Category: Oil & Gas
FG unveils $48bn oil, gas investment opportunities in the UK
To deepen offshore investments in the nation’s oil and gas industry, the Federal Government on Wednesday unveiled Nigeria’s $48 billion investment opportunities available in emerging capital projects expected on stream soon. The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, while speaking at a panel session on the topic “Insights…
Nigeria earns N3.72trn from royalties, petroleum tax in one year .Begins fuel import from China
Nigeria earned N3.72 trillion from royalties and petroleum profit tax (PPT), in the oil and gas sector in 2018, according to data obtained from the Central Bank of Nigeria, (CBN). The CBN, in its Economic Report for the Fourth Quarter of 2018, stated that the amount the country earned from royalties and PPT in 2018…
Shell inducts 30 graduates for industry internship
Thirty engineering graduates have been inducted to the fifth batch of the Shell Nigeria internship programme, a four-year old scheme designed to help young graduate engineers upscale their skills in readiness for employment in the energy sector. The internship programme, run in collaboration with the Petroleum Technology Association of Nigeria (PETAN), places the interns with…
Nigeria hits oil majors with billions in back taxes
Nigeria has ordered foreign oil and gas companies to pay nearly $20 billion in taxes it says are owed to local states, industry and government sources said, in a move that could deter investment in Africa’s largest economy. In a letter sent to the companies earlier this year via a debt-collection arm of the government,…
FG plans new finance scheme to bridge oil sector funding gaps
Damilola Shittu – Abuja The Nigerian Content Development Monitoring Board (NCDMB), has announced plans to introduce a new financing scheme to address the gaps witnessed under the Bank of Industry (BoI) funding initiative for companies operating in the Nigerian oil and gas industry. Speaking in Abuja, Executive Secretary of the NCDMB, Mr. Simbi Wabote, stated…
Buhari backs oil cut by OPEC …Atiku insists on selling NNPC if elected
President Muhammadu Buhari has pledged the cooperation of Nigeria to the reduction of oil output to attract higher prices in the global market. Speaking with Mr Ahmad Qattan, Special Envoy of King Salman Bin Abdulaziz, Minister of State for African Affairs of the Kingdom of Saudi Arabia, at the State House, Abuja, Buhari said as…
Gas flare commercialisation to attract $3.5bn investments –FG
The ongoing gas flare commercialisation programme of the Federal Government will attract $3.5 billion worth of investments to Nigeria. In a reply to enquiries on the status of the programme, senior officials of the Federal Ministry of Petroleum Resources explained that inward investments valued at over $3bn would come into Nigeria through the Nigerian Gas…
Royalties: FG to revoke licenses of debtor oil firms
By Oke Peter The Federal Government, has warned it would revoke the licenses of oil producing firms that failed to pay up their royalties. Minister of State for Petroleum Resources, Dr Ibe Kachikwu, gave the warning at a Ministerial press briefing on key achievements of the Department of Petroleum Resources on crude oil, LNG tracking…
Commercialising flared gas in Nigeria (Part 1)
Introduction The Nigerian Gas Flare Commercialization Programme (NGFCP) was launched by President of the Federal Republic of Nigeria, Muhammadu Buhari, in his capacity as the Minister of Petroleum Resources (Minister) on 13th December, 2016. The objective of the NGFCP is to establish a bankable commercial framework for the monetization of flare gas, by providing flare…
Crude oil production by NPDC increases by 57,000bpd
Crude oil production by the Nigerian Petroleum Development Company (NPDC), the flagship subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased by 57,000 barrels per day. The NNPC, in its January 2019 news edition obtained in Abuja on Monday, said crude production by the NPDC increased from 108,000bpd in 2016 to 165,000bpd in 2017….