Nigeria’s federal government has unveiled fiscal incentives and VAT exemptions to revitalise the country’s upstream and downstream oil sectors.
/African Media Agency(AMA)/- Niger’s economy is set to rebound after a year marked by an unprecedented political crisis. However, the rebound is dependent on favorable security and climate conditions, and continued oil production for exports, according to the World Bank’s latest economic update for Niger, published today.
Hydrocarbons giant Exxon Mobil plans to invest 10 billion dollars in Nigeria’s offshore oil, a spokesman for Nigeria’s presidency said.
The Nigerian National Petroleum Company Limited (NNPCL) is confident that it can increase crude oil production from 1.7 million barrels per day to 3 million, says Chief Corporate Communications Officer Olufemi Soneye.
The Petroleum Technology Association of Nigeria (PETAN) has launched an ambitious advocacy to promote sustainable local content development in Africa especially in Nigeria where the Association has made great progress in training local engineers.
The federal government yesterday disclosed that the recent reforms embarked upon by the Bola Tinubu administration had led to the takeoff of the $550 million upstream gas project, a deal between the Nigerian National Petroleum Company Limited (NNPC) and TotalEnergies.
Nigeria, often referred to as the “Giant of Africa,” is a country rich in natural resources, particularly in crude
oil. Yet, for decades, Nigerians, including this writer, have watched as their nation has struggled with refining
its crude, depending on costly imports to meet its domestic fuel needs. In a country with one of the largest oil
reserves in the world, it is ironic that fuel scarcity and high pump prices have become the norm. Enter the
Dangote Refinery, an ambitious mega-project that promises to change the game for Nigeria’s energy sector
and the economy at large.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday denied granting clearance for Shell PLC’s sale of its onshore subsidiary to a local player.
There were indications that Nigeria has gotten close to meeting its 1.7 million barrels per day, bpd, 2024 budget target, yesterday, as oil output rose month-on-month, MoM, to 1.4 million barrels per day, bpd, excluding condensate, in August 2024, from 1.3 million bpd in July 2024, indicating an increase of 3.4 per cent.
Despite oil prices being high since 2021, most major African oil producers are not experiencing the trappings of an oil boom, Zainab Usman, a senior fellow and director of the Africa programme at the Carnegie Endowment for International Peace has said.