Petroleum Industry Act
2 days ago
There are indications that Nigeria may unlock about 10 billion barrels of crude oil, revenue of $5 billion and immediate Final Investment Decisions (FIDs) in key oil and gas projects worth $4 billion following renegotiation and new agreements in the 1993 Production Sharing Contract (PSC).
Niger Delta Budget Monitoring Group (NDEBUMOG) has lamented the little impact or what is considered measurable infrastructural revival in the oil-producing region, despite previous interventions
Stakeholders have insisted that there was a need for transparency and accountability in the nation’s extractive sector, stressing that the state oil firm, Nigerian National Petroleum Company Limited (NNPC)
If there is any landmark achievement recorded under the incumbent Muhammadu Buhari administration, the unveiling of the new Nigerian National Petroleum Company Limited (NNPCL) passes as one.
For political reasons, especially to keep the current government in power, the decision to stop the payment of subsidies has remained elusive and the rise of the cost of the scheme, believed to be in favour of the masses is now the leading cause of their adversity.
“Breaking news” on August 16, 2021, informed that the President of the Federal Republic of Nigeria; Muhammadu Buhari had signed the Petroleum Industry Bill (PIB) into law.
Corporate Accountability and Public Participation Africa (CAPPA) has lamented the prevalence of soot in states in the Niger Delta region despite measures taken by the government
Voluntary conversion to incorporated Joint ventures, subject to the guiding principles defined in the second schedule to the PIB.
By Russia is one the highest suppliers of Naphtha (a critical gasoline blending feedstock) to European refiners and blenders. Naphtha represents about 30% of the components that make up gasoline and Russia supplies about 20% of the world Naphtha consumption.
The Managing Director, Rainoil Limited, Gabriel Ogbechie has urged the Federal Government to implement the Petroleum Industry Act (PIA) and suspend payments on fuel subsidy for the development of the downstream sector and economy.
The Vice-chairman of FAMFA Oil Limited, Folorunso Alakija, has stated that the current reforms in the oil and gas sector are expected to have a far-reaching impact on revitalizing the Nigerian economy.
Nigeria is planning about six new regulations on the backdrop of the Petroleum Industry Act (PIA) that sets fresh modalities for oil and gas royalty, award of oil blocks, fees and rentals amidst divestment by International Oil Companies (IOCs).