The Minister of State Petroleum Resources, Chief Timipre Sylva, on Wednesday restated the Federal Government’s commitment to utilizing her huge gas resource to catalyze ongoing industrialisation agenda of the country. The minister, who was quoted in a statement issued by his Senior Adviser, Media and Communication, Horatius Egua, as making this remark at a dinner […]
Tag: Petroleum Industry Act 2021
Nigeria, Others Seek Oil Production Quota Review Amid Supply Shortfalls
As prospects for more crude oil demand continue to brighten as global activity picks up steam amid shortfalls in Organisation of Petroleum Exporting Countries (OPEC) member-countries subsist, Nigeria on Tuesday indicated intention to formally seek upward review of its production quota by the oil cartel. Currently indications showed that underinvestment and maintenance work had hampered […]
Buhari Orders Incorporation Of NNPC Ltd, Appoints Board Members
President Muhammadu Buhari has directed the incorporation of the Nigerian National Petroleum Corporation into a limited liability company – NNPC Limited. The President’s directive was contained in a statement issued on Sunday signed by his Special Adviser on Media and Publicity, Femi Adesina. According to Adesina, the move by Buhari is in “consonance […]
FG Inaugurates Review Committee For Petroleum Industry Act 2021
The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, on Monday inaugurated a technical committee to review the just enacted Petroleum Industry Act (PIA) 2021 and its implications for the statutory responsibilities of the ministry. Before the latest action, the ministry earlier indicated a move to push for the amendment of the newly passed […]
NNPC Won’t Be Ready For IPO Until 2024 – Kyari
Initial hopes of the investing public that the proposed successor company of the Nigerian National Petroleum Corporation (NNPC) would go public in line with amended 2021 Petroleum Industry Act appear to have been dashed on Monday as the corporation’s Group Managing Director, Mallam Mele Kyari, said that company may not be ready for an Initial […]
LCCI Set 5-Point Petroleum Industry Act Implementation Agenda For FG
The Lagos Chamber of Commerce and Industry (LCCI), one of the leading Organised private Sector (OPS) groups championing the cause of broad-based growth of Nigeria’s economy, has set a five-point implementation agenda for the Federal Government on the just published Petroleum Industry Act 2021 to achieve the broad objectives of the law. The OPS group, […]
Nigeria Lost $50Bn Investments Over Delayed Passage Of PIB – Buhari
President Muhammadu Buhari on Wednesday estimated that Nigeria lost about $50 billion worth of investments in the last 10 years due to the uncertainty of non-passage of the Petroleum Industry Bill (PIB), lack of progress and stagnation in the nation’s hydrocarbon resources industry. The President, who made the remarks at a ceremony to mark the […]
NEITI Lauds Buhari On Assent To PIB 2021, Assures Implementation Support
The Nigeria Extractive Industries Transparency Initiative (NEITI) has described President Muhammadu Buhari’s assent to the Petroleum Industry Bill (PIB) on Monday as a historic development with great potential for sustainable growth of the nation’s hydrocarbon resources industry. The organisation’s Executive Secretary, Dr. Orji Ogbonnaya Orji, in a statement signed on his behalf by NEITI’s Head […]