• Latest
  • Trending
  • All
  • Politics
  • Economy
  • Security
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Opinion
  • Columns
  • Exposé
  • World
  • Lifestyle
Nigeria: Giant Strides In Oil And Gas Sector Excite Stakeholders

Nigeria: Giant Strides In Oil And Gas Sector Excite Stakeholders

3 years ago
Binance

After His Ordeal In Nigeria, Gambaryan Has Quit His Role At Binance

28 minutes ago
South Sudan Is Taking Significant Steps To Preserve Its Cultural Heritage

South Sudan Is Taking Significant Steps To Preserve Its Cultural Heritage

55 minutes ago
Nigeria: Former First Lady Says Husband Never Stole Funds Recovered In Famous “Abacha Loot”

Nigeria: Former First Lady Says Husband Never Stole Funds Recovered In Famous “Abacha Loot”

12 hours ago
SA Wants Return of Citizens’ Bodies Who Died During Apartheid, Colonial-Era

SA Wants Return of Citizens’ Bodies Who Died During Apartheid, Colonial-Era

16 hours ago
Cameroon: Police Lay Siege At Opposition Leader’s Home

Cameroon: Police Lay Siege At Opposition Leader’s Home

16 hours ago
Tuesday, June 10, 2025
  • About
  • Privacy Policy
Heritage Times
No Result
View All Result
Translate |
  • Login
  • Politics
    Cameroon: Police Lay Siege At Opposition Leader’s Home

    Cameroon: Police Lay Siege At Opposition Leader’s Home

    At Tanzania Summit, African Leaders Call For End To DRC Conflict

    Rwanda Exits Central African Regional Bloc Over Row With DRC

    SA: Top Official Of Jacob Zuma’s Party Sacked After Visiting Malawian Pastor Accused Of Fraud

    SA: Top Official Of Jacob Zuma’s Party Sacked After Visiting Malawian Pastor Accused Of Fraud

    Mongolia: After Weeks Of Demonstrations Over Family Lavish Lifestyles, PM Resigns

    Mongolia: After Weeks Of Demonstrations Over Family Lavish Lifestyles, PM Resigns

    Poland: Conservative Opposition Candidate Wins Presidential Election In Tight Race

    Poland: Conservative Opposition Candidate Wins Presidential Election In Tight Race

    Sudan’s New Prime Minister Disbands Caretaker Government

    Sudan’s New Prime Minister Disbands Caretaker Government

    Ivory Coast: Opposition Coalition Insists On Electoral Reforms Ahead Of Polls

    Ivory Coast: Opposition Coalition Insists On Electoral Reforms Ahead Of Polls

    Tanzania: Lawyers Seek UN Intervention Over Detention Of Opposition Leader

    Heritage Times Congratulates Dr. Sidi Ould Tah As President-Elect Of AfDB 

  • Economy
    Binance

    After His Ordeal In Nigeria, Gambaryan Has Quit His Role At Binance

    Elon Musk Loses $34 Billion Amid Clash With Trump

    Elon Musk Loses $34 Billion Amid Clash With Trump

    World Bank Seeks Stronger, Results-Focused Partnerships For Africa’s Development

    World Bank Seeks Stronger, Results-Focused Partnerships For Africa’s Development

    Uganda: Museveni Holds Talks With Elon Musk’s Starlink Executive

    World Bank Lifts Loan Restriction Placed On Uganda Over Anti-Gay Legislation

    Senegal Moves To Reduce Reliance On Foreign Lenders, Targets Improved IGR

    Senegal Moves To Reduce Reliance On Foreign Lenders, Targets Improved IGR

    South Africa's Economy Stalls With 0.1% Growth As Structural Challenges Persist

    South Africa’s Economy Stalls With 0.1% Growth As Structural Challenges Persist

    UK Civil Servants Who Used AI Saved Two Weeks A Year, Study Shows

    UK Civil Servants Who Used AI Saved Two Weeks A Year, Study Shows

    Nigerian Govt Warns Popular Car Dealer Against Mocking Civil Servants’ Ability To Afford Luxury Cars

