The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, yesterday said that the anticipated public listing of the company’s shares at the stock market as provided for in the Petroleum Industry Act (PIA) will start soon.
Kyari told international oil and gas players participating at the ongoing 2024 CERAWEEK in Houston, United States that NNPC would become a quoted company in line with the PIA, adding that at maturity, some of the national oil company’s shares would be divested.… Read the rest
Nigeria has regained its position as the biggest recipient of payments from Shell as production entitlement, royalties, taxes and fees to the government in 2023 amounted to $4.92 billion, the highest in four years.
The payout to Nigeria increased by 8.85 percent compared to the previous year, representing 16.67 percent of the company’s total payments to 26 countries, new data released by Shell shows.… Read the rest
Nigeria has regained its position as the biggest recipient of payments from Shell as production entitlement, royalties, taxes and fees to the government in 2023 amounted to $4.92 billion, the highest in four years.
The payout to Nigeria increased by 8.85 percent compared to the previous year, representing 16.67 percent of the company’s total payments to 26 countries, new data released by Shell shows.… Read the rest
Savannah Petroleum PLC has acquired 100 per cent of the stakes of Sinopec International Petroleum Exploration and Production Corporation in Stubb Creek Field.
Savannah said on Tuesday that it consolidated its Stubb Creek Field interest in Nigeria, signing separate Share Purchase Agreements with Sinopec International Petroleum Exploration and Production Corporation and Jagal Ventures Limited to acquire 100 per cent of SIPEC.… Read the rest
Nigeria’s self-reported crude oil production figures to the Organisation of Petroleum Exporting Countries (OPEC) was underwhelming in February, but rose 9 per cent year-on-year, a THISDAY review of data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has shown.
Production was curtailed in almost all of the country’s oil terminals including; Bonny, Brass, Qua Iboe, Forcados, Excravos, Odudu, Tulja-Okwuibome, among several others.… Read the rest
State-owned Nigerian National Petroleum Company (NNPC) has sought assistance from the EFCC to curb oil theft and pipeline vandalism in Nigeria.
During a meeting held in Abuja last week, NNPC chief executive Mele Kyari informed the EFCC of the disturbances in the oil-rich Niger Delta region. He said: “We have deactivated 6,409 illegal refineries in the Niger Delta region. Today, we have disconnected up to 4,846 illegal pipes connected to our pipelines out of 5,543 such illegal connection points.… Read the rest
A new report has listed the United States as the world’s highest methane emitter, despite sending a number of delegations to convince Nigeria and other fossil fuels-rich African countries to abandon their natural resources.
The International Energy Agency (IEA) in its latest report said that the US was followed by Russia and then China, which is one of the biggest coal energy users in the world.… Read the rest
Thenumber of functional oil drilling rigs across the country increased marginally to 16 in February, data from the latest March 2024 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries has shown.
Figures released by OPEC indicated that the country’s oil rigs increased from 15 in January to 16 in February, a development which industry operators described as significant for the production of crude.… Read the rest
The Nigerian National Petroleum Corporation Limited, NNPCL, says it recorded more than 9000 infractions on the nation’s oil pipeline in one year.
At an oversight visit to the agency’s headquarters, the ad hoc Committee on Oil Theft raises concerns over the herculean challenge posed by operating oil and gas pipelines.
The special committee set up to investigate the challenge of oil theft is at the headquarters of the NNPCL to further gather useful information on the menace.… Read the rest
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