But President Bola Tinubu’s government says oil majors have committed to invest $13.5 billion in the short term following his meetings with senior executives from TotalEnergies Shell (SHEL.L) and Exxon Mobil.


The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said in its 2024-2026 action plan that it would direct development of oil assets to areas less prone to theft and vandalism and provided regulatory support for alternative crude oil evacuation routes.

Oil firms require the NUPRC approval for new pipeline routes.

Oil production was expected to rise from 1.8 million bpd this year and progress to 2.6 million bpd in 2026, the NUPRC said.


Two of three consultancies tasked by OPEC+ to verify Nigeria’s output said in November that the country was unlikely to reach its own production target this year.


NUPRC was also working to cut the cost of oil production to about $20 a barrel, down from between $25 and $40, by providing incentives to oil producers.
Advertisement · Scroll to continue

“The Commission will set up a framework for crude oil and gas transportation and/or handling costs based on a standardised tariff (and) implement an open access regime for upstream oil and gas pipelines and ancillary facilities,” the regulator said.

High signature bonuses – one-off fees paid to secure exploration blocks – would be reduced to attract more investment and raise oil production, the NUPRC said.

SOURCE:https://brandspurng.com/2024/01/02/nigeria-aims-to-raise-oil-condensates-output-to-2-6-mln-bpd-by-2026/

A business minded president

Working president

Okayyy..

Ok

Seismic0070:
Working president

but indian business also committed to invest $14b in Nigeria at Tinubus instance and am sure also hailed him for that "achievement".

🤭

My Jagaban

Haters you better not fvcking quote me

Ireportlive:
A business minded president

In Argentina? Yes, I hear he is walking the talk

postbox:


SOURCE:https://brandspurng.com/2024/01/02/nigeria-aims-to-raise-oil-condensates-output-to-2-6-mln-bpd-by-2026/

Leave oil and gas focus on manpower, let us invest in education like japan. FG leave oil until it finish look at SS almost all the land is polluted.

Hopefully and it's time southwest zone upped their production capacity to fully improve FX and the producing states economy

postbox:


SOURCE:https://brandspurng.com/2024/01/02/nigeria-aims-to-raise-oil-condensates-output-to-2-6-mln-bpd-by-2026/

Another news on we shall, we will. This man is still campaigning after an election he claimed he won. He better gets to work and deliver on his promises.
You cannot be buying SUVs for your wives and politicians and be telling the people to bear pain of your ill thought out policies.
I have been trying to point out just one things Tinubu has done since he assumed office but unable to point at one, all he has done is to turn the economy upside down and still campaigning after election.
Just today I read that fuel will soon be going to #1200 and I nearly fainted, his zombies will soon come and tell you to bear some pain while politicians are feeding fat. What a useless country with a useless government.

CAC registration dey for almost free

Tell us about our refineries please. We already know we extract crude oil!

Corruption headline, always aiming while looting everything!

postbox:


SOURCE:https://brandspurng.com/2024/01/02/nigeria-aims-to-raise-oil-condensates-output-to-2-6-mln-bpd-by-2026/

What do you mean by "condensate"

Always forecasting without anything to appreciate them for today.
No wonder, Shehu said he is like a herbalist petting a sick person, a grobbler in the dark

Good news

Lol, what was the point of sponsoring 1400 delegates to COP23 last year when you wouldn't abide by the consensus?

Na all this kind robbish dey make me vex 🤬😡😠 we never even start 2024 this mumu people don dey carry us trabaye go 2026

postbox:


SOURCE:https://brandspurng.com/2024/01/02/nigeria-aims-to-raise-oil-condensates-output-to-2-6-mln-bpd-by-2026/

Nigerian economy being an oil dependent economy is a disaster, Nigeria waiting for ExxonMobil and Total Energies to invest in it's oil is disastrous, increasing oil production when oil consumption is going down is also disastrous and producing incentive to E&P companies for lower oil prices which equates lower forex earning is very disastrous.

Story for the lillyfeathers