 and January this year, the oil price dropped to $50 per barrel, …

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