The Minister of Marine and Blue Economy, Adegboyega Oyetola, on Tuesday, formally received the report for the implementation of the Port Community System (PCS) in Nigeria, a move that will enhance the ease of doing business in ports within the country.
The PCS initiative aligns with the Convention on Facilitation of International Maritime Traffic (FAL) of the International Maritime Organization (IMO), and its objectives include preventing unnecessary delays in maritime traffic, enhancing cooperation between governments and ensuring uniformity in formalities and procedures.… Read the rest
In a pre-emptive move to remove any potential misinterpretation, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has explained that the upcoming ‘closed’ bid round for the sale of oil and gas blocks this year was legal and in line with the provisions of the Petroleum Industry Act (PIA) 2021.
The commission also stated that Nigeria’s national technical oil production potential currently stood at 2.26 million barrels per day (bpd) well above the 1.5 million bpd production quota allocated to the country by the Organisation of Petroleum Exporting Countries (OPEC).… Read the rest
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has said that it has adopted measures that would tackle challenges facing the oil and gas sector and boost production in the country.
Nigeria’s oil production increased to 1,426,574 barrels per day in January 2024.
The country’s drilling performance was published in the latest crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The figure represents the highest production level since March 2021 when output was 1,428,613 bpd.
According to the NUPRC data, output rose by 91,476 bpd in Januay 2024 — a 6.85 percent increase compared to the production figure of 1,335,098 bpd in December 2023.… Read the rest
Nigeria inched closer to actualising her oil production output target of 1.8 million barrels per day with about 177, 000 bpd increase in production recorded in January.
The Chairman, Senate Committee on Local Content Senator Natasha Akpoti-Uduaghan, has emphasised the need to deepen the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD Act.
Natasha Akpoti-Uduaghan, who said this at an interactive session with the leadership of the Nigerian Content Development and Monitoring Board (NCDMB) at the Senate Building at Abuja, said the development was necessary in order to create employment opportunities from the activities in the oil industry and catalyse other sectors of the economy.… Read the rest
The Port Harcourt Refining Company Limited, PHRC, has received a supply of 475,000 barrels of crude oil from the Shell Petroleum Development Company of Nigeria Limited through its Bonny Oil & Gas Terminal, BOGT.
Dr Osagie Okunbor, the Country Chair of Shell Companies in Nigeria and Managing Director of Shell Petroleum Development Company of Nigeria Limited (SPDC), disclosed this in a statement on Monday.… Read the rest
In what is a far-reaching and the first major judicial decision on the Petroleum Industry Act 2021 (“PIA”), the Nigerian Federal High Court has affirmed the power of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA or Authority) to impose and collect levies on petroleum products sold in Nigeria.
In an action filed by IHS Nigeria Limited and INT Towers Limited against the NMDPRA, the plaintiffs argued that they are not liable to pay statutory 0.5% levies for the ‘Authority Fund’ and the ‘Midstream and Downstream Gas Infrastructure Fund’ respectively on petroleum products they import.… Read the rest