Nigeria’s crude oil reserves have increased by 1 billion barrels while natural gas reserves have jumped by 2.573 trillion cubic feet (TCF), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said.
Nigeria, Africa’s largest oil exporter, is shaking up its oil industry by mandating oil firms to supply a portion of their crude oil to domestic refineries before exporting it.
With 4 Drill Ships Arriving Nigeria in 2025, Oil Service Firms Expect Rebound in Upstream Activities
Nigeria’s upstream oil and gas industry is set to experience a rebound in projects with potential for crude production growth and other associated values as four drill ships are expected to arrive the country by 2025, THISDAY has learnt.
Many exploration and production projects in the deepwater environment have been lined up for commencement next year, which are being promoted by the International Oil Companies (IOCs) operating in Nigeria.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that Nigeria’s crude oil reserves are 31.56 billion barrels, while condensate reserves are 5.94 billion barrels, totaling 37.50 billion barrels.
NUPRC’s Komolafe promises increased synergy between local refineries and producers in the second half of 2024 for a self-reliant petroleum landscape.
The Federal Government has disclosed that Nigeria now produces crude oil from over 246 fields across the country and operates 188 production stations/platforms.
Nigeria’s oil regulator met with producers and local refiners to fix implementation of a policy mandating crude sales to domestic refineries, the head of the agency said on Tuesday.
The final investment decision (FID) on the planned $25 billion Nigeria-Morocco pipeline linking North and West Africa could be reached by December, a senior Nigerian oil official said.
The Independent Petroleum Producers Group (IPPG) wholeheartedly endorses the recent Executive Orders signed by President Bola Ahmed Tinubu, aimed at revitalising investment in Nigeria’s oil and gas sector and positioning the nation as Africa’s premier investment destination within the energy sector.
Africa’s biggest producer is trying to halt a flight of investment capital from its onshore fields by oil majors fleeing assets prone to spills caused by attacks including sabotage and vandalism