FINANCING

Tax reliefs and waivers for investors in modular refineries and Liquefied Petroleum Gas (LPG) plant will reduce environmental degradation and boost employment in the country, the Federal Government has said. Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, stated this in Port Harcourt, Rivers State at the weekend during a stakeholders sensitisation programme on the need to embrace ...

President Muhammad Buhari has said the Federal Government is reviewing the nation’s investment policy to promote investments that align with the country’s economic development objectives. Buhari stated this at the opening ceremony of the Lagos International Trade Fair (LITF), organised by the Lagos Chamber of Commerce and Industry (LCCI), and that his government has also commenced implementation of its willing ...

……….as fortunes of oil vessels owners begin to shrink……… …………by Jenifer Dike……… Chevron the American oil major is set to cut capital spending by $5 billion about 26 percent of it previous planfor the year 2921. Chevron said it will cut capital spending by 26 percent next year and make deep cuts through the middle of the decade, as a ...

The Director, Department of Petroleum Resources (DPR), Mr Sarki Auwalu, says the department exceeded its revenue target by 36 per cent in 2014. Auwalu made this known when he appeared before the House of Representatives Public Accounts Committee in Abuja on Thursday. The DPR was summoned by the committee over the report by the office of the Auditor-General of the ...

……..by Irina Slav…… Exxon has finally broken with its tradition to never write down its assets. Exxon has announced massive writedowns of between $17 billion and $20 billion due to the pandemic and its effect on the oil industry. The company also said that it will focus on its most lucrative projects and remove less lucrative ones from its development ...

The Nigerian National Petroleum Corporation plans to generate N11.39tn revenue in 2021, while projecting an increase in oil and gas output and sales between 2021 and 2023. According to a written presentation to the National Assembly by the NNPC, the estimated revenue for 2021-2023 was underpinned by a total base production of 1.864 million barrels of oil per day in ...

The Central Bank of Nigeria (CBN) on Friday devalued the naira by N6 to dollar. The naira devaluation has brought the local currency closer to the exchange rate unification agenda of the apex bank as recommended by the International Monetary Fund (IMF) and World Bank. In a weekly exchange rate for disbursement of proceeds of International Money Transfer Service Operators ...

………by Musa Ibrahim………… The National Assemble has applauded the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC) Mallam Mele Kyari for the courage borne out of transparency to present the Corporation budget for the first time after four decade. Kyari, told the Joint Committee on Petroleum Upstream, Petroleum Downstream, and Gas, Thursday, at a 2021 budget defence that ...

The Nigerian National Petroleum Corporation ( NNPC) has secured about S3.15 billion as alternative funding facility for its subsidiary, the National Petroleum Development Company (NPDC) with Sterling Exploration and Energy Production Company limited as well as other partners of the corporation for the development of the NPDC’s OML13. According to the Group Managing Director of NNPC, Mallam Mele Kyari, who ...

The Nigerian National Petroleum Corporation (NNPC), at the weekend, said the oil firm would declare profit by year-end after decades of barely staying afloat as the corporation has so far reduced losses by a whooping N803 billion. Specifically, the Group’s performance-to-date operating surplus hit N20.23b in August, as against the projected N691.8b for the year, giving an indication that its ...