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If anything, the extractive industries in Nigeria, have always donned the toga of being some of the least open in the world. Emmanuel Addeh writes that with the ongoing efforts of the Nigeria Extractive Industries Transparency Initiative, which appears to be pushing the frontiers of transparency in the sector, a lot appears to be changing. It would be stating the obvious to say that Nigeria has a poor track record when it comes to operations in the oil and gas as well as the country’s mining industries. Indeed, whether in the award of oil blocks, exploratory activities or even in basic matt...

Punch Newspapers Sections Published 18 June 2021 Nigeria earned $34.22bn from the oil and gas sector in 2019, the Nigeria Extractive Industries Transparency Initiative said on Thursday. It said this in its 2019 Oil and Gas Industry Audit report released in Abuja, adding that the $34.22bn revenue represented an increase of 4.88 per cent over the $32.63bn garnered from the sector in 2018. A breakdown of the earnings showed that payments by companies accounted for $18.90bn, while flows from federation sales of crude oil and gas accounted for $15.32bn. The report showed that 10-year (2010-2019) a...

Developing High-Quality, Low-Cost Oil & Gas Assets in Nigeria

Peter Uzoho Some marginal fields’ operators have kicked against the revocation of 11 oil field licences by the Department of Petroleum Resources (DPR) under the guise that the affected fields had been left fallow, stressing that the action of the regulator has jeopardised investments valued in excess of $450 million and exposed them to local litigations and international arbitrations. They appealed to President Muhammadu Buhari to direct the DPR to withdraw all letters of revocation and grant them all pending approvals to enable them to continue with the execution of their field developm...

To print this article, all you need is to be registered or login on Mondaq.com. 2020 has been unprecedented in the scale and magnitude of economic turbulence both globally and locally. While the start of the year brought high expectations for the oil and gas sector in Nigeria, the COVID-19 pandemic has had a domino effect on the developments in this sector and has created a need to scale down initial projections. This was clearly demonstrated in the recently released 2021 Proposed Budget, which was aptly themed a "Budget of Economic Recovery and Resilience" and is expe...