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Oil prices slip as U.S. crude output nears 12 million bpd

Oil prices fell on Thursday as U.S. crude production neared an unprecedented 12 million barrels per day (bpd) just as worries about weakening demand emerge.
Aliko Dangote, president of Dangote Group, says the conglomerate’s revenue base will hit $30 billion by 2020 — a feat he would have considered impossible 10 years ago.

Aliko Dangote maintains position as Africa’s richest man

Aliko Dangote, the President of Dangote Group, who was ranked Africa’s richest man in the 2019 Forbes Africa’s billionaires list, has remained consistently ahead of the pack for the eighth consecutive year, with a current net worth of $10.3 billion.
Yusuf Yabagi Sani

Yabagi Sani: Oil money should used to develop the country

Mr Yabagi Sani, the Action Democratic Party (ADP) presidential candidate, has experessed the need to use Nigeria’s oil revenue to develop the nation.

Oil rises one per cent on US, China trade talk optimism

Oil prices rose by around one per cent on Wednesday, extending gains from the previous session on hopes that Washington and Beijing may soon resolve trade disputes that have cast a dark shadow over the global economy.
Nigerian National Petroleum Corporation (NNPC)

NNPC: Crude output rises to 2.09 million bpd in 2018

Nigeria’s crude oil production rose to 2.09 million barrels a day in 2018 compared with 1.86 million bpd the year before, the state oil company, the Nigerian National Petroleum Corporation (NNPC), said.

Nigeria to lose 27% of oil production in 2019

Nigeria is to lose about 226,300,000 million barrels of oil production in 2019, representing about 27 per cent of its current year’s target.

Report: NNPC needs $12 billion to replace dilapidated pipelines

A study carried out on the operational status of the over 5,000 kilometres of pipeline network belonging to the Nigerian National Petroleum Corporation (NNPC) across the country, has revealed that the pipeline network would need $12 billion to be replaced or $1.1 billion to be fixed.
Senate President, Dr. Abubakar Bukola Saraki, has said that the Senate on resumption of plenary will further probe the NNPC on diversion of dividends from the Nigerian Liquefied Natural Gas (NLNG).

Bukola Saraki insists 2019 budget is hopeless

Senate President Bukola Saraki has insisted that the 2019 budget proposal of N8.83 trillion presented to a joint session of the national assembly by President Muhammadu Buhari is “hopeless.”

NEITI: Oil revenue plunged by $51.39 billion

The total financial flows from Nigeria’s oil and gas sector slumped to $17.05bn in 2016, a 31 per cent decline on the $24.79bn generated in 2015, and a 75 per cent plunge on the sector’s peak earnings of $68.44bn in 2011.

NNPC generated $1 billion on DSDP from 2015 to date

A Senatorial aspirant in Adamawa State, Alh. Salihu Garba Mama Aliyu, has revealed that the Nigerian National Petroleum Cooperation (NNPC) has generated more than One Billion USD in the implementation of the DSDP which he introduced in NNPC when he was a programmer with the organisation.

NEITI: Nigeria’s oil sector realised $17.05 billion in 2016

The total financial flows from Nigeria’s oil and gas sector in 2016 was the lowest in a decade and the fifth lowest since the return of democracy in 1999, the latest Nigeria Extractive Industries Transparency Initiative (NEITI) Oil & Gas Industry Audit report has revealed.

DPR: Nigeria to run out of oil in 52 years

If new crude oil discoveries are not made to add to Nigeria’s current reserves of 36.971 billion barrels (bbls), the country will run out of oil in about 52 years, the Department of Petroleum Resources (DPR) has disclosed.
President Buhari presents 2019 Budget to the National Assembly on 19th Dec 2018-2

Muhammadu Buhari: How we’ve implemented N9.12 trillion 2018 budget

President Muhammadu Buhari on Wednesday gave an overview of the implementation of the N9.12 trillion 2018 budget, saying 67 per cent performance had so far been recorded by Ministries, Departments and Agencies (MDAs) of government.
President Muhammadu Buhari on Thursday declared open the 2018 International Press Institute World Congress with a call on journalists worldwide to address the menace of fake news and hate speech.

Muhammadu Buhari presents N8.83 trillion budget for 2019

Nigerian President Muhammadu Buhari Wednesday formally presented N8.83 trillion federal government budget for 2019 to the joint session of the National Assembly for approval.

OPEC, non-OPEC countries to cut crude output in 2019

Crude oil production will be cut by 1.2 million barrels per day from January 2019 for an initial period of six months.

Federal government spends N11.52 billion to fix 87km oil pipeline

Federal Government’s oil revenues slashed by N11.52 billion used for the protection and repairs of 87-kilometre Trans Forcados crude oil pipeline in the Niger Delta in 60 days, document shows
(LtoR) Russian Minister of Energy of Russia Alexander Novak, Organization of the Petroleum Exporting Countries’ (OPEC) President UAE Energy Minister Suhail al-Mazrouei and OPEC Secretary General Mohammed Sanusi Barkindo of Nigeria speak during a ministerial level meeting during with OPEC members and non members during the 175th OPEC Conference on December 7, 2018 in Vienna, Austria. (Photo by JOE KLAMAR / AFP)

OPEC cuts oil production by 1.2 million barrels to offset price

The Organisation of Petroleum Exporting Countries (OPEC) and other major oil producers yesterday agreed to cut about 1.2 million barrels of oil to address falling oil price, which is currently facing a record low of $63 a barrel.

Oil falls amid market slide ahead of OPEC meeting

Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by the Organisation of the Petroleum Exporting Countries (OPEC).

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