    Nigerian Govt Warns Popular Car Dealer Against Mocking Civil Servants’ Ability To Afford Luxury Cars

    Gabon: Former Coup Leader Sworn In As President

    Gabon To End Export Of Manganese By 2029, Import Of Chicken 2027

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
  • Politics
    Cameroon: Police Lay Siege At Opposition Leader’s Home

    Cameroon: Police Lay Siege At Opposition Leader’s Home

    At Tanzania Summit, African Leaders Call For End To DRC Conflict

    Rwanda Exits Central African Regional Bloc Over Row With DRC

    SA: Top Official Of Jacob Zuma’s Party Sacked After Visiting Malawian Pastor Accused Of Fraud

    SA: Top Official Of Jacob Zuma’s Party Sacked After Visiting Malawian Pastor Accused Of Fraud

    Mongolia: After Weeks Of Demonstrations Over Family Lavish Lifestyles, PM Resigns

    Mongolia: After Weeks Of Demonstrations Over Family Lavish Lifestyles, PM Resigns

    Poland: Conservative Opposition Candidate Wins Presidential Election In Tight Race

    Poland: Conservative Opposition Candidate Wins Presidential Election In Tight Race

    Sudan’s New Prime Minister Disbands Caretaker Government

    Sudan’s New Prime Minister Disbands Caretaker Government

    Ivory Coast: Opposition Coalition Insists On Electoral Reforms Ahead Of Polls

    Ivory Coast: Opposition Coalition Insists On Electoral Reforms Ahead Of Polls

    Tanzania: Lawyers Seek UN Intervention Over Detention Of Opposition Leader

    Heritage Times Congratulates Dr. Sidi Ould Tah As President-Elect Of AfDB 

  • Economy
    Binance

    After His Ordeal In Nigeria, Gambaryan Has Quit His Role At Binance

    Elon Musk Loses $34 Billion Amid Clash With Trump

    Elon Musk Loses $34 Billion Amid Clash With Trump

    World Bank Seeks Stronger, Results-Focused Partnerships For Africa’s Development

    World Bank Seeks Stronger, Results-Focused Partnerships For Africa’s Development

    Uganda: Museveni Holds Talks With Elon Musk’s Starlink Executive

    World Bank Lifts Loan Restriction Placed On Uganda Over Anti-Gay Legislation

    Senegal Moves To Reduce Reliance On Foreign Lenders, Targets Improved IGR

    Senegal Moves To Reduce Reliance On Foreign Lenders, Targets Improved IGR

    South Africa's Economy Stalls With 0.1% Growth As Structural Challenges Persist

    South Africa’s Economy Stalls With 0.1% Growth As Structural Challenges Persist

    UK Civil Servants Who Used AI Saved Two Weeks A Year, Study Shows

    UK Civil Servants Who Used AI Saved Two Weeks A Year, Study Shows

    Nigerian Govt Warns Popular Car Dealer Against Mocking Civil Servants’ Ability To Afford Luxury Cars

    Nigerian Govt Warns Popular Car Dealer Against Mocking Civil Servants’ Ability To Afford Luxury Cars

    Gabon: Former Coup Leader Sworn In As President

    Gabon To End Export Of Manganese By 2029, Import Of Chicken 2027

  • Security
  • Education
  • Sports
  • Health
  • Metro
  • Entertainment
  • Lifestyle
  • Legal
  • Tech & Science
  • Opinion
  • Exposé
  • Exclusive Videos
  • Niger Delta
  • World
No Result
View All Result
First with the News

Nigeria: Giant Strides In Oil And Gas Sector Excite Stakeholders

....As Industry Watchers Commend NNPCL, NUPRC

November 21, 2022
in Technology and Science
0
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

President Muhammadu Buhari has drawn accolades from stakeholders in the oil and gas sector of the Nigerian economy for the giant strides recorded in the sector.

