The oil and gas upstream sector has attracted significant investments from major international oil companies, demonstrating continued confidence in Nigeria's hydrocarbon potential. In December 2023, Shell announced plans to invest approximately USD 5 billion in offshore oil opportunities and committed an ...
SEATTLE (Oil Monster):China National Offshore Oil Corp (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja. During a visit to Nigeria’s...
In the late 19th and early 20th centuries, the U.S. was one of the world’s leading oil producers, and U.S. companies developed the technology to make oil into useful products like gasoline.5During the middle and last decades of the 20th century, U.S. oil production fell dramatically, ...
He said, “We are keen to continue to invest in Nigeria and to contribute constructively to the ongoing debate about the Petroleum Industry Bill. We welcome the efforts being made by the authorities to define a long-term framework for the oil and gas industry that provides clarity and certai...
Also, several other offshore discoveries are recorded in the region, which is expected to create a lucrative opportunity for oil and gas upstream companies to invest in this region. Nigeria dominated the market due to many upstream projects due to operators gaining confidence and increased ...
5 Nigeria also joined some of the world’s largest energy exporters, including Saudi Arabia, in committing to net zero by 2060.6Outside Africa, many countries are also starting to implement carbon pricing and taxes, which could have an impact on African countries d...
Angola Oil & Gas: Facilitating Market Entry for Independents 15 Jan 2025 Energy Capital and Power Over the years, the Angola Oil & Gas conference has served as a vital platform for independent oil and gas companies to engage with Angolan block opportunities, leading to a slate of acquisitio...
The Charge was first introduced in 2002 to target the rising profits of oil and gas companies, and has, since its introduction, applied at different rates. The current rate of the Supplementary Charge is 10 per cent. Field Allowances: In order to encourage development of remaining reserves, ...
Nigeria's parliament has promised to pass the long-awaitedoiloverhaul bill by May. It will define the sector for decades to come, but companies have criticized the draft for not doing enough to attract development dollars. They have raised issues over taxation, royalties and local community oblig...
He noted that for Nigeria to continue to enjoy investments from oil and gas companies, sustainable production sharing contracts and gas terms must be put in place. He said, “With several large deep-water discoveries still to be developed, such as Bonga South West or Owowo, we know that th...