Oil Production: FG to withdraw licence of firms with dormant oil fields
In a renewed push to meet its OPEC production quota and 2025 budgetary targets, the Federal Government on Tuesday declared an end to the era where oil companies acquire field licenses and leave them dormant.
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Baru pledges use of new technology to reduce crude oil production cost
The Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru says the corporation will strive to use new technology to reduce the cost of crude oil production for economic development.
What Angola can learn from Nigeria as it creates remarkable opportunities for marginal oil production
With production declining and investment scarce, the Angolan leadership has put in place a number of new policies to reboot its oil industry and propel economic development. However, those changes take time and renewed deep-water oil and gas exploration for fresh reserves will take years to yield the desired results and stop the daily production crunch.
Oil production to contribute 2% growth to Nigeria’s GDP in 2018 – PWC
PricewaterhouseCoopers, PwC, Nigeria said that Nigeria’s real Gross Domestic Product, GDP, will grow at 2.0 per cent year-on-year in 2018, propelled by oil production increase and government spending.
Belema: Protesters still in control, scuttle oil production
Barely two weeks after, protesters are still in control of Oil Mining Lease, OML 25, thus preventing Shell Petroleum Development company from producing and exporting commercial oil from the area.
Cutting the cost of oil production
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had last week in a public event, indicated that the Federal Government is set to compel International Oil Companies (IOCs) to cut the cost of producing oil in Nigeria. He said the move was to cope with the current low price of crude oil in the international market.
