Nigeria’s oil industry prepares for transformation as NUPRC accelerates divestment, ushering in multibillion-dollar deals and bolstering indigenous investment.
Chief Executive, NUPRC, Mr. Gbenga Komolafe.The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is moving to speed up the conclusion of regulatory oversight on the ongoing oil assets divestment by International Oil Companies (IOCs).
With the process now fully expedited, it was gathered that when concluded, Nigeria would add at least 700,000 barrels per day to its current daily production volume, to hit about 2 million bpd before the end of the year.… Read the rest
A Danish shipping and logistics company, A.P Moller-Maersk, has pledged a $600 million investment to expand existing port infrastructure to accommodate more container shipping services in Nigerian ports.
President Bola Tinubu secured the deal on the sidelines of the World Economic Forum (WEF) Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, on Sunday.
This disclosure was contained in a statement issued by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, on Sunday.… Read the rest
The Trade Union Congress of Nigeria (TUC) has said the current scarcity of fuel which has thrown Nigerians into another agonising experiences with long queues at fuel stations, would have been a thing of the past if the Federal Government had honoured its promise to kick start full operations at the Port Harcourt refinery.
President of the Congress, Comrade Festus Osifo, who briefed newsmen yesterday in Abuja at the end of the union’s National Executive Council (NEC) meeting in Abuja, said the contractors at the Port Harcourt refinery and the Nigerian National Petroleum Company (NNPC) Ltd, had given assurances earlier in the year during an inspection to the refinery, that it would be running optimally by the first week of April 2024.… Read the rest
Nigeria Unveils New Fiscal Incentives To Revive Oil and Gas Industry, Targets $10 Billion Investment
The federal government on Tuesday officially launched a new set of fiscal incentives to rejuvenate Nigeria’s ailing oil and gas industry, stressing that it aims to attract about N10 billion in investment between the next 12 months to 18 months.
It was learnt that the presidential directives were developed and coordinated by the Special Adviser to the President on Energy, Mrs.… Read the rest
Nigeria Unveils New Fiscal Incentives To Revive Oil and Gas Industry, Targets $10 Billion Investment
The federal government on Tuesday officially launched a new set of fiscal incentives to rejuvenate Nigeria’s ailing oil and gas industry, stressing that it aims to attract about N10 billion in investment between the next 12 months to 18 months.
It was learnt that the presidential directives were developed and coordinated by the Special Adviser to the President on Energy, Mrs.… Read the rest
The delay in the consummation of the $1.3 billion ExxonMobil’s sale of 40 per cent stake in Mobil Producing Nigeria Unlimited in (MPNU) to Seplat Nigeria Plc is currently raising dust and dominating conversations among industry stakeholders.
While some players have argued that the refusal of the Nigerian Upstream Regulatory Commission(NUPRC) to give consent to the deal is taking longer than necessary and robbing the country of the much required investment capable of increasing oil production from 1.2 million barrels per day (bpd) to about 2.5 million bpd, others believe due process must be followed in executing the deal in order to reap the much anticipated gains.… Read the rest
Maritime stakeholders have expressed concerns over Nigeria’s inability to take advantage of the $14 trillion global shipping industry.
The immediate past President, Ship Owners Association of Nigeria (SOAN) Dr. Mkgeorge Onyung, at SOAN’s inauguration of its new executive council members in Lagos, said Nigeria is lagging behind among its contemporaries to tapping into the trillion dollar shipping industry, stating the urgent need to deploy the use of the cabotage fund to unlock Nigeria’s economic fortunes in the global shipping industry.… Read the rest
The Nigerian National Petroleum Company Limited (NNPC) at the weekend reiterated its commitment to transforming Nigeria into a gas-powered nation, in line with the country’s enormous natural endowment of over 209 trillion cubic feet of gas reserves.
A statement from the national oil company stated that its Group Chief Executive Officer, Mele Kyari , made the remarks when he received the Energy Times’ GCEO of the Year Award in Lagos.… Read the rest
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said the country would be able to ramp up oil and gas production to feed Dangote and other local refineries by curtailing pipeline vandalisation and oil theft through its new partnership with the Nigerian Armed Forces.
He stated this yesterday while playing host to the Chief of Defence Staff (CDS), General Christopher Musa, who was in his office to find ways to secure the nation’s oil and gas sector in Abuja.… Read the rest
With Nigeria facing the reality of not meeting its 2024 oil production target, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri and the Chief of Defence Staff, Major General Christopher Musa have vowed to curb oil theft and pipeline vandalism in the Niger Delta region.
Both agreed that the menace of oil theft which has seriously curtailed production and export has significantly impacted Nigeria’s ability to fund its budget and generate foreign exchange.… Read the rest