In a move to further revitalise the oil and gas industry’s contribution to the Nigerian Economy, the minister of finance and coordinating minister of the economy, Wale Edun, yesterday presided over a signing ceremony at the Federal Ministry of Finance headquarters in Abuja endorsing the Consolidated Guidelines for the implementation of Fiscal Incentives for the Oil & Gas Sector – a cornerstone of the Presidential Directive aimed at enhancing the Nigerian oil & gas sector’s global competitiveness whilst stimulating economic growth.
There are indications that the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, the regulator of Nigeria’s upstream oil sector, is not responsible for the alleged delay in granting consent to the sale of $1.3 billion of ExxonMobil’s 40 percent stake in Mobil Producing Nigeria Unlimited, MPNU’s assets, to Seplat Energy Plc.
The Petroleum Technology Association of Nigeria (PETAN) has reiterated its commitment to supporting the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in boosting oil production.
The Nigerian Upstream Petroleum and Regulatory Commission (NUPRC) has said that Nigeria has added new oil and gas reserves The chief executive of NUPRC, Gbenga Komolafe, said that the country added about 1.087bn barrels of crude oil and 2.574 trillion cubic feet of gas Recent data showed that Nigeria ranked second to Libya in crude oil reserves in Africa and first in gas reserves on the continent
With crude oil production showing no sign of significant improvement in the country, the Federal Government has expressed concerns over the capacity of the industry to meet its domestic crude obligations to local refineries, insisting that supply to local refineries remain a priority.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has made public conditions, including a due diligence request list that exiting International Oil Companies (IOCs) must fulfil for such deals to be approved by the commission.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it projects to attract about $17.64 billion investment inflow from 51 field development plan which it approved in 2022 and 2023.
In a bid to increase the nation’s revenue base, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has projected an investment inflow of about $17.67 billion into the upstream petroleum sector with expected cumulative 2.12 billion barrels of oil and 13.13 Trillion Cubic Feet (TCF) of gas production in the next five years.
With clear mandates – ensuring compliance with petroleum laws, regulations and guidelines, monitoring of operations at drilling sites, producing wells, production platforms and flowstations, crude oil export terminals, and all pipelines carrying crude oil, and natural gas, supervising operations being carried out under licences and leases, monitoring operations to ensure that they are in line with national goals and aspirations – the Nigerian Upstream Regulatory Commission, NUPRC, occupies a very influential position in Nigeria’s oil and gas industry.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reports a reversal in the investment decline in the oil and gas upstream sector, as stated by Gbenga Komolafe, the CEO of the commission.