The stakeholders expressed satisfaction with the way President Buhari has handled his role as the Minister of Petroleum resources.

Relatedreading

Congo To Establish World’s Biggest Tropical Forest Reserve

South Africa Is Slowly Lifting Out Of The Ocean, Scientists Discover

They hailed the president for not stifling the independence and corporate authority of the agencies and institutions that he is supervising with overbearing presidential power.

Similarly, the industry watchers commended the Nigerian National Petroleum Corporation (NNPC) Limited and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for providing stability in the sector, especially since the coming onstream of the Petroleum Industry Act 2021.

They listed several silver linings in the industry of late while highlighing the three massive efforts that have resulted in the turnaround of fortunes for the sector.

First, is the resolution of the long-running ADDAX Petroleum saga. Second is the resolution of the ill-fated Seplat Oil purported purchase of EXXONMOBIL Nigeria Ltd, and the award of Oil Blocks OPLs 321 and 323 to NJ Exploration Ltd, a subsidiary of NUEL OJEI Holdings Ltd, after over 17 years of legal, corporate and political back and forth.

Recall, ADDAX Petroleum recently exited four Nigerian oil blocks: OMLs 123/124 and 126/127, amicably with the signing of a Memorandum of Understanding (MOU) on the Transfer, Settlement, and Exit Agreement (TSEA) by which the long-drawn disputes on the blocks operated by ADDAX was formally resolved and thus charting a course for much-needed investment and growth on the oil blocks.

With this new setup, ADDAX has ceased to be the Production Sharing Contract (PSC) contractor for the asset. In the same vein the NUPRC’s voiding of the purported purchase of EXXONMOBIL Nig Ltd by Seplat Oil, an action that President Buhari ultimately backed, acceded to the professional and technical advice of the regulators, industry and corporate players and critical stakeholders.

But by far the biggest breath of fresh air in the oil and gas sector in recent times is President Buhari’s approval of the NUPRC re-award of OPLs 321 and 323 to NJ Exploration Limited, a subsidiary of NUEL OJEI holdings Ltd – under a PIA guaranteed Sole Risk Arrangement.

This award, the stakeholders believe, will galvanize NJ Exploration Ltd into reaching out to the Korean National Oil Corporation (KNOC), in the spirit of their long-standing relationship as well as other credible local and international players to partner with it to explore and develop the fields.

Intriguingly, they noted that it took NJ Exploration Ltd 17 years to re-acquire the oil blocks first awarded to KNOC, its strategic partners, during the 2005 bid round under President Obasanjo.

In 2009, the Federal Government headed by the late President Musa Yar’Ardua had voided the award and re-awarded it to ONGC-Videsh, which also participated in the 2005 bid round.

KNOC ultimately resolved to go to court to reclaim what it felt rightly belonged to it. With the Supreme Court judgement of 2017, the coast became clear for the recommencement of exploration and development work on the blocks.

The hope is that NJ Exploration Ltd, which has demonstrated uncommon resilience and strength of character in this over 17 years ordeal, should regard this golden opportunity as a basis of getting KNOC and other well-established global leaders in the industry back into the deal, and speedily engaging with the technical and logistic requirements for timely exploration and development of the blocks.

Critical stakeholders in the industry are thus hopeful that fixing the mess in the oil and gas sector, a process already jumpstarted with the coming onstream of the PIA, would be further stimulated and accelerated by the resolution of the ADDAX petroleum and EXXON MOBIL saga and the re-award of Oil Blocks 321 and 323 to NJ Exploration Ltd 17 years after its successful participation in the 2005 bid round.

