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Tag: Nigerian Upstream Petroleum Regulatory Commission (NUPRC)

NUPRC: Oil Reserves Drop By 50bn Barrels As Investments Decline

According to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the country's oil reserves have declined by 50 billion barrels over the past 14 years.  

FG: 17 New Oil Blocks Up For Bidding

The Federal Government has just announced the addition of 17 deep offshore oil blocks to the 2024 Licensing Round for oil fields in Nigeria, yesterday. 

Nigeria Loses N313bn As Oil Theft, Shutdown Rise

Nigeria Loses N313bn As Oil Theft, Shutdown Rise   Rising oil thefts and workers’ strikes have led to a huge drop in Nigeria’s oil production output, culminating in the loss of hundreds of billions of naira in oil earnings. Crude oil production in Nigeria crashed by over...

Nigeria’s Average Crude Oil Production Rises By 15% In 2023

Nigeria’s Average Crude Oil Production Rises By 15% In 2023   Despite its perennial underproduction in the last two years, Nigeria has been able to ramp up its crude oil output compared to its budget benchmark from an average of about 60 per cent to 75...

Fed Govt Plans 13 Fresh Oil Sector Policies

Fed Govt Plans 13 Fresh Oil Sector Policies   The Federal Government will in the coming weeks, release 13 new regulations in the upstream sector of the oil and gas industry. This was revealed by the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)...

Buhari Says Marginal Oilfields Sale Generated N203bn

Buhari Says Marginal Oilfields Sale Generated N203bn   President, Muhammadu Buhari says the Federal Government under his watch made over N203bn from the sale of petroleum prospecting licenses to 161 firms in its last marginal fields bid round. “We implemented a marginal fields bid round and saw...