September 25, 2023

Nigeria’s NNPC, Oil Majors Agree To Shorten Talks on Contracts

The New Diplomat

Writer

The Need for Nigeria to Lead Africa in the Emerging Age of Artificial Intelligence

By Sonny Iroche Introduction: Standing at the Threshold of the Fourth Industrial Revolution The world is on the cusp of a seismic transformation driven by Artificial Intelligence (AI). Just as steam engines powered the first Industrial Revolution, electricity and mechanization the second, and digital computing the third, AI is the defining force of the Fourth…

September 28, 2025 • Opinion

Why Wike Should Resign or Be Sacked: A Call to Organized Civil Society in Nigeria to Uphold Anti-corruption Standards with Consistency, By Frank Tietie

By Frank Tietie The revelations by Nigerian social crusader, investigative journalist, and activist Omoyele Sowore regarding the current Minister of the Federal Capital Territory, Nyiesome Wike, are serious and warrant the attention of all Nigerians who care about the integrity of the country. Sowore has alleged that Wike laundered funds and concealed the purchase of…

September 27, 2025 • Opinion

Dangote Refinery Slams PENGASSAN, Describes Order as ‘Economic Sabotage’

By Abiola Olawale In an escalating labor showdown, the Dangote Petroleum Refinery has fired back at the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), criticising the latter’s order on Saturday. This is as the refinery owned by Africa’s richest person, Alhaji Aliko Dangote described PENGASSAN's order to cut crude oil and gas…

September 27, 2025 • Nigeria

By Agency Report

Nigeria’s state oil firm NNPC Ltd and oil majors on Monday agreed to cut the time for concluding contract talks from three years currently to six months, to speed up investment projects in Africa’s major oil producer.

Protracted negotiations of major contracts in the oil and gas sector often slow badly needed new investment in Nigeria, hitting government plans to raise production and sometimes litigation when contracts come up for renewal.

The new agreement signed with the companies, including Shell, Chevron, Eni, ExxonMobil, and TotalEnergies, intends to make doing business in Nigeria easier.

“So efficiency is going to be instilled in the process and will deliver more production,” said Oritsemeyiwa Eyesan, NNPC vice president, upstream, after a signing ceremony attended by the heads of the subsidiaries of the oil majors.

Nigeria’s oil production has been declining, missing its OPEC quota and severely hobbling government finances.

President Bola Tinubu is in a drive to increase Nigeria’s oil output. The presidency said on Saturday international oil firms had committed $13.5 billion investments in the short term to raise production to 2.1 million barrels per day by December 2024.

Reporting by Camillus Eboh; Editing by Richard Chang

NB: Culled from Reuters

Share this news

Headline