The Revenue Mobilization Allocation and Fiscal Commission (RMAFC) has disclosed that a total sum of N7,314,129,314,386.08 accrued into the Federation Account in fiscal year 2023. The figures were contained in the monthly report to the Federation Account Allocation Committee (FAAC) by the Central Bank of Nigeria (CBN) titled “CBN Federation Account Component Statement”. In a […]
Despite the raging controversies over plans by the Central Bank of Nigeria’s (CBN’s) management to relocate some of the bank’s departments to Lagos, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has also hinted of its plans to relocate some of its units from Abuja to Lagos. The commission in an internal memo titled ‘Movement to […]
The Nigerian Content Development and Monitoring Board (NCDMB) and the National Insurance Commission (NAICOM), have commenced moves to review and operationalize the insurance services regulations jointly issued by both agencies in June 2022, with a view to encouraging oil and gas operators in the country to patronize local insurance firms. The Executive Secretary of NCDMB, […]
Experts in Nigeria’s hydrocarbon resources industry foresee that the planned commitment of about $13.5 billion in upstream oil and gas investment by oil majors could serve as stimulus to help Nigeria achieve its 2.6 million barrels per day (mb/d) production target in the next three years. President Bola Tinubu had expressed the readiness of the […]
The Federal Government has hinted that it may be compelled to revoke unutilized licences granted to marginal oil field operators which have remained non-operational since issuance. The Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe told Reuters on Monday that only companies with viable technical and financial backup would get to […]
The Nigerian National Petroleum Company Limited (NNPCL) reported via its official X account on Tuesday that 131 crude oil theft incidents were recorded in the oil facilities within 7 days of operations in the nation’s upstream subsector. According to the report, during the one week period, there were 24 illegal connections, 43 illegal refineries, 17 […]
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 […]
…..says NNPCL remits no money to Federation Account ……..NNPCL’s Mgt debunks allegation The Revenue Mobilisation Allocation And Fiscal Commission (RMAFC) has disclosed that the total sum of N5,244,037,636,561.60 accrued into the Federation Account in the first half of this year based on figures from the monthly reports of the Federation Account Allocation Committee (FAAC) […]
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has issued letters of award to 42 companies/entities that were successful in the bid for 49 Flare Sites enlisted during the 2022 Nigerian Gas Flare Commercialisation Programme (NGFCP) Auction process. The petroleum regulatory body confirmed the issuance of the letters of award via a press statement issued on […]
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reported that in August this year Nigeria produced 1,414,664 barrels per day of crude oil. According to the commission, during the month under review, the crude oil production stood at 1,181,133 barrels per day while blended condensates produced was 49,306, and the produced unblended condensates stood at […]