Nigeria lost a whopping $21 billion to its failure to implement the premium element governing the country’s oil and gas production sharing contracts (PSCs) as provided under the Deep Offshore and Inland Basin Production Sharing Contracts Act, the Minister of State for Petroleum, Dr. Ibe Kachikwu disclosed Wednesday.
Accordingly, the federal government has initiated moves to amend the Deep Offshore Act, in order to increase government’s revenue from crude oil sales when prices exceed $20 a barrel.
The Nigerian National Petroleum Corporation (NNPC) has stated that its adoption of a 24-hour depot and retail services cleared the fuel queues in Abuja, Lagos and many states across the country.
NNPC Chief Operating Officer, Ventures and Chairman of the NNPC Special Task Force on Fuel Monitoring, Dr. Victor Babatunde Adeniran, made this disclosure to newsmen after an on-the-spot monitoring of NNPC Retail stations and those of Major and Independent Marketers in Abuja.
The World Bank Group Tuesday said it will stop financing upstream oil and gas after 2019, as part of a wider commitment to global efforts to halt climate change.
"As a global multilateral development institution, the World Bank Group is continuing to transform its own operations in recognition of a rapidly changing world," the bank said Tuesday in a statement.
"The World Bank Group will no longer finance upstream oil and gas, after 2019," it said.