The joint venture (JV) between Nigeria National Petroleum Co. Ltd. (NNPC) and Chevron Corp. is targeting to reach production of 165,000 barrels of oil per day (bopd) by the end of 2024 after converting their licenses under the terms of the Petroleum Industry Act (PIA)
When the Nigeria National Petroleum Company Limited (NNPC Ltd) began oil exploration in the North about two years ago under former President Muhammadu Buhari’s administration, it not only came as a sigh of relief for the region but a sign of progress for a country whose oil exploration has been in the southern part.
Nigeria’s crude oil production is expected to rise in the third quarter (Q3) of 2024, as new fields come onstream following the ongoing efforts to revamp existing oil and gas assets to boost output, a report by the Society of Energy Editors (SEE), has revealed.
The Federal Government has announced the commencement of allocation of the 2024 oil block licensing round. The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engineer Gbenga Komolafe, said the 2024 block licensing round would last for approximately nine months.
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.
Host communities in Bayelsa State have threatened to disrupt oil production across the state if the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) fails to refrain from actions that could potentially reduce or create bottlenecks for the three per cent host community fund under the Petroleum Industry Act (PIA).
The Nigerian Upstream Petroleum Regulatory Commission has released a notice of stakeholder consultation on phase 4 of regulations development in line with Section 216 of the Petroleum Industry Act (PIA) 202