The Nigerian Upstream Regulatory Commission, on Sunday, revealed that Nigeria’s crude oil production rose marginally to 1.28 million barrels per day in April.
The Nigerian Upstream Petroleum Regulatory Commission, NUPRC has promised to create a sustainable environment for the sale and operations of Nigeria’s 19 oil blocks put forward for sale by the government.
With the potential approval of ExxonMobil’s $1.28 Billion asset sale to Seplat, Nigeria anticipates increased oil production.
In a move to further revitalise the oil and gas industry’s contribution to the Nigerian Economy, the minister of finance and coordinating minister of the economy, Wale Edun, yesterday presided over a signing ceremony at the Federal Ministry of Finance headquarters in Abuja endorsing the Consolidated Guidelines for the implementation of Fiscal Incentives for the Oil & Gas Sector – a cornerstone of the Presidential Directive aimed at enhancing the Nigerian oil & gas sector’s global competitiveness whilst stimulating economic growth.
There are indications that the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, the regulator of Nigeria’s upstream oil sector, is not responsible for the alleged delay in granting consent to the sale of $1.3 billion of ExxonMobil’s 40 percent stake in Mobil Producing Nigeria Unlimited, MPNU’s assets, to Seplat Energy Plc.
The Petroleum Technology Association of Nigeria (PETAN) has reiterated its commitment to supporting the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in boosting oil production.
The Nigerian Upstream Petroleum and Regulatory Commission (NUPRC) has said that Nigeria has added new oil and gas reserves The chief executive of NUPRC, Gbenga Komolafe, said that the country added about 1.087bn barrels of crude oil and 2.574 trillion cubic feet of gas Recent data showed that Nigeria ranked second to Libya in crude oil reserves in Africa and first in gas reserves on the continent
With crude oil production showing no sign of significant improvement in the country, the Federal Government has expressed concerns over the capacity of the industry to meet its domestic crude obligations to local refineries, insisting that supply to local refineries remain a priority.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has made public conditions, including a due diligence request list that exiting International Oil Companies (IOCs) must fulfil for such deals to be approved by the commission.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it projects to attract about $17.64 billion investment inflow from 51 field development plan which it approved in 2022 and 2023.