An Ad-hoc Committee that was set up by the House of Representatives to investigate the alleged loss of over $2.4bn in revenue from the illegal sale of 48 million barrels of Crude Oil in 2015 including crude oil exports from 2014 to date has cleared the Nigerian National Petroleum Company Ltd of any wrongdoing.
The Nigerian National Petroleum Company Limited (NNPC) on Tuesday officially kicked off the exploratory drilling campaign in Obi, Nasarawa State, with the assurance that the effort would contribute to its aspiration to grow the country’s crude oil reserves to 50 billion barrels, from the current 37 billion barrels.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says 17 marginal oil fields are currently producing out of 30 fields awarded since its inception in 1999.
Shell Plc, ExxonMobil Corporation, Chevron Corporation, and Equinor ASA have said they will withdraw their lawsuits of about $3 billion, against the Nigerian National Petroleum Company (NNPC) Limited.
Nigeria’s President, Muhammadu Buhari, has approved the Seplat Energy Offshore Limited acquisition of Exxon Mobil shares in the United States of America.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has expressed concerns about the country’s production capacity, citing cases of deliberate shut of oil wells and pipelines by operators who are trying to deal with theft.
A well at a site operated by local Nigerian firm Eroton Exploration and Production Limited has been spilling oil and gas into the Niger Delta for more than a week, the company and an agency responsible for detecting oil spills said.
Although crude oil prices have for months stayed above $100 in the international market, a development rarely seen, it has not had any positive impact on the Nigerian economy
GlobalData’s report, ‘Africa Oil and Gas Projects Analytics and Forecast by Project Type, Sector, Countries, Development Stage, Capacity and Cost, 2022-2026’, reveals that out of the 109 projects expected to commence operations in Nigeria, petrochemicals would account for 14, upstream (fields) 26, midstream 31 and downstream (refineries) would have the highest amount with 38.
Nigeria’s president has said the country is in “shock and trauma” following the deaths of at least 100 people from an explosion at an illegal oil refinery.