Nigeria Will Have To Produce 3.1mbpd To Met 2016 Budget- Ibe Kachikwu
The Minister of State for Petroleum in an interview disclosed that Nigeria will need to produce 3.1million barrels of crude oil per day consistently to met up with the 2016 budget oil benchmark.
When the budget was signed into law, Nigeria benchmarked it against a production capacity of 2.2 million barrels daily, but has fallen short of that since February.
Kachikwu, who spoke to Richard Quest on CNN’s Quest Means Business, said the country would need to produce as much as 900,000 barrels of more crude per day to cover for lost crude and to meet budget 2016 benchmark.
“It is a difficult time, production is about 1.5 million barrels a day, but we intend to get that up. We are putting a lot of energy around it, a lot of dialogue, a lot of engagement, a lot of security meetings to try and resolve it,” Kachikwu said.
“President Muhammadu Buhari is very concerned about these things, a lot of executive time is being given to this. We are expecting that over the next one month, two months, we would find some final solution that would bring production upward.
“Beyond that, the reality is that we have lost a lot quite a lot of months, about five, six months of continuous problems. so it is going to be difficult to catch up with the 2.2 million barrels on which the 2016 budget is based.
“But we are certainly going to try, once things are calmer. We need an average of 900,000 barrels per day, excess production to catch up. That is going to be very tough, but we are going to work on that.”
The Organisation of Petroleum Exporting Countries (OPEC) quota prevents member countries from exporting all their output.
Kachikwu said he is does not think OPEC meeting in Algeria in September, can upturn crude oil prices on the globe.
He said OPEC only controls only 30 percent of global oil produced, stating that OPEC would have to meet with the other 70 percent producers to deal with oil market instability.
5 Tips To Start A Business
There are so many things that comes in mind when you want to start a business.
Here are 5 tips that would be helpful and might come in handy when you want to start your own business.
1. Do what You Love
The driving power or force of an entrepreneur is the passion in them that drives them to do what they love. You must love what you’re doing since you will be spending your time and energy nurturing the business.
2. Make Plans
Ensure that you create a business plan when you want to start up yours, this brings about understanding and helps you strategize important ideas for your business. Having a solid business plan is very important.
3. Source Of Capital
Always be aware that when you start a business, you won’t become wealthy or rich overnight, you may not gain your profits immediately. However, it is advisable to have a source of capital in order to ensure of smooth-running system of your starting up process.
4. A Team
In business, you cannot do it all alone, you’re not an island and you would require some level of support specifically a team that supports you and your ideas, you might require a mentor who can always guide and provide you with helpful advice. You might as well hire a consulting firm.
Don’t wait until your business officially starts before you make contact with potential clients, start now to promote your business and network yourself. This will give you some form of assurance.
3 P’s To Build A Long-Standing Business
When starting a business what comes to mind? Is it to gain profit or for it to last long?
Many would say profit, their main purpose of even building the business is to gain profit but however, won’t you want your business to last long? Even if you step down or pass down responsibility, wouldn’t it be a great opportunity to see your business flourish even when you aren’t there.
Here are 3 Ps to build a business that will survive long after you’re gone.
Having people with great talent to carry your value, vision and mission is a necessity. You need to build a people machine by recruiting new talents that will bring new and fresh ideas that will make your company grow and also replacing employees that require replacement. However, this people machine should run smoothly, it is even advisable to hire an outside recruiter to do this.
This is where matters concerning strategy and execution comes in, this is where you define the key goals you want your company to achieve and the mechanisms or methods involved in delivering them and holding people accountable for their various duties. This phase determines how you measure progress. Have your goals and projects set, while you distribute the various responsibilities to your employees ensure you hold them accountable.
This has to do with the rules governing your entire business, has to do with ethics, interpersonal relationships with co-workers, employees, customers and partners. You need to set policies to guide the everyday activities of your workers in order not to risk anyone crossing the lines. Be thoughtful and systematic about the policies you form, always keep in mind what’s best for your company.
5 Soft Skills That Will Save Your Job
While you are busy acquiring all the skills in this world, it is also important to acquire soft skills because these days, a university degree and your long years of working experience is not enough and saying that the world is moving quickly is an understatement, Everything is happening so quickly that you might wake up and discover that robots have taken over your job. That is why it is important to improve your soft skills too.
Here are 5 important soft skills that will save your job
Being creative often means being able to solve problems and manage situations with limited resources.
Both written and verbal communication skills helps boost your performance because they help you to extract clear expectations from your manager so that you can deliver excellent work.
It is the capacity to be aware of control and express one’s emotions and to handle interpersonal relationships with empathy. It is important to find time outside of the office to explore new experiences that allows you to explore new experience that helps you grow, and build empathy for others. One can get these skills by volunteering, reading, attending conferences and cultural events and more.
A company’s success is not dependent on just one person. A company’s success is the result of many people working towards a common goal. When employees can contribute their talents, everybody wins.
When people with diverse backgrounds and perspectives are together in high-pressure environment, conflict naturally arises. Hence, an employee with great conflict management skills is an asset to the organization as the individual ensures that their bosses don’t have to do the dirty works of settling conflicts among colleagues.
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