It intends to broker deals with service companies, where they provide work in exchange for a service fee recoverable from production.
Petroleum Industry Act (PIA)
Tinubu won 36% of the votes cast, securing support from 12 of the 36 states. He received 8.79 million votes on Saturday, while Buhari – in 2019 – pulled in 15.19mn.
Last year, theft on the Nembe Creek Trunk Line (NCTL) and Trans Niger Pipeline ranged from 30% to 90%.
Africa Oil (TSX:AOI) expects a number of developments in the next month or so, including the spud of the Gazania well, an extension to its licence in Nigeria and the signing of a Kenya deal.
Nigerian National Petroleum Corp. (NNPC) has renewed licences with leading international companies in the deepwater in a move expected to unlock new investments.
Nigerian President Muhammadu Buhari has reversed his support for Seplat Energy to acquire ExxonMobil’s local joint venture, in apparent recognition of the regulator’s objections.
Nigerian National Petroleum Corp. (NNPC) has held a glitzy ceremony celebrating its relaunch as a limited company and a newfound sense of independence.
Nigeria’s companies are starting to play an increasingly important role in the country’s production, particularly given the waning appetite for onshore risk from IOCs.
Nigeria is benefiting from higher oil prices, the International Monetary Fund (IMF) has said, but its deficit will widen this year.
Nigeria is the largest economy in Africa, with the government highly dependent on oil revenues. As such, Nigerian National Petroleum Corporation (NNPC) is crucial to the country and the state.
Nigerian President Muhammadu Buhari has appointed a board to oversee Nigerian National Petroleum Corp. (NNPC) Ltd.
A number of Nigerian governors have called for the federal government to revisit the Petroleum Industry Act (PIA).