Tag: Oil production

Fuel supply to increase, as FG grants companies licenses to operate refineries in Nigeria

Aminu Imam
FG grants coys licenses

Nigeria’s fuel supply is set to increase as the Federal Government, through the Nigerian Midstream and Downstream Petroleum Authority, (NMDPRA), has granted licenses to nine modular refineries, seven construction licenses, and four operational licenses. The development was announced by the NMDPRA CEO, Farouk Ahmed, at the ‘2024 Oil Trading & Logistics Africa Downstream Energy Week’, which was held in Lagos on Monday. According to Ahmed, under President Bola Tinubu’s administration, Nigeria’s refining capacity has been expanding, particularly with the commencement of production by  ?angote Refinery. “Over the course of the…

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NNPCL, Chevron targets JV’s 165,000 bpd oil production by Dec. 2024

Aminu Imam
NNPCL, Chevron

…As partners concludes conversion of assets into PIA terms In line with the Petroleum Industry Act (PIA) 2021 provisions of transiting assets from the Petroleum Profit Tax (PPT) into PIA terms, the NNPC Ltd and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), have concluded the conversion of five of its JV assets into the PIA terms. Under the new PIA regime, all existing Oil Prospecting Licenses (OPLs) and Oil Mining Leases (OMLs) would be automatically converted to Petroleum Prospecting Licenses (PPLs) and Petroleum Mining Leases, (PMLs) upon their…

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NNPCL declares ‘state of emergency’ on crude oil production

Aminu Imam
NNPCL declares

In a move towards increasing Nigeria’s crude oil production and growing its reserves, the Nigeria National Petroleum Corporation, (NNPC  has declared a state of emergency on production in Nigeria’s oil and gas industry. Its Group Chief Executive Officer, (GCEO) Mele Kyari, disclosed this in a keynote address at the opening ceremony of the 23rd edition of the Nigeria Oil & Gas Conference and Exhibition (NOG Energy Week) in Abuja, yesterday. He said, “We have decided to stop the debate. We have declared war on the challenges affecting our crude oil…

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