NEWS: 2,150 barrels per day as Qua Iboe hits first Oil and lots of other news updates…..

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FG slashes Works Ministry’s budget from N100bn to N11bn

Mr. Mike Onolememen, the honourable Minister of Works, said the ministry’s proposed budget of N100bn for 2015 was slashed by the Ministry of Finance to N11bn, representing an 89 per cent slash.

Onolememen, who was in the Senate to defend his ministry’s estimates for the fiscal year, added that no sum was approved for   the Federal Roads Maintenance Agency’s capital projects  and the Office of the Surveyor -General of the Federation.

He also said the Finance ministry predicated its action on the economic realities on the ground.

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Mob attacks Owerri fast-food outlet over ritual suspicion

Over the weekend a popular fast food in Owerri was attacked by angry mobs.

The fast food which is located at Aladinma in Owerri Municipal Local Council, Imo State is said to partake in ritual practice by the operators in preparing food for  customers.

According to a witness, the problem started when , in the early hours of Saturday, students believed to be from Imo State University saw a woman with blood stained calabash arrive the area, making some incantations, they were said to have confronted the woman, searched the calabash and allegedly found some fetish items which raised their suspicion.

The matter is currently under investigation by the Police in the state.

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Electricity meters now sell for N60

The cost of acquiring pre-paid electricity meters by consumers in the country has risen due to the fall in the value of the naira following the currency’s recent devaluation by the Central Bank of Nigeria.

According to information gathered, a single-phase meter which was sold for N25,000 can now be obtained for N39,375, while the three-phase meter which was sold for N50,000 now goes for N60,909.

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2,150 barrels per day as Qua Iboe hits first Oil

Oando Energy Resources (OER), the upstream subsidiary of Oando PLC and the largest oil and gas producer in Nigeria has  reached yet another milestone with the commencement of petroleum production from its Qua Iboe Field.

It achieved the feat in spite of the slump in oil prices, the impact on global economies and investor confidence in the oil and gas sector being at an all-time low. However, this proactive initiative is yet to make a significant impact on Nigeria’s petroleum sector, worsened by the present terrain of a slump in oil prices.

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