The Nigerian Upstream Petroleum Regulatory Commission has revealed that crude oil production in Nigeria rose to 1.235 million barrels per day in December 2022, representing the highest output since March when the country produced 1.237mbpd.
The Economic and Financial Crimes Commission (EFCC) has so far recovered over N201 billion from oil firms defaulting on royalties to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the 3 per cent statutory payment to the Niger Delta Development Commission.
Nigeria is one of the world’s largest oil producers, yet, has failed to develop an oil refinery sector.
Nigeria is one of the world’s largest oil producers, yet, has failed to develop an oil refinery sector.
ABUJA — Nigerian President Muhammadu Buhari opened the first oil drilling site in the country’s north Tuesday, saying it will bring energy security and economic development.
The ad-hoc committee set up by the Senate to investigate oil theft and consequent damage on the nation’s economy said on Tuesday that Nigeria lost $2 billion, equivalent to N1.3trillion, to oil theft between January and August this year.
The new Act confirms that Africa is taking control of its own resources and setting the agenda for how they will be deployed.
Nigeria has launched new terms and conditions for six offshore PSCs in a race to drive up production as the global energy transition moves forward
Nigerian President Muhammadu Buhari reversed his earlier authorization of Seplat Energy Plc’s $1.28-billion purchase of Exxon Mobil Corp. assets and backed the energy regulator’s decision to reject the deal, according to a spokesman.
about 400,000 barrels per day, bpd, shortfall against the 1.88 mbpd, output benchmark in the 2022 budget.