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Costs of Nigeria’s oil & gas projects higher than other countries by 100% – Oil firms

Costs of Nigeria’s oil & gas projects higher than other countries by 100% – Oil firms

A report prepared by the Oil Producers Trade Section (OPTS) of Lagos Chamber of Commerce and Industry (LCCI), has shown the existence of a Nigeria-specific cost premium for the petroleum sector, with operating costs and projects costs significantly higher than in other countries by as much as 100%, The oil and gas producers stated that they… READ MORE

Kachikwu: Nigeria to Earn $2bn in the Short-term from Proposed Fiscal Policies for Oil Industry

Kachikwu: Nigeria to Earn $2bn in the Short-term from Proposed Fiscal Policies for Oil Industry

Nigeria is eyeing at least $2 billion in the short-term, and $9 billion in the long-term from the rollout of a new fiscal policy it has initiated for her oil and gas industry, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has disclosed. Kachikwu, in his monthly podcast for the period of November… READ MORE

Separation of NNPC’s regulatory and operational roles critical – PwC

Separation of NNPC’s regulatory and operational roles critical – PwC

A new report by PricewaterhouseCooper entitled, ‘The new nation builders: Creating the African national oil company of the future,’ has said that political involvement in the management of the Nigerian National Petroleum Corporation can lead to rapid turnover in key staff, creating difficulties in ability to execute strategic initiatives, The Punch reports. Noting that a proposed new… READ MORE

$25b: Nnpc’s Probe Likely As Buhari Meets Kachikwu

$25b: Nnpc’s Probe Likely As Buhari Meets Kachikwu

The President will today meet Minister of State for Petroleum Resources Dr. Emmanuel Ibe Kachikwu, The Nation learnt last night. The minister has alleged that $25billion contracts have been wrongly awarded by Nigerian National Petroleum Corporation (NNPC) Group Managing Director Dr. Maikanti Baru. Kachikwu wrote President Muhammadu Buhari on the “bravado management style” employed by… READ MORE

Nigeria Earns N13.5 Billion From Cashew nuts, As F.Govt Shores Up Non-Oil Exports

Nigeria Earns N13.5 Billion From Cashew nuts, As F.Govt Shores Up Non-Oil Exports

Nigeria’s effort to diversify the economy appears to be yielding results with increased revenue from cashew nuts and other agriculture products’ export. The Minister of Agriculture and Rural Development, Audu Ogbeh, during a presentation on Thursday at the National Economic Council meeting said that the country’s agriculture exports in the second quarter of the year… READ MORE

NPDC to raise Nigeria’s oil production by 320,000bpd

NPDC to raise Nigeria’s oil production by 320,000bpd

Nigeria’s crude oil production is expected to increase by 320,000 barrels per day (bpd) by 2020 from different Oil Mining Lease (OML) in the Niger Delta region This increase, which would be coming from Nigerian Petroleum Development Company (NPDC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), is expected to take the company’s equity… READ MORE