The Office of the National Security Adviser has unveiled a new operational framework to coordinate security agencies, private surveillance contractors and other stakeholders in Nigeria’s oil and gas industry, following the recovery of more than 2.4 million barrels of stolen crude oil. The framework, known as the Standard Operating Procedure for the Nigerian Oil and […]
The Federal Government has tasked petroleum engineers and other industry professionals with supporting its drive to increase Nigeria’s crude oil production to three million barrels per day (bpd) by 2030. The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, gave the charge on Saturday at the inauguration of the sixth National Chairman of […]
The Federal Government has introduced a major fiscal incentive for new deep offshore oil and gas projects, allowing qualifying developments to restart the profit-oil sharing scale at 70:30 in favour of contractors, even where existing production in the same contract area has already moved to a higher government share.
According to NUPRC, Nigeria’s current production rate, including crude oil and condensates, has reached 1.8 million barrels per day (bpd), up from 1.54 million bpd in September, with plans to push this figure to 2 million bpd by year-end.
Crude oil theft may have cost the country a whopping N1.9tn revenue loss in July, according to analysis by The PUNCH.