Nigeria and other oil and gas-producing countries in Africa may face serious economic problems in 2024 as the African Energy Chamber (AEC) projects a drastic reduction in the continent’s crude oil production.
While Nigeria is struggling economically due to low oil production coming on the backdrop of theft, vandalism and a generally elusive operating environment, the N26.01 trillion 2024 budget is built on oil production of 1.7 million barrels.… Read the rest
The Minister of Finance, Mr. Wale Edun, has said that the federation account is witnessing improved revenue inflow since the removal of subsidy from an average of N650 million monthly to over N1 trillion in the last four months.
The minister stated this on Monday in Asaba at the opening ceremony of a four-day retreat organised for members of the Federation Account Allocation Committee (FAAC).… Read the rest
The Nigerian National Petroleum Company Limited (NNPC) has announced it would inaugurate the $2.8bn Ajaokuta–Kaduna–Kano (AKK) gas pipeline project in December.
The project, which is being constructed by Oilserve Limited, will transport natural gas from southern Nigeria to central Nigeria.
Oritsemiyiwa Eyesan, Executive Vice President, Upstream, NNPC Limited, made the announcement at the ongoing 41st Nigeria Association of Petroleum Explorationists (NAPE) 2023 expo in Lagos on Tuesday last week.… Read the rest
The Nigeria Extractive Industries Transparency Initiative (NEITI) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have clarified concerns around the 2020 marginal fields’ awards.
The agencies explained that recent reports that quoted NEITI report to have insinuated that the NUPRC did not adhere to its own regulations while implementing the marginal fields’ award, were quoted out of context.
“We in NEITI, therefore, clarify that our report in reference was quoted out of context.… Read the rest