• 9 hours Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 9 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 10 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 11 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 11 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 12 hours VW Fails To Secure Critical Commodity For EVs
  • 13 hours Enbridge Pipeline Expansion Finally Approved
  • 14 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 15 hours OPEC Oil Deal Compliance Falls To 86%
  • 1 day U.S. Oil Production To Increase in November As Rig Count Falls
  • 1 day Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 2 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 2 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 2 days Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 5 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 5 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 6 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 6 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 6 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 6 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 7 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 7 days Oil M&A Deals Set To Rise
  • 7 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
Oil Prices Rise Amid Falling U.S. Rig Count

Oil Prices Rise Amid Falling U.S. Rig Count

Oil prices inched higher on…

Oil Prices Poised To Rise In Early 2018

Oil Prices Poised To Rise In Early 2018

A consistent fall in comparative…

Nigeria Moves Closer To Overhauling Oil Industry Governance

Nigeria Oil

Nearly a decade after Nigeria first drafted its Petroleum Industry Bill, Nigeria’s Senate will be asked next month to discuss and approve the bill aimed at overhauling the governance in the country’s oil industry in a bid to stem corruption and mismanagement.

We will break the PIB jinx soon”, Senate President Bukola Saraki tweeted on Thursday, retweeting a statement that the Senate will receive the final report on the bill on April 25.

“Barring any last minute changes, the Senate Joint Committee on Petroleum (Upstream, Downstream and Gas), will on 25th April lay the final report of the Petroleum Industry Governance Bill before the Senate for consideration and approval,” the office of the Senate President said.

The Senate petroleum committee will be discussing the bill at the beginning of April, and will submit it to the Senate on April 25.

The bill, according to Senate President Saraki, is meant to “create efficient and effective governing institutions with clear and separate roles for the petroleum industry”.

The bill is also aimed at creating profit-driven and commercially oriented oil enterprises.

Currently, the power is concentrated in the state oil company Nigerian National Petroleum Corporation (NNPC).

According to African Business magazine, the new bill proposes to break up NNPC, which has long been considered ineffective. NNPC’s responsibilities will be streamlined into three new entities, the Nigeria Petroleum Regulatory Commission (NRPC), the National Petroleum Company (NPC), and the Nigeria Petroleum Assets Management Company (NPAMC), which will take over the upstream assets. The plans are that both NPC and NPAMC could be allowed to market oil to encourage competition.

Related: Mysterious Outage In Libya Could Drive Oil Prices Higher

As oil revenues dominate fiscal revenue and exports, Nigeria has been hit hard by low oil prices and falling oil production, the IMF said in a report on the country today. Nigeria entered into a recession in 2016 with growth contracting by 1.5 percent, and if fiscal policies are not amended and reforms introduced, the outlook remains challenging. “Growth is expected to pick up only slightly to 0.8 percent this year, mostly reflecting some recovery in oil production and a continuing strong performance in agriculture,” the IMF reckons.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News