The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Felix Omatsola Ogbe on Monday applauded President Bola Ahmed Tinubu for announcing three Presidential executive orders directed at incentivizing the Nigerian oil and gas industry, encouraging new investments in the sector, reducing contracting costs and timelines, and promoting cost efficiency in local content requirements.

The executive orders are the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc) Order 2024; Presidential directive on Local Content Compliance Requirements, 2024 (EO 41); and Presidential directive on Reduction of Petroleum Sector Contracting Costs and Timelines, 2024 (EO 42).… Read the rest

The Chairman, House of Representatives Committee on Finance, Honourable James Abiodun Faleke on Tuesday, described Nigeria’s $48 per barrel crude production cost as the highest in the world.

This is as he put the cost of production of crude oil per barrel at $9 in Saudi Arabia, $21 in Norway and $24 for the United States of America, adding that despite the increase in production cost, the volume of production has continued to dwindle.… Read the rest