Delta news blog is a news platform which covers all happening activities within and outside Delta state and the world in general. we aim on giving you the very best of past and current information's for your awareness.
Comrade Engr. Obah A. Julius Bags ECOWAS Youth Ambassadorial Honour alongside Honourary Doctorate Degree PhD from Prowess University Delaware USA amidst Excitement. _Deltanews247.com
Sly Vwairhe Atakijenyo becomes ECOWAS Youth Ambassador amidst Excitement in Sapele Delta State
A New Chapter is Birthed in the Pageant and Fashion Exhibition industry as the The Association of Beauty Pageant and Fashion Exhibition Organisers Of Nigeria (ABPFEON) Delta State Chapter Inaugurated Her State Executives and Standing Committees Chairmen Today in Warri Delta State.
2023: Delta State Belong To All Deltans, Not Estate Of Any Individual._DeltaNews247.com
By Fred Latimore Oghenesivbe Esq
OPEC ministers raise Nigeria’s oil quota to 1.772mbpd _DeltaNews247.com
The Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC oil ministers, yesterday, increased Nigeria’s oil quota to 1.772 million barrels per day, mbpd for June, from 1.753 mbpd for May 2022, according to its June 2022 Required Production released yesterday.
This showed a marginal increase of 19,000 bpd or one percent when compared to the previous quota, which the nation was unable to meet.
However, with Nigeria’s crude oil grade, Bonny Light at $110 per barrel, the new quota translates to daily oil revenue of $194.92 million or N81.67 billion.
Under the new quota, Nigeria’s allocation remains the highest in Africa, followed by Angola and Algeria, with 1.480 mbpd and 1.023 mbpd respectively.
However, while Sudan got 73 bpd (the least) as its quota, the ministers put the oil quota of Russia, which oil has already been banned by the European Union at 10,663 mbpd, apparently the highest.
In a statement obtained by Vanguard, OPEC stated: “Following the conclusion of the 28th OPEC and non-OPEC Ministerial Meeting, held via video conference on 5th May, it was noted that continuing oil market fundamentals and the consensus on the outlook pointed to a balanced market.
“It further noted the continuing effects of geopolitical factors and issues related to the ongoing pandemic. The OPEC and participating non-OPEC oil-producing countries, therefore, decided to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12th April 2020 and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on the 18th July 2021.”
Speaking, Dr. Diran Fawibe, Chairman of International Energy Services Limited, said the market might continue to record increased instability as Nigeria will not be able to meet its quota, apparently because of increased pipeline vandalism, oil theft and illegal refining in the Niger Delta.
He said: “The oil and gas companies have not been investing much, partly because of the delay associated with the passage of the nation’s Petroleum Industry Bill, PIB, which has now become an Act. Consequently, a lot of investments went to other nations, leading to the low production capacity of the country.
“The nation’s ageing facilities also affected the industry. Unlike in the past when Nigeria was able to increase production to support OPEC whenever other nations had problems, Nigeria cannot do so at this time. Even with its commercial condensate, Nigeria still struggles to produce about 1.4 mbpd.”
Recall also that the federal government had blamed the country’s inability to attain the approved target to activities of vandals, refineries turnaround maintenance, amongst others.
Delta 2023: James Manager Emerges Preferred Ijaw Governorship Aspirant_DeltaNews247.com
OKOWA CALLS FOR FUNDING OF NIGERIA'S EDUCATIONAL SYSTEM
Delta Governor Hopeful Uba A. Michael meets Hon. Akin Alabi
Delta State gubernatorial aspirant and businessman, Uba A. Michael on Wednesday, met the House of Representatives member and founder of sports betting platform, Nairabet, Akin Alabi.
Both entrepreneurs, Uba A. Michael and Akin Alabi are young leaders who have made themselves examples for young Nigerians looking at getting involved in politics.
Uba A. Michael is the Chairman of UBACLE GROUP while Akin Alabi is Chairman, House Committee on Governmental Affairs
Details Later....
[Birthday] Uba Michael a front line Delta Governorship Aspirant ahead of 2023 General Election Felicitate with HRM Ovie Dr. Richard L. OgbonOgoni-Ogoro 1, JP, Royal Canon, Oon The Owhrode Of Olomu Kingdom
DeltaNews247 Update
Comrade Engr. Obah A. Julius Bags ECOWAS Youth Ambassadorial Honour alongside Honourary Doctorate Degree PhD from Prowess University Delaware USA amidst Excitement. _Deltanews247.com
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