• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Nigeria approves new petroleum bill after 20-year delay

4 years ago
in Energy, highlights, Home, home-news, latest News
1 min read
0 0
0
63
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria’s House of Representatives voted on Friday to approve a new petroleum industry bill in Africa’s top oil producer and exporter, putting an end to 20 years of debates and delays.

The House voted in favor of the bill on Friday, after the Senate had endorsed the new legislation on Thursday, Bloomberg reports.

The new petroleum bill is aimed at attracting more foreign capital to the country’s oil sector, Nigeria says.

The Petroleum Industry Bill (PIB) has been two decades in the making to overhaul the way Nigeria will share its oil resources with international oil companies and aim to attract new investment in oil and gas.

International oil majors have not been flocking to Nigerian oil assets now that fossil fuels are even more fiercely competing for Big Oil’s capital plans as majors start shifting more funding to low-carbon energy sources.

Oil firms operating in Nigeria, including Chevron, Shell, and TotalEnergies, have received some concessions in the latest version of the bill compared to a previous draft from last year, according to Bloomberg.

Nigeria has agreed to reduce the taxes and royalties and exempted deep offshore oil and gas production from the so-called “hydrocarbons tax.”

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

Nigerian lawmakers now passed the bill, despite some last-minute debates regarding two provisions the Senate had added in recent days. One of them included giving refiners licenses to import crude linked to their refining capacity.

This could basically give Nigerian billionaire Aliko Dangote a near-monopoly in fuel import licenses because the refinery his Dangote Group is currently building will have a massive capacity of 650,000 barrels per day (bpd).

The other debatable last-minute provision concerns exploration in northern Nigeria. The bill is creating a fund to back so-called ‘frontier’ exploration for oil in the northern part of the country. Community leaders in the south, however, think that the financial parameters for exploration in the north are high.  

Source: oilprice
Via: norvanreports
Tags: attracting more foreign capital to the country's oil sectornew petroleum industry bill in Africa's top oil producer and exporterNigeria's House of Representatives
No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.