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S&P 500   3,963.94 (-1.54%)
DOW   33,849.46 (-1.45%)
QQQ   282.71 (-1.47%)
AAPL   144.22 (-2.63%)
MSFT   241.76 (-2.32%)
META   108.78 (-2.36%)
GOOGL   96.05 (-1.45%)
AMZN   93.95 (+0.58%)
TSLA   182.92 (+0.03%)
NVDA   158.27 (-2.72%)
NIO   10.12 (-0.49%)
BABA   75.88 (+0.50%)
AMD   73.19 (-2.60%)
T   18.82 (-1.57%)
MU   55.75 (-4.55%)
CGC   3.40 (-7.10%)
F   13.73 (-2.49%)
GE   85.47 (-3.03%)
DIS   95.69 (-3.22%)
AMC   7.33 (-2.40%)
PYPL   79.93 (-0.19%)
PFE   49.57 (+0.73%)
NFLX   281.17 (-1.53%)
S&P 500   3,963.94 (-1.54%)
DOW   33,849.46 (-1.45%)
QQQ   282.71 (-1.47%)
AAPL   144.22 (-2.63%)
MSFT   241.76 (-2.32%)
META   108.78 (-2.36%)
GOOGL   96.05 (-1.45%)
AMZN   93.95 (+0.58%)
TSLA   182.92 (+0.03%)
NVDA   158.27 (-2.72%)
NIO   10.12 (-0.49%)
BABA   75.88 (+0.50%)
AMD   73.19 (-2.60%)
T   18.82 (-1.57%)
MU   55.75 (-4.55%)
CGC   3.40 (-7.10%)
F   13.73 (-2.49%)
GE   85.47 (-3.03%)
DIS   95.69 (-3.22%)
AMC   7.33 (-2.40%)
PYPL   79.93 (-0.19%)
PFE   49.57 (+0.73%)
NFLX   281.17 (-1.53%)
S&P 500   3,963.94 (-1.54%)
DOW   33,849.46 (-1.45%)
QQQ   282.71 (-1.47%)
AAPL   144.22 (-2.63%)
MSFT   241.76 (-2.32%)
META   108.78 (-2.36%)
GOOGL   96.05 (-1.45%)
AMZN   93.95 (+0.58%)
TSLA   182.92 (+0.03%)
NVDA   158.27 (-2.72%)
NIO   10.12 (-0.49%)
BABA   75.88 (+0.50%)
AMD   73.19 (-2.60%)
T   18.82 (-1.57%)
MU   55.75 (-4.55%)
CGC   3.40 (-7.10%)
F   13.73 (-2.49%)
GE   85.47 (-3.03%)
DIS   95.69 (-3.22%)
AMC   7.33 (-2.40%)
PYPL   79.93 (-0.19%)
PFE   49.57 (+0.73%)
NFLX   281.17 (-1.53%)
S&P 500   3,963.94 (-1.54%)
DOW   33,849.46 (-1.45%)
QQQ   282.71 (-1.47%)
AAPL   144.22 (-2.63%)
MSFT   241.76 (-2.32%)
META   108.78 (-2.36%)
GOOGL   96.05 (-1.45%)
AMZN   93.95 (+0.58%)
TSLA   182.92 (+0.03%)
NVDA   158.27 (-2.72%)
NIO   10.12 (-0.49%)
BABA   75.88 (+0.50%)
AMD   73.19 (-2.60%)
T   18.82 (-1.57%)
MU   55.75 (-4.55%)
CGC   3.40 (-7.10%)
F   13.73 (-2.49%)
GE   85.47 (-3.03%)
DIS   95.69 (-3.22%)
AMC   7.33 (-2.40%)
PYPL   79.93 (-0.19%)
PFE   49.57 (+0.73%)
NFLX   281.17 (-1.53%)

Nigeria drills for oil in new field as theft erodes earnings


President of Nigeria Muhammadu Buhari addresses the 77th session of the United Nations General Assembly, Wednesday, Sept. 21, 2022 at U.N. headquarters. Nigeria has begun drilling oil and natural gas in the country’s northern region, anticipating a boost to the nation’s finances even as the new energy supplies face the threat from theft and extremist activity. President Muhammadu Buhari flagged off the drilling within Kolmani oil field on Tuesday, Nov. 22, 2022. (AP Photo/Mary Altaffer, File)

ABUJA, Nigeria (AP) — Nigeria on Tuesday began drilling oil and natural gas in the country’s northern region, anticipating a boost to the nation's finances even as the new energy supplies face the threat from theft and extremist activity.

President Muhammadu Buhari flagged off the drilling within Kolmani oil field in northeast Gombe and Bauchi states, making it the first area where oil is being drilled outside the southern Niger Delta region. It has a reserve of up to 1 billion barrels of crude.

The drilling began nearly three years after Nigeria announced the discovery of oil in commercial volume in the region, which is embroiled in a decadelong war against Islamic extremists. Analysts have raised questions about security measures to protect energy facilities there, while there are environmental concerns about tapping into more climate-changing fossil fuels.

Crude oil has been critical in expanding infrastructure in the West African nation, accounting for 41% of total federal government revenue in 2021 and 4.34 trillion naira ($10.1 billion) in earnings. However, oil theft has had a huge impact on the country’s finances and economy, which is Africa’s largest.

Government data shows Nigeria’s crude output in August averaged 972,394 barrels per day, a multidecade low, costing the country its spot as Africa’s top crude producer.

Officials project billions of dollars in earnings from the new oil project, which is being developed by the state-run Nigerian National Petroleum Company Ltd. in partnership with Sterling Global Oil and a conglomerate owned by Nigeria’s northern states called the New Nigeria Development Commission.

“We are pleased with the discovery of over 1 billion barrels of oil reserve and 500 billion cubic feet of gas within the Kolmani area, and the huge potentials for more deposits as we intensify exploration efforts,” Buhari said of the project, adding that it has attracted a $3 billion investment.


“The project promises many benefits and these include energy security, financial security, food security as well as (the) overall socioeconomic development of our country,” the president said.

The start of the drilling “marks yet another significant milestone in our collective quest as a nation to ensure energy security and access” for Nigeria's citizens, said the country's state petroleum minister, Timipre Sylva.

He anticipated more collaborations between the state oil firm and partners as it searches for oil in commercial quantity in other basins.

Officials said the Kolmani field would feature an oil refinery with a capacity of 120,000 barrels per day, a gas processing site of 500 million cubic feet per day and a power plant.

7 Water Stocks to Buy as the World Dries Up

Many of us will read this and be oblivious to the worldwide crisis. But if the current trends continue, it will become real to all of us soon enough. Most of us learned in elementary school that 97% of the world's water is salt water. And only about 1% of the total water supply is drinkable.

That is becoming difficult math for several areas of the world. A severe, multi-year drought is causing water levels to sink to historically low levels. And the federal government is threatening to cut water use by 25% in the most-affected states of Arizona, California, and Nevada.

And even if we're not put under water restrictions, we are all likely to see higher costs for food. One reason for that is that about 25% of the nation's food supply comes from California. An American Farm Bureau Federation survey conducted in 2021 found that 40% of farmers sold off part of their cattle herds.

 But opportunities present themselves in the midst of crisis, and this is no difference. In this special presentation, we're looking at seven water stocks that look like smart buys as the world grapples for solutions.

View the Stocks Here .