The Nigerian Upstream Petroleum Regulatory Commission has clarified that international oil companies are not exiting Nigeria despite their recent divestments. According to NUPRC CEO, Gbenga Komolafe, these divestments are part of “portfolio rationalisation,” a common practice in other markets. At…
The Special Adviser to the President on Energy, Olu Verheijen has berated the over $82 billion investments made by IOCs in other African countries snubbing Nigeria. Speaking at the ongoing African Energy Week in Cape Town, South Africa, Verheijen urged…
…Commends NUPRC for publishing Domestic Crude Supply Obligation Guidelines …Says trading arms offer cargoes at $2-$4 per barrel, above NUPRC official price The Management of Dangote Industries Limited (DIL) says International Oil Companies (IOCs) are using their trading arms to…
…Alleges NMDPRA still granting licences to import banned diesel, jet fuel By Seun Ibiyemi The Vice President, Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, over the weekend accused International Oil Companies (IOCs) in Nigeria of doing everything…
The House of Representatives on Wednesday resolved to investigate ongoing assets divestment by international oil companies operating in the Niger Delta region of the country. This is to ascertain the level of compliance with the decommissioning and abandonment guidelines of…
By Sodiq Adelakun The Central Bank of Nigeria (CBN) has issued new directives to International Oil Companies (IOCs) operating within the country, aimed at regulating the repatriation of export proceeds to their offshore accounts. In a bid to maintain liquidity…
…Laud NCDMB for effective local content implementation …Minister identifies divestments by foreign companies as opportunity for developing in-country capacity International Oil companies and indigenous players in the Nigerian Oil and Gas industry have decried multiple taxation and bottle necks as…
The Senate Committee on Niger Delta Development Commission (NDDC) on Thursday in Abuja frowned at non-remittance of funds owed the Commission by International Oil Companies (IOCs). Chairman of the Committee, Sen. Asuquo Ekpenyong (APC-Cross River South Senatorial District) expressed the…
…targets 6 months contract cycle …as active oil rigs hit 31 in 2023 from 10 in 2022 … Regulatory uncertainty drags upstream expenditure by 77.8% in 8yrs – NUPRC In a bid to ramp up Nigeria’s crude oil production, the…
The Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, has revealed that three oil companies have commenced importation of fuel into Nigeria. Farouk said this at a crucial meeting of stakeholders in Lagos.…
