The National Upstream Petroleum Regulatory Commission (NUPRC) has initiated plans to relocate certain departments from Abuja to Lagos, according to a memo seen by Peoples Gazette.
Brent, the global benchmark for crude, rose to $83.19/barrel on Tuesday evening, moving up by $1.19 when compared to its cost the preceding day, as latest data from the Federal Government indicated that Nigeria’s oil output increased to 1,426,574 barrels/day in January 2024.
French energy giant TotalEnergies is exploring the sale of its minority stake in a major Nigerian onshore oil joint venture, following Shell’s divestment last month, according to CEO Patrick Pouyanne.
Oil and energy officials from Nigeria and Morocco met to elevate discussions toward a final investment decision for a planned transborder gas pipeline linking North and West Africa.
The quest by the federal government to supply uninterrupted gas to the Nigeria-Morocco gas pipeline, a $25 billion project aimed at transporting Nigerian gas to Europe through Morocco, is being threatened by lingering gas supply challenges in the country, BusinessDay’s findings have revealed.
Natural gas estimated at $1 billion and capable of powering millions of households was flared in Nigeria last year, according to BusinessDay findings.
‘Our pipeline project will not lack gas supply’
LAGOS/LONDON, Jan 29 (Reuters) – Shell’s exit from Nigeria’s onshore oil sector highlights risks oil majors face in Africa’s biggest exporter but has raised hopes that local firms could reverse the output decline from the Niger Delta, industry officials and analysts said.
Shell – which pioneered Nigeria’s oil industry – is the most prominent Western company to exit the Delta, a region blighted by pollution, oil theft and pipeline vandalism. Those issues have for years stymied investment – and throttled production and government finances.
ANALYSTS have said that SHELL’s exit from the Nigerian onshore oil business will attract varying consequences for indigenous firms and the country’s foreign exchange market.
The Nigerian oil and gas upstream market are anticipated to register a Compound Annual Growth Rate (CAGR) of over 2.0% during the period from 2021 to 2026. As of January 2021, the offshore and onshore rig count experienced a significant reduction in the country due to project scarcity and the adverse impacts of the COVID-19 pandemic.