The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that the country’s total annual upstream capital expenditure (CAPEX) decreased from $27 billion in 2014 to less than $6 billion in 2022. The Chief Executive Officer of the commission, Mr Gbenga Komolafe, who made this disclosure on the sidelines of the World Petroleum Congress (WPC) in […]
The Nigerian National Petroleum Company Ltd (NNPCL) and the Nigerian Content Development and Monitoring Board (NCDMB) have signed a Memorandum of Understanding (MoU) with the International Oil Companies (IOCs) to reduce contracting cycle to an optimal level of not more than 180 working days. A statement issued by the NNPCL on the pact indicated that […]
The Minister of Niger Delta Affairs, Senator Godswill Akpabio, on Thursday accused the International oil companies (IOCs) operating in Nigeria’s hydrocarbon resources industry of not fulfilling their fiscal obligations to the Niger Delta Development Commission (NDDC) as and when due. Specifically, the minister claimed that the IOCs currently owed the commission over $4 billion. Akpabio, […]
The Senate has mandated its Committee on Gas to review upwards and recommend immediately penalties for defaulters of the nation’s gas flaring laws. The legislative move is intended to be a desirable step towards deterring abuses by operators and exploring the opportunities in the gas sub-sector of the hydrocarbon resources to national development advantage The […]
President of the Senate, Ahmad Lawan, on Monday said that the Petroleum Industry Bill (PIB) to be introduced by the National Assembly for consideration next year was not aimed at frustrating the operations of International Oil Companies (IOCs) in Nigeria. Lawan made this known when he hosted the French Ambassador to Nigeria, Jerome Pasquier, at […]
The Federal Government has ordered foreign oil and gas companies operating in the nation’s hydro-carbon resources industry to offset all forms of tax arrears, estimated to be over $20 billion immediately. A news report by Reuters linked the directive to a letter sent to the companies earlier this year by the Nigerian National Petroleum Corporation […]