Indigenous Company Set To Acquire IOC’s Oil Fields
BAYWOOD Continental Limited, an indigenous and integrated oil and gas technical service company, said it is set to acquire matured oil fields from multinational oil companies in the country as part of its expansion drive in the sector. President and chief executive officer of the Baywood Group, Chris Baywood Ibe, who stated this in Lagos, also said that his company would explore new frontiers in the energy sector such as cluster power generation, using abundant gas for upcoming new cities and towns.
Oil Price Crash: Worst Days For Nigeria Over – OPEC
Secretary-General of the Organisation of Petroleum Exporting Countries, OPEC, Mr. Mohammed Barkindo, yesterday, disclosed that the worst days for Nigeria due to the low price of crude oil were over. He said Nigeria’s ability to weather the storms of the low price of crude oil was a miracle.
NNPC Lists Steps To Achieve 40 Billion Barrels In Reserve By 2020
THE Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru has explained that the country needs an increment of at least 1 billion barrels in reserves and half a million barrels in incremental production capacity per day year-on-year, for it to achieve the 40 billion barrels of crude oil reserves and meet the government’s 2020 production target of 4 million barrels per day.
Oil Prices: OPEC Members Lose $2trn In 2 Years
Nigeria and other member nations of the Organisation of Petroleum Exporting Countries (OPEC) have lost a cumulative sum of $2 trillion capital investment in the oil and gas industry as well as revenue generation since crude oil price in the international market tumbled in June 2014. According to Secretary General of OPEC, Dr Mohammed Sanusi Barkindo, over $1 trillion was lost in terms of capital investments which failed to materialize and were cancelled due to dwindling oil price between June 2014 and the end of 2016.
FG: Trade Exhibitions Vital For Economic Growth
The federal government has stated that the annual Kaduna International Trade Fair is a vital platform for the consolidation of the competitive positions and enhancement of the market share of the firms operating in the Nigerian economy. It said the fair was also an excellent platform for sensitizing prospective local and foreign investors to Nigeria’s immense investment potentials, noting that the consistency of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA) in organizing the trade fair annually, clearly demonstrates the Chamber’s commitment to the growth of the Nigerian economy.
Ministry, CPC Synergies To Save Nigerians From Telecoms Abuses
Minister of Communication, Mr. Adebayo Shittu, has asserted that the ministry and the Consumer Protection Council (CPC) need to collaborate to save Nigerians from increasing instances of consumer abuses in the telecom sector. He made the assertion when the Director-General of the CPC, Mrs. Dupe Atoki, led her management team to pay a courtesy call on him in Abuja to intimate the minister on the relevance of the ministry in activities lined up for the commemoration of the 2017 World Consumer Rights Day (WCRD), whose theme is “Building a Digital Age Consumers Can Trust.”