The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has secured more than $400 million in decommissioning liabilities on recent oil and gas asset transfers. Gbenga Komolafe, Chief Executive Officer (CEO) NUPRC, made the disclosure through his representative, on Thursday at the NEITI Companies Forum in Lagos. “The results from 2024 speak for themselves. Over […]
BY MOTOLANI OSENI The latest executive order by President Bola Tinubu to lower costs and enhance revenue from oil and gas projects is strengthening the competitiveness of doing business in Nigeria, says the African Energy Chamber (AEC). The Upstream Petroleum Operations Cost Efficiency Incentives Order (2025) introduces performance-based tax incentives for upstream operators and is […]
BY MOTOLANI OSENI Africa’s energy sector is gaining unprecedented momentum, with capital expenditure in oil and gas alone projected to reach $43 billion in 2025 — and a longer-term forecast of $54 billion by 2030. This surge highlights the continent’s rising profile as a global energy force, driven by strong developments across oil, gas, power, […]
The Nigeria Extractive Industries Transparency Initiative (NEITI) says outstanding collectible revenues due to the Federal Government in the oil and gas industry have risen to 6.071 billion dollars and N66.4 billion as at June 2024, respectively. NEITI disclosed this on Thursday in Abuja at the public presentation of its 2022 and 2023 Independent Oil and […]
By Motolani Oseni Riding on the pedestal of the newly inaugurated Petroleum Industry Act (PIA) local Oil and gas traders/operators have been advised to leverage technology if they truly desire to join the global oil and gas community. This position was canvassed by the Chief Executive of Flagship Energy Limited, Mr Osagie Ediale in Abuja, […]
By Tom Okpe The House of Representatives has directed the Accountant General of the Federation, Shell Petroleum Development Company (SPDC), Chevron Nigeria Ltd and other stakeholders to provide it with relevant documents as it probe joint venture (JV) operations and Production Sharing Contracts (PSCs) in the oil and gas sector since 1990 to authenticate legality […]
*Mandates c’ttees to take inventory of NNPC, legitimate transition process Tom Okpe, Abuja The House of Representatives has called on the Federal Government to take urgent steps to recover all outstanding debts owed by Oil and Gas Companies. The call emanated from a motion raised by Hon Ahmed Munir during plenary on Wednesday. Raising the […]
ROTIMI FADEYI, ABUJA President Muhammadu Buhari on Thursday declared that Nigeria would strengthen its position as regional leader in the oil and gas industry, even as his administration would spare no effort in ensuring maximum benefit from the nation’s huge natural resources. A statement issued by Special Adviser to the President on Media and Publicity, […]
Out of the desire to ensure a smooth supply of petroleum products into the Nigerian market and to strengthen the nation’s oil sector, two of the key players, Rahamaniyya Oil and Gas and Sahara Energy have agreed to settle their differences out of court. Daily Times gathered that both parties’ agreement to withdraw legal action […]
The COVID-19 pandemic has affected every sector of the economy. Banking, oil and gas, tourism, telecommunication, education, energy, even the film, entertainment and media industries have been directly or indirectly affected by the pandemic. Prior to this global health challenge, the News Agency of Nigeria (NAN) reported that cinemas in Nigeria earned over N3 billion […]