The Nigerian National Petroleum Company (NNPC) Limited and the Nigerian Content Development and Monitoring Board (NCDMB) have signed an agreement with the International Oil Companies (IOCs) to reduce the contracting cycle to an optimal level of not more than 180 working days.

The state-owned oil company said in a statement seen by BusinessDay that the Memorandum of Understanding, which was executed on Monday at the NNPC Towers in Abuja, was a demonstration of NNPC Ltd’s commitment to the efficiency mandate as enshrined in the Petroleum Industry Act (PIA), which is hinged on developing an industry framework for an optimised contracting cycle.… Read the rest

The African Petroleum Producers Organisation (APPO) has said that it plans to commit $5 billion to the establishment of the African Energy Bank (AEB), to develop oil and gas assets across oil-producing member countries.

Secretary General of APPO, Dr Omar Ibrahim, who spoke during a news conference held on the sidelines of the recent 24th World Petroleum Congress (WPC) in Calgary, Canada, stated that the bank would be established in collaboration with Afreximbank, according to a News Agency of Nigeria (NAN) report.… Read the rest

CapEx are funds targeted at acquiring, rehabilitating and operating plants and other infrastructure in the petroleum.

Speaking at the sidelines of the ongoing World Petroleum Congress, Calgary, Canada, Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Gbenga Komolafe, said the uncertainty discouraged investors from staking their resources in the industry.

According to the News Agency of Nigeria, NAN, Komolafe, who was represented by the Commission’s Executive Commissioner, Kelechi Ofoegbu, said the development culminated in the stagnation of the nation’s oil and gas industry.… Read the rest