Nigeria loses N1.06trn oil revenue target to COVID-19 – NNPC

The Nigeria National Petroleum Corporation (NNPC) says  the country’s oil revenue target declined by N1.06 trillion due to COVID-19 and low crude oil price. Nigeria loses N1.06trn oil revenue target to COVID-19 – NNPC The NNPC’s Group Managing Director, Malam Mele Kyari, made the disclosure on Tuesday during a Nigerian Stock Exchange (NSE) oil and gas webinar with  theme as: “Perspectives of Operations and Industry Experts Post- COVID-19”. According to Kyari, the country’s N2.64 trillion oil revenue target declined by 40 per cent as a result of twin shocks of…

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National Assembly shifts PIB deliberations to 2021 –National FG

NASS, 2021 Budget

Deliberations on the Petroleum Industry Bill (PIB) by the National Assembly has been shifted to the first quarter of next year, the Minister of State for Petroleum Resources, Timipre Sylva, has said. At the sidelines of the Joint Executive-Legislature Leadership Retreat at the Presidential Villa Banquet Hall in Abuja, Sylva told journalists that the National Assembly said they need to work on the 2021 Appropriation Bill. This, according to him, was one reason why deliberations on the PIB had to be shifted, adding that the lawmakers explained that the 2021…

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2 decades on, National Assembly to finally get PIB in weeks

The presidency has promised to submit the long-awaited Petroleum Industry Bill (PIB) to the National Assembly in two or three weeks, sources have said at the weekend. The presidency also assured that the oil reform bill would be out as soon as possible to boost output and attract foreign investment into the sector. Passage of the PIB, which has taken two decades in the making, has become imperative this year as low oil prices and a shift towards renewable energy have made competition tougher to attract investment from international oil…

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PIB Delay: Kyari says foreign investors losing confidence

FG mulls selling majority stakes in its 4 refineries, to be privately managed

The Group Managing Director of the Nigerian National Petroleum Corporation, Mallam Mele Kyari, has said there is a need for Nigeria to act fast and address the loss of foreign investors’ confidence in the country’s oil and gas industry. Kyari noted that the uncertainty in the industry created by the long delay in the passage of the Petroleum Industry Bill had led to a number of divestments from the country in the recent past. He said the absence of a stable fiscal environment was inhibiting the growth of the industry,…

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