Breaking News


Nigeria to lose N131.13bn to Qua Iboe shut-in

Counterfeit naira

EXXONMOBIL the operators of Qua Iboe terminal, which is expected to remain shut in for another month, will see Nigeria losing more than N131.13 billion.

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Pipeline bombings: BMI forecast oil production rise by 2. 52mnbpd in 2018

Despite the growing pipeline bombings by militants in the Niger Delta region of the country, Business Monitor International, BMI, sees a positive increase in the country’s oil production by 2.52 million barrels per day, b/d, in 2018, up from 2. 31 million, b/d, in 2016. The report attributed the rebound to what it called ‘sanctioned projects’ initiated in the industry.

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File: Militants

Militancy, Nigerian independents and low oil prices

Crude oil prices have fallen dramatically over the past two years, from over $100 per barrel to less than $30 in January this year. The collapse of the crude oil prices led to a lot of cost-cutting, restructuring, refinancing when it is possible. The low oil price regime has already cost hundreds of thousands of jobs, and caused projects worth hundreds of billions of dollars to be cancelled or delayed forcing deep changes at companies that had grown accustomed to oil trading above $100 a barrel from 2011 to 2014.

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Solid minerals

Support solid minerals devt, Insurance companies, banks urged

Former Managing Director of Nigerian Mining Corporation, NMC, Mr. Biodun Olorunfemi, has urged insurance companies and banks to give adequate attention to operators in the solid minerals sector, even as the President of the Nigerian Mining and Geosciences Society, Gbenga Okunlola called on industries to utilize solid minerals from the country as raw materials for their construction and production works.

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