The federal government on Friday said it is targeting 2 million barrels per day (bdp) of crude oil production by the end of the year.
Heineken Lokpobiri, Minister of State for Petroleum Resources (oil), disclosed this in a meeting with energy reporters in Abuja.
Last month, the Organisation of Petroleum Exporting Countries OPEC said Nigeria’s crude oil production climbed to 1,269 million barrels per day in August 2023 from 1,171 million in July 2023.… Read the rest
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has granted RusselSmith approval to deploy its industrial non-metallic additive manufacturing solution in the Nigerian oil and gas industry.
The Commission Chief Executive (CCE), Mr Gbenga Komolafe, who disclosed this on Saturday in Lagos, said that the additive manufacturing solution from RusselSmith utilises advanced 3D printing technology.
The News Agency of Nigeria (NAN) reports that RusselSmith is an integrated energy solutions provider with a focus on technology solutions for asset integrity management, oilfield management, smart manufacturing and sustainable energy.… Read the rest
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has constituted a committee to address issues bordering on inactive crude oil blocks in order to reverse the trend.
Dr Kelechi Ofoegbu, Executive Commissioner, Economic Regulation and Strategic Planning, NUPRC, made this known at its Consultation Forum on Friday in Abuja.
The committee, he said would adopt holistic measures to reverse trend of the 23 failed oil blocks being managed by oil companies under the Production Sharing Contracts (PSC) with Nigerian National Petroleum Company (NNPC) Limited.… Read the rest
The bill to amend the Nigerian Maritime Administration and Safety Agency (NIMASA) Act has passed the first reading on the floor of the Nigerian Senate.
The Chairman, Senate Committee on Marine Transport, Wasiu Sanni Eshinlokun, who announced this during a working visit by the committee to NIMASA office in Lagos, yesterday, noted that the Senate of the 10th National Assembly is committed to formulating policies that would ensure Nigerians enjoy the benefits of the blue economy.… Read the rest
For the first time in almost a decade, the Nigerian National Petroleum Company (NNPC) Limited has stopped the crude oil swap arrangement for petrol and begun utilising cash tenders to purchase fuel.
This shift, which is in accordance with President Bola Tinubu’s reform initiatives launched in May, aims to eliminate costly fuel subsidies and strengthen Africa’s largest oil-exporting nation’s financial stability.… Read the rest
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said Thursday it has granted a Petroleum Exploration Licence (PEL) to TGS-PetroData Offshore Services Limited (TGS-PD).
The NUPRC Chief Executive, Gbenga Komolafe, in a statement on Thursday, said the granting of the license is in compliance with the provisions of Section 71 (1) – (10) of the Petroleum Industry Act (PIA) 2021.
Mr. Komolafe explained that the PEL is the first under the PIA 2021 and is under the license agreement which the commission and TGS-PD executed for a geophysical survey project for the acquisition of about 56,000 square kilometres of 3D seismic and gravity data.… Read the rest
Oilserv Limited, Pipelines and Facilities (EPCIC), the contractor handling the $2.5 billion Ajaokuta-Kaduna-Kano (AKK) Natural Gas Pipeline Project says it will surmount every challenge to ensure it delivers the project in July 2024.
Chairman of the company, Mr Emeka Okwuosa, gave the assurance on Thursday during an inspection of the project sites in the Pai community, situated between Gwagwalada and Kwali area councils, Abuja.… Read the rest
The Petroleum Natural Gas and Senior Staff Association of Nigeria (PENGASSAN) has raised the alarm over how some Nigerian oil companies are not adequately optimising assets that were divested to them by International Oil Companies (IOCs).
Nigeria’s biggest energy company by market value Seplat is upbeat it will be able to finalise talks with parties that will allow it to advance to the decisive stage of the deal to purchase ExxonMobil’s offshore shallow water business.
The acquisition is key to actualising the most ambitious move ever by Seplat, which is listed in both London and Lagos.
The deal, which has ground to a halt for nearly two years, is expected to expand Seplat’s production by as much as 186 per cent.… Read the rest
Daily oil production in Nigeria rose by 14 percent in September to 1.346 million barrels compared to 1.181 million barrels produced in August, latest data from the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, has revealed.