Oil companies eye billions in savings on process digitalisation

Lower for longer oil prices environment is making oil companies speed up the digitalisation of processes to push down operating costs, save billions of dollars, promote transparency and optimise value creation. Process digitalisation involves the use of digital data and technologies to transform existing business processes into more efficient, optimised, more profitable, streamlined and value-adding…

FG revenue falls 32% to N625.9bn in May

By Elizabeth Adegbesan MONEY MARKET Driven by the drop in crude oil prices, federally collected revenue fell  by 32 percent to N625.9 billion in May 2020 from N915.28 billion collected in April. Central Bank of Nigeria (CBN) stated this in its Monthly Economic Report for May released yesterday, adding that the government also recorded a 23…

Inconsistent policies frustrating investments in oil sector — Total MD

By Prince Okafor Inconsistent fiscal and regulatory policies of government have been blamed for the decline in oil and gas exploration activities in Nigeria. Managing Director, Total E&P Nigeria Limited, Mike Sangster, stated this during the monthly technical presentation of Nigeria Association of Petroleum Explorationists, NAPE, held virtually on Wednesday. Sangster blamed the development on…

Imo plants 1m trees to reclaim environment

Imo state government has concluded plans to plant not less than one million trees within the state to help reclaim the environment. The Commissioner for Environment in the state, Dr Ikay Njoku, disclosed this during an interaction with our correspondent in Owerri. Njoku, who assured that the tree planting exercise would help to mitigate climate…