The House of Representatives says the enactment of the Petroleum Industry Act (PIA 2021) has yielded remarkable results, with more than $16 billion in investment commitments and significant improvements in oil production.
The Nigerian National Petroleum Company Ltd. (NNPC Ltd.) has pledged its commitment to ensuring that funds allocated under the Petroleum Industry Act (PIA) are effectively utilised to drive meaningful development in oil producing communities, especially in Bayelsa state.
The Federal Government has successfully concluded its first oil bid round under the Petroleum Industry Act (PIA) 2021, with several indigenous oil and gas companies emerging as winners of Petroleum Prospecting Licences (PPLs).
The dividends from Nigerian National Petroleum Company (NNPC) Limited to the federation account, derived from crude oil and gas sales through joint venture assets, dropped sharply from $11.9 billion to $1.83 billion after the full implementation of the Petroleum Industry Act (PIA).
The country has seen no fresh investment from these IOCs in over a decade, with the last significant deepwater project being the $3.8 billion Egina FPSO project by TotalEnergies in 2013.
Former Vice President of Nigeria, Atiku Abubakar, has called for the listing of the Nigerian National Petroleum Corporation (NNPC) Limited on the Nigerian Stock Exchange (NGX) amid controversy surrounding the alleged privatization of the Warri and Kaduna refineries.
Nigeria, a leading oil producing nation has struggled to attract the right investments to scale its oil and gas industry, despite having the largest gas reserve base in Africa.
The Minister for State Petroleum Resources, Heineken Lokpobiri, stated that the majority of Nigeria’s oil pipeline infrastructure was constructed around 70 years ago when the country first discovered oil.
The Petroleum Industry Act (PIA) was passed in August 2021
Buhari expressed optimism that the NNPC Limited would sustainably deliver value to its over 200 million shareholders and the global energy community.
The Minister of State for Petroleum Resources has said that NNPC has kicked off steps for the implementation of the PIA.
The costs of fuel subsidy in Nigeria increased by 890% over a five year period (2017-2021) in Nigeria even though fuel prices have only increased by 12.1%.
