TODAY
January 29, 2021
The Minister of State for Petroleum Resources, Chief Timipre Sylva, says the upcoming integrated methanol and gas project would create 30, 000 direct and indirect jobs in the country.
Sylva disclosed this at the signing ceremony of the Final Investment Decision (FID) on Gas processing and methanol plant project, by Brass Fertilizer and Petrol Chemical Company (BFPCL), in Abuja, on Friday.
Methanol is a light colourless and flammable liquid with a distinctive alcoholic odour, similar to that of Ethanol.
“In July 2020, President Muhammadu Buhari, who also doubles as the Minister of Petroleum Resources, approved the development of the brass company with the sole aim of aggregating for the purpose of monetising all stranded gas in the Brass area.
Nzube Nlebedim, Nigeria Field Editor January 25, 2021
Nigerian President Muhammadu Buhari renewed his drive to leverage the domestic oil and gas industry as a vehicle for economic growth during the virtual inauguration of the National Oil and Gas Excellence Center (NOGEC) at the Department of Petroleum Resources in Lagos.
Pointing to several large-scale final investment decisions (FIDs) that have been taken during his administration, President Buhari pledged his commitment to maximizing investment into and utilization of the nation’s natural resources as a means of stimulating economic diversification, increasing government revenues, generating local employment and eliminating poverty.
“You would recall that at the beginning of this administration, we set a clear roadmap for the oil and gas sector in order to increase value from the nation’s huge resource potentials and create opportunities for investors, both local and foreign, when I declared
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Existing Production Capacity of 27,000 barrels of oil equivalent per day Estimated 2P Reserves of 1.2 billion barrels of oil equivalent
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Lagos, Nigeria, January 15, 2021
– Heirs Holdings (“HH”), the leading African strategic investor, in partnership with affiliated company Transnational Corporation of Nigeria Plc (“Transcorp”), Nigeria’s largest publicly listed conglomerate, announced today the unconditional acquisition of a 45% participating interest in Nigerian oil licence OML 17 and related assets, through TNOG Oil and Gas Limited (a related company of Heirs Holdings and Transcorp), from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI. In addition, TNOG Oil and Gas Limited will have sole operatorship of the asset.
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Various business regulatory agencies regulate the activities of
companies in Nigeria. While some of the agencies apply to all
businesses regardless of the sector, the nature of the business,
others are specific to a particular sector. This write-up will give
a brief overview of the regulatory agencies and identify whether
such agency applies to all business or a particular sector.
The agencies and their functions concerning businesses in
Nigeria will be briefly discussed below.
The Corporate Affairs Commission (CAC)
This is usually the first and foremost agency every proposed