Upstream

Most international oil companies that operate in Nigeria’s upstream sector redirected their capital investments worth about $21bn to other countries between 2014 and 2022, the Federal Government announced on Thursday.It attributed this to regulatory uncertainty in Nigeria’s oil and gas sector prior to the enactment of the Petroleum Industry Act 2021, and the de-funding of fossil fuel development occasioned by ...

… “If you walk away, we will stay to explore our resources” In what looks like a subtle warning to international oil companies (IOCs), the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, on Thursday said that Nigeria would continue to explore its hydrocarbon resources, even if the multinationals take a walk. The NNPC ...

President Muhammadu Buhari has approved the amendment of the 2022/2023 Deep Offshore oil block mini-bid process to accommodate concerns raised by potential local and international investors. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) stated in Abuja on Saturday that the amendments would address concerns over the terminal date of the current administration to the closure of the bid schedule. Chief ...

Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter, notes the Decree issued by the President of the Republic of Chad dated 23 March 2023, nationalising Savannah Chad Inc’s (“SCI“) (formerly Esso Exploration and Production Chad Inc (“EEPCI“)) upstream production assets in Chad. On 9 December 2022 Savannah Energy Chad Limited completed the ...

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), says it is planning a production based lending engagement to assist the 2020 Marginal Field Bid Round licences awardees to source needed capital.The NUPRC said it would help the awardees to commence full field development toward hitting first oil.Mr Gbenga Komolafe, Commission Chief Executive, NUPRC in a statement on Tuesday said the engagement ...

The management of Nigerian National Petroleum Company (NNPC) Limited has replaced Eroton Exploration and Production Limited as the new operator of oil mining lease (OML) 18. According to the company, this was done in order to protect the JV investment in OML 18, the non-operating partners, NNPC Limited (55 per cent interest) and OML 18 Energy Limited (“OML 18 Energy” ...

Oil major Shell and state-owned QatarEnergy (QE) have made a new oil discovery at a deepwater exploration well around 270km offshore Namibia, the country’s third in just over a year. The “light oil” discovery in the PEL-39 licence in the Orange Basin offshore southern Namibia was announced by QE, which holds a 45pc non-operating interest in the block, and Namibia’s ...

The Federal Government’ Special Investigative Panel on Oil Theft/Losses has called for deliberate conversations to drive legal reforms that would provide stiffer penalties to culpable entities involved in oil theft.The Chairman of the Panel, retired Maj.-Gen. Barry Ndiomu, made the call in his address of welcome at a One-Day Stakeholders Conference on Oil Theft/Losses on Tuesday in Abuja.The theme of ...

The investment in the global oil and gas upstream sector has increased by 39 per cent to $499bn in 2022, the highest level since 2014 and the most significant year-on-year gain in history.This was according to a new report by the International Energy Forum and S&P Global Commodity Insights.The report claimed that higher costs primarily drove the increase in investment. ...

The Nigeria National Petroleum Company Limited (NNPCL) will begin drilling of the first oil well in Obi/Keana Nasarawa State on March 21. Malam Mele Kyari, Group Chief Executive Officer of NNPC Ltd., made the disclosure when he led Management of the Company on a courtesy visit to Gov. Abdullahi Sule on Thursday in Lafia. Kyari said that the company began ...