Skip to main content

Nigeria Discovers Crude Oil In Borno

By

Nigeria has discovered huge crude oil concentration in Borno State, North East, raising the hope of the region joining the league of oil producers.

Lagos state recently joined the league of crude oil producers.
Some states in the league are Bayelsa, Rivers, Delta, Akwa Ibom.

The Permanent Secretary, Ministry of Petroleum Resources, Dr. Jamila Shua'ra, broke the news on Thursday at the presentation of the 2016 petroleum sector scorecard in Abuja.

She said that the discovery of crude oil in Borno State was one of the achievements of the ministry during the year.

"Our doggedness culminated in the discovery of oil in new frontiers – Lagos and Borno," Leadership reported on Friday.

She also listed the introduction of the petrol Price Modulation Matrix as another achievement of the ministry.

Other achievements are the all round availability of petrol in all outlets; eradication of payment on fuel subsidies; and located foreign direct investment to finance midstream oil and gas infrastructure.

The adopted exit strategies on Joint Venture Cash Call; robust engagement of host communities to reduce agitations; and creation of more stable industrial relations," she said were other achievements.

Vice President Yemi Osinbajo, who presided over the ceremony, stated that the deregulation of the downstream sector, which led to the elimination of petroleum subsidy, saved the government a burden of N15.4 billion monthly.

The vice president was represented by the attorney-general and minister of justice, Alhaji Abubakar Malami.

He stated that the oil and gas sector remain very critical to the stability and growth of the nation's economy as it accounts for about 90 per cent of the country's earnings, in addition to contributing substantially to the inflow of foreign exchange and growth of foreign reserves.


Prof. Osinbajo further disclosed that the Federal Executive Council (FEC) had recently approved new measures and strategies aimed at eliminating the burden of Joint Venture Cash Call arrears and easing future payments in the up-stream sector, stressing that the strategies are fully supported by the National Economic Council (NEC).

Comments

Post a Comment

POPULAR POSTS

10 Reasons Why You Should Eat Breakfast

By
"I think if I have a good breakfast, I could go without food for the rest of the day. I think that until about lunchtime." ~ Author Unknown Breakfast is a must for all of us. It is the most important meal of the day. A healthy breakfast is very important for our health and weight management, but not having it at all is the worst option. Eating in the morning is just a matter of habit. Taking 10 minutes to make and eat some healthy food in the morning can be simple . Fresh fruits, oatmeal, whole grain breads with low-fat cheese, or hard-boiled eggs are just some of the quick and healthy breakfast options, which will not take much of your time, however can make a great difference in your health, mood, and looks . Healthy breakfast may be your problem solver , which you have been looking for. Make your morning meal your priority and shortly you will enjoy a new healthy habit. These are 10 reasons, why you should not skip your breakfast and eat healthy foods e...
Post a Comment
Read more

Moses wins another award

By
Chelsea’s Victor Moses has been named the English Premier League African Player of the Month of November by organisers New African Soccer, AfricanFootball.com reports. The Super Eagles winger  edged Kenya’s Victor Wanyama of  Tottenham and fellow Nigerian Victor Anichebe of Sunderland to win a second straight award in two consecutive months. Moses has flourished in a new  right wing-back role under Chelsea manager Antonio Conte and has been instrumental in  his team being top of the Premier League. New African Soccer in a statement, congratulated the Nigeria winger but also mentioned the competitiveness of the November award, especially in the votes ‘Victor Wanyama, also a one-time winner of the award, put up a strong showing and this was rightly justified, considering his role in Tottenham Hotspur’s early surge which made them the last to be beaten in the League. His move from Southampton was a positive one,” Tunde Adelakun, CEO of New...
Post a Comment
Read more