Tags: breakingEXXONMOBIL Nigeria LtdHeritageheritage timesheritagetimesmedialatestNational Oil CorporationnewsNigerian National Petroleum CorporationNigerian National Petroleum Corporation NNPCNigerian Upstream Petroleum Regulatory Commission (NUPRC)President Muhammadu Buharithe heritage timesthtthtafricatop stories
ShareTweetSend
Previous Post

Irregular Migration Through Mediterranean Tops Agenda As EU Interior Ministers Meet

Next Post

2022 World Cup: England Humiliate Iran In Opening Group Campaign, Senegal Surrender To Netherlands 

Related Posts

Congo To Establish World's Biggest Tropical Forest Reserve

Congo To Establish World’s Biggest Tropical Forest Reserve

June 2, 2025
South Africa Is Slowly Lifting Out of the Ocean, Scientists Discover

South Africa Is Slowly Lifting Out Of The Ocean, Scientists Discover

June 2, 2025

Jupiter Used To Be Twice As Massive, New Research Finds

Tanzania Blocks X After Hackers Falsely Announce President’s Death Using Police Account

Africa Launches Space Agency To Tackle Climate Data Shortages

China Set To Manufacture Electric Vehicles In Nigeria

Next Post
2022 World Cup: England Humiliate Iran In Opening Group Campaign, Senegal Surrender To Netherlands 

2022 World Cup: England Humiliate Iran In Opening Group Campaign, Senegal Surrender To Netherlands 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

AfriHeritage Magazine Issue 2 AfriHeritage Magazine Issue 2 AfriHeritage Magazine Issue 2

Updates

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
Binance

After His Ordeal In Nigeria, Gambaryan Has Quit His Role At Binance

June 10, 2025
South Sudan Is Taking Significant Steps To Preserve Its Cultural Heritage

South Sudan Is Taking Significant Steps To Preserve Its Cultural Heritage

June 10, 2025
Nigeria: Former First Lady Says Husband Never Stole Funds Recovered In Famous “Abacha Loot”

Nigeria: Former First Lady Says Husband Never Stole Funds Recovered In Famous “Abacha Loot”

June 9, 2025
SA Wants Return of Citizens’ Bodies Who Died During Apartheid, Colonial-Era

SA Wants Return of Citizens’ Bodies Who Died During Apartheid, Colonial-Era

June 9, 2025
JESIN GAMES - AfriTrivia JESIN GAMES - AfriTrivia JESIN GAMES - AfriTrivia
ADVERTISEMENT

Most Recent

After His Ordeal In Nigeria, Gambaryan Has Quit His Role At Binance

June 10, 2025

South Sudan Is Taking Significant Steps To Preserve Its Cultural Heritage

June 10, 2025

Nigeria: Former First Lady Says Husband Never Stole Funds Recovered In Famous “Abacha Loot”

June 9, 2025

SA Wants Return of Citizens’ Bodies Who Died During Apartheid, Colonial-Era

June 9, 2025

Cameroon: Police Lay Siege At Opposition Leader’s Home

June 9, 2025

Fan Confirmed Dead During UEFA Nations League Final

June 9, 2025

JUST IN: Yamal Fires Blank As Portugal Pip Spain To Win UEFA Nation League

June 8, 2025

A New Dawn for Rivers State

June 8, 2025

About

Heritage Times HT stands as a beacon of pan-African journalism, dedicated to amplyfing the rich tapestry of voices and narratives across the continent. With unwavering commitment, we illuminate the evocative essence of Africa, offering a fresh perspective that captivates our global audience.

Featured

AfDB Set For A New President, As Ould Tah Gains Continental Endorsement

How Dangote Is Turning Trump’s Trade War Into Africa’s Opportunity

Nigeria @ 64: Meet Young Luminaries Leading Social Transformation

Connect

Connect with us on social media and receive timely updates on the go.

Get Updates

  • About
  • Privacy Policy

© 2024 Heritage Times (HT) Media.

No Result
View All Result
  • Welcome
  • Politics
  • Economy
  • Security
  • Exposé
  • Education
  • Sports
  • Health
  • Entertainment
  