• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 4 hours https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 2 hours The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 3 mins Joe Biden's Presidency
  • 17 mins Here it is, the actual Complaint filed by Dominion Voting Machines against Sydney Powell
  • 1 day JACK MA versus Xi Jinping
  • 33 mins Is the Chinese CCP Following the Left's Leadership, or the Left Following the CCP's?
  • 23 hours Researchers Are Harvesting Precious Metals From Industrial Waste
  • 6 hours CNN's Jake Tapper questions double amputee purple heart recipient GOP Rep's commitment to democracy. Tapper is a disgrace.
  • 7 hours 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
  • 10 hours Minerals, Mining and Industrial Ecology
  • 14 hours Do Republicans like Liz Cheney, Adam Kinzinger, Mitt Romney and now McConnell think voting for Impeachment can save the party ? Without Trump base what is the Republican constituency ? It's over.
  • 2 days Tonight Twitter took down Trump's personal account permanently. Trump responded on the POTUS account.
Renewables To Dominate New U.S. Power Capacity In 2021

Renewables To Dominate New U.S. Power Capacity In 2021

Renewable energy, mostly solar and…

Google Looks To Turn Data Centers Into Energy Storage

Google Looks To Turn Data Centers Into Energy Storage

Big Tech’s data centers have…

Nigeria Moves Closer To Overhauling Oil Industry Governance

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