Sentences with phrase «crude oil revenue»

Presenting the address of Buhari, the minister said the cocoa industry had suffered neglect as a result of the country's over-reliance on crude oil revenue.

«The NPDC's crude sale for the month is still hampered by Forcados pipeline vandalism, which continued to deny the NPDC of monthly crude oil revenue of about 20.0 bn.»

He said media should endeavour in sensitizing public on the current economic predicaments through educative and informative programmes capable of orientating the general public on the need to be productive and take - off their minds from crude oil revenues that have crashed.

Not exact matches

The decreases are largely the result of the oil glut and all - time lows for crude prices — last year, mining, oil producers, and metal companies lost a combined $ 70 billion on $ 1.3 trillion in revenue.

After all, crude oil and commodities prices are still so low that plunging resource revenues forced Ottawa to defer its target date for balancing the budget.

Wondering how an oil storage and pipeline company could grow revenue 73 % during a year when declining crude prices crushed most companies in that industry?

In a January 2011 memo, though, the Internal Revenue Service found that oilsands crude falls outside the law's definition of oil.

LONDON (Reuters)-- Banks» metals - related revenues exceeded their earnings from the oil sector last year for the first time since 2014 as low and relatively stable crude prices discouraged hedging activity, but this is unlikely to be the start of a new trend.

The new calendar year has witnessed a sharp improve in revenue downgrades from oil and fuel firms, which have been strike by the cost of Brent crude a lot more than halving from its peak of $ 115 a barrel in June.

Revenue fell 1.3 percent to $ 31.68 billion, weighed by a 16 percent slump in its segment supplying equipment and services to oil and gas customers, which has been hurt by weak crude prices.

With the collapse in crude prices, lower oil revenues are hitting Alaska hard.

Exxon said its upstream, or exploration and production sector, suffered «significantly» during the market downturn as crude oil prices continue to starve companies of revenue.

According to crude production figures provided by the oil firm, the country is losing about 3.12 million dollars in revenue each day the NAOC operated facility remains out of production.

Africa's largest economy, which relies on crude sales for around 70 percent of government revenues, has been hammered by the more than 50 percent fall in oil prices since June last year.

Nigerian government now seeks a court order compelling the two companies to pay into the Federal government of Nigeria account with the Central Bank of Nigeria, the sum of USD 406,751,070 being the total value of the missing revenue from the shortfall / undeclared / under - declared crude oil shipments of the country, made by the companies to United States of America.

For instance, this year's benchmark for the federal budget is $ 42 but oil now goes for over $ 70 per barrel and instead of paying all the revenues to the Federation Account, the FG still operates an Excess Crude Oil Account contrary to the judgment of the Supreme Court and they spend such funds without recourse to appropriate authorities,» he saoil now goes for over $ 70 per barrel and instead of paying all the revenues to the Federation Account, the FG still operates an Excess Crude Oil Account contrary to the judgment of the Supreme Court and they spend such funds without recourse to appropriate authorities,» he saOil Account contrary to the judgment of the Supreme Court and they spend such funds without recourse to appropriate authorities,» he said.

The shipment was not declared to the relevant authorities, resulting in the shortfall of 499,048 barrels of crude oil in the value of $ 54,895,280 as revenue to the Federal Government.

The consortium of experts was able to track the global movements of the country's hydro - carbons including crude oil and gas with the main purposes of identifying the companies engaged in the practices that led to missing revenues from crude oil and gas exports sales to different parts of the world.

With a projected revenue of N3.86 trillion in the face of dwindling crude oil receipts, government estimates that oil revenues contribute N820 billion of the total revenue; non-oil revenues, comprising Company Income Tax, CIT, Value Added Tax, VAT, Customs and Excise duties, and Federation Account levies, are expected to contribute N1.45 trillion; while independent revenues are expected to contribute N1.51 trillion through the enforcement of the Fiscal Responsibility Act, 2007 and public expenditure reforms in all MDAs.

Government lawyer, Professor Fabian Ajogwu accused the Anglo - Dutch company of not declaring or under - declaring crude oil shipments during the period, following forensic analysis of bills of lading and shipping documents, Ajogwu, armed with sworn affidavits of three United States of America based professionals, claimed that Shell cheated Nigeria of the revenue.

The government attributed the development to the shortfall in revenues from the federation account and the reduction in its production quota of crude oil.

Nigerian troops are deployed to the Niger delta where militants have been attacking oil facilities since the start of the year, cutting output and hammering government revenue at a time of low crude prices.

He said that Nigerians needed to know how much revenue the government had been able to generate from crude oil, non-oil and independent revenue sources since assumption.

The report further disclosed that crude oil export revenue increased by 14.42 per cent between September and October this year.

Nigeria continues the absurdity of expending more than 30 % of scarce foreign currency importing refined petroleum products, a self - imposed malaise as we insist on subsidizing domestic fuel consumption; and crude oil and gas as a percentage of our export revenue stays at 96 % meaning beyond all the talk of diversification, current rhetoric does not match the outcomes!

Recent data released by the National Bureau of Statistics, NBS, had showed that a sharp decline was recorded in revenue accruable to the Federal Government from the petroleum sector, as the country's earnings from crude oil export dropped to N5.271 trillion for the nine month period, January to September 2015.

ABUJA — Nigeria's woes in the area of dwindling revenue from crude oil sales is expected to heighten in the next couple of days, as the South African Petroleum Industry Association, SAPIA, yesterday, stated that South Africa would likely stop importing crude oil from Nigeria following the lifting of the sanctions on Iran.

They have shown understanding of the situation we are, even as we try to mitigate the consequences of the shortfall in revenue occasioned by a drop in the price of crude oil.

The two sub-saharan African countries are the latest in what may become a long line of oil - exporting countries to seek financial assistance to help stem growing deficits as falling crude prices crush revenues.

The NEITI review attributed the revenue increase in 2017 to rising crude oil prices, improved oil production, and greater attention towards development of non-oil revenue sectors.

Buhari said that the implementation of the 2016 Budget was hampered by the low oil prices in the first quarter of 2016, and disruptions in crude oil production which led to significant shortfalls in projected revenue.

The leader of the team disclosed that with the poor revenue from the Federation Account which is largely sourced from crude oil sales, the current administration of President Muhammadu Buhari is looking for other sources of revenue to execute capital projects and provide social services for the people.

Africa's biggest economy and top oil producer is reeling from the fall in crude revenues, the source of 95 percent of foreign earnings, which has led to the naira hitting record lows on the parallel market amid dwindling foreign exchange reserves.

But now the country has been running short of dollars as oil revenues have fallen along with the price of crude, pushing the economy into its first recession in a quarter of a century.

These measures, taken together represent a major push by the President to increase internally - generated revenue, reduce over-dependence on crude oil earnings in a way that will bring stability and predictability in the financing of government programs.

«The payment was to be from revenue flows from crude oil which is sold on the international market at bench mark prices but crude oil prices fell and that source of financing the loan became inadequate... So we had indicated that once the processes start, there could be other source of financing repayment for the facility.

Senior Minister, Yaw Osafo Maafo on Tuesday [14th February] told the media that government will get the necessary legislation to enable it use the Heritage Fund which is 9 percent of the revenue accrued to Ghana from its crude oil proceeds to finance the president's Free Senior High School policy.

The Governor, who was represented as the Special Guest at the forum by the Commissioner for Economic Planning & Budget, Mr. Akinyemi Ashade, expressed confidence in the regime of President Buhari to combat the fiscal failures of the past administration, which, he said, was responsible for the economy downturn we are experiencing following the crash in the price of crude oil — our major source of revenue.

The region supports more than half of America's crude oil and natural gas, generates $ 2 billion in annual revenues from recreational hunting and fishing, and is home to approximately two million people.

TransCanada told Canada's National Energy Board that in the Midwest, its pipeline would «increase the price of heavy crude to the equivalent cost of imported crude,» which would provide Canadian oil companies with an added $ 2 - 3.9 billion in annual revenues.

At 3 % royalty rates, like Alberta gets for conventional crude, most of us would say «no, leave it in the ground» - especially when we hear that Norway found a way to get 80 % of the oil and gas profits flowing into government revenue accounts.

But, if the goal is generating revenue for government to fund worthy projects, rather than a series of one - time sales, why not lift the ban on U.S. crude oil exports and create an annual revenue stream?