MILAN/LONDON, Sept 4 (Reuters) – Italy’s Eni (ENI.MI) has agreed to sell its Nigerian onshore subsidiary to local company Oando (OANDO.LG), the two companies said on Monday, the latest international energy giant to divest onshore assets in the West African country.
WorldStage Newsonline– The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has threatened to revoke the licences of oil operators or settlors who failed to remit the three per cent statutory fees to oil communities before September ending.
“OPEC’s output is still undershooting the targeted amount by almost 800,000 bpd mainly because Nigeria and Angola lack the capacity to pump as much as their agreed level.”
Nigeria has historically had to import petroleum by-products, diesel and gasoline from other countries such as India, Belgium and the United Arab Emirates. This was one of the major paradoxes that overshadowed the African country in the midst of a more aggressive and competitive international market.
Nigeria looks to restart four of its oil refineries by the end of 2024, the country’s newly appointed minister of state for petroleum, Heineken Lokpobiri told Reuters, as the southern Port Harcourt plant prepares to begin operations by the end of this year.
The Presidency has directed the Federal Ministry of Petroleum Resources to suspend its activities on the constitution of a committee to audit the account of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
A new report and analysis from Westwood Global Energy Group (Westwood), the specialist market research and consultancy firm, indicated a positive outlook for the Nigerian oil and gas sector, following a decade of unmet potential.
Latest analysis from Westwood Global Energy Group uncovers a positive outlook for the Nigerian oil and gas sector, following a decade of unmet potential. However, success will hinge on timeliness of project completion, along with nation-wide infrastructure and security improvements.
DESPITE Nigeria’s dwindling revenue, oil and gas companies operating in the country flared 12.7 million standard cubic feet (mscf) of gas in July 2023, according to the latest data from the National Oil Spill Detection and Response Agency (NOSDRA).
Oil production in Nigeria slumped by 15.5% in July from June, marking the third month-on-month decline since April, according to data from the local upstream regulator.