• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, June 9, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Federal Govt Confident Of Restoration Of Nigeria’s Crude Oil Production Capacity

by Nse Anthony - Uko
2 years ago
in Business
Crude oil
Share on WhatsAppShare on FacebookShare on XTelegram

Minister of State Petroleum Resources, Chief Timipre Sylva, has said that the federal government is working to ensure that all local and international oil companies return to full capacity production of crude oil in the country.

Advertisement

The minister said the oil majors in the country drastically cut down on crude oil production due to the massive vandalisation of pipelines and theft of crude oil in the Niger Delta region by criminal elements, a statement signed by the senior adviser of Media and Communications to the minister, Horatius Egua, indicated.

The decisions of the oil companies have affected the volume of daily crude productions and which has unfortunately led to revenue loss for the country.

In the last few months, the improved security surveillance along the major crude oil has however helped to improve crude oil productions from a paltry 900,000 barrels per day to between 1.4 and 1.6 million barrels per day.

Speaking while receiving  the new managing director of Eni SpA, in his office, on Monday in Abuja, Sylva again restated the federal government’s readiness to continue to improve security along the tracks of the major crude oil pipelines and block every leakage through which crude oil are stolen by oil thieves and pipeline vandals.

RELATED

Forex Inflow Dip 58.1% To $1.2bn In Official Market

Forex Inflow Rises 62% To $5.96bn In May

1 minute ago
Dangote Refinery’s Completion To Make Naira Stronger

US Provides Third Of Dangote’s Crude Requirement In 2025 Supplies

18 hours ago

“I am happy to hear from you (Eni) that you have increased your crude oil production to 15,000 barrels per day as a result of the efforts of the government in protecting the pipelines in the region. I assure you that this trend will continue,” the minister said.

Sylva added that the desire of the federal government is to “see all the oil majors in the country return to their full production capacity to boost revenue for the government” and also to help the country meets its organization of Petroleum Exporting Countries (OPEC) obligations.

“We will continue to work to bring stability and build confidence for everyone to return to the field to produce their maximum capacity,” the minister added.

By this efforts, the federal government is targeting full production capacity of up to three million daily crude oil production.

Head of Sub-Saharan Africa Region of Eni SpA Mr Mario Bello, in his brief remarks during the visit said that the renewed confidence in the federal government’s efforts in restoring sanity along the major crude oil pipelines in the Niger Delta has enabled the company increase crude oil production from a near zero production level to about 15,000 barrels per day in the last one month.

“We are happy that the security situation is improving and we will be willing to be back fully,” Bello said adding that as at last month, the company cried to the minister over  the vandalization and thief of their products noting that as today the situation has greatly improved.

“At a point we were producing almost nothing but today, with the improved security situation along the pipelines, we are able to produce and export about 15,000 barrels of crude oil and if this trend continues, we will be able to reach our 30,000 barrels crude oil production,” he told Sylva during the visit.

Bello said with the renewed confidence the company has in the security of the crude oil pipelines, Eni was willing to reopen its planned investments in the gas and power sector nothing that the company was happy with the support from the government in terms of business cooperation.

On the restructuring of the Kano, Benin, Kaduna, Ibadan, and Port Harcourt DisCos, Council was informed that the notifications of change of directors for all the DisCos had been filed at the Corporate Affairs Commission, while the BPE has issued guidelines to the banks/lenders for the sale of their 60 per cent shares in the assets.

Further updates were received on the sale of five NIPP Power Plants, particularly the engagements with the Nigerian Governors Forum on the NIPP transaction, and the resolution by the governors to constitute a committee to review the transaction and revert to the Bureau.

The Council expressed satisfaction with the BPE’s handling of the engagements with the governors on the sale of the NIPP and the federal government’s 40 per cent interest in the Aba Ring-Fenced area.

In attendance at the meeting were council members including Ministers of Power, Alhaji Abubakar Aliyu; Finance, Budget and National Planning, Hajiya Zainab Ahmed; the Director-General of the BPE, Mr. Alex Okoh; representatives of Federal Ministry of Justice, heads of relevant MDAs and other senior government officials.

Also on Friday, the VP received on a courtesy visit to the Presidential Villa, the management of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) led by its Chairman, Mohammed Bello Shehu.

In his remarks, Shehu appealed to the VP to support the commission’s drive to digitize its operations, particularly the efficient allocation and disbursement of revenues to the 3 tiers of government in accordance with the Act setting up the commission.

The chairman noted that paucity of funds was affecting the commission’s oversight on revenue generating government agencies and general migration from manual to digital operations, while he also outlined the implications of the development on the revenues of the federation and the economy.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

START EARNING US DOLLARS as a Nigerian ($35,000) monthly. Companies are sacking their workers due to AI (artificial intelligence), business owners are in panic mode. Only the smart will make it. Click here


SendShareTweetShare
Previous Post

Federal Govt Gets Japan’s $242.4m Loan For Lagos, Ogun Power Project

Next Post

NAFDAC Seizes N8m Fake, Adulterated Wines In Lagos

Nse Anthony - Uko

Nse Anthony - Uko

You May Like

Forex Inflow Dip 58.1% To $1.2bn In Official Market
Business

Forex Inflow Rises 62% To $5.96bn In May

2025/06/09
Dangote Refinery’s Completion To Make Naira Stronger
Business

US Provides Third Of Dangote’s Crude Requirement In 2025 Supplies

2025/06/08
Equities To Sustain Positive Sentiment Amidst Audited Earnings Expectations
Business

Consumer Goods Sector Drives NGX Growth With 40.65% Increase

2025/06/08
JUST IN: Nigerian Stocks End 8-Day Gains As Banks Slide
Business

‘Dangote Petrochemicals Listing To Boost Nigeria’s Stock Market’

2025/06/08
NLNG Ties 2023 Science Quiz Competition To Net Zero Emission
Business

NLNG Launches Human Capital Devt Programme Under Train 7 Project

2025/06/08
SEC Warns Nigerians Against Unregistered Investment Schemes
Business

New Meme Coin, PUNISHER COIN, Not Registered – SEC

2025/06/08
Leadership Conference advertisement

LATEST

Forex Inflow Rises 62% To $5.96bn In May

Japa: The Courage And Cost Of Nigeria’s Great Exodus

Sickle Cell: Experts Push For Gene Therapy As Nigeria Bears Highest Burden Globally

Review Appointment Of Alleged APC Members As REC, SERAP Tells Tinubu

Seven Tips On How To Break Soda Addiction

Jibril Aminu: Exit Of A Rare Breed

Operation Safe Haven Poised To Rid Plateau, Others Of Criminal Elements

Group Appeal For Truce Between Gov Sani, El-Rufai

El-Rufai Not A Principled Politician – Senator Wadada

Kwankwaso Receives 1,230 Kawu Sumaila Supporters Back To NNPP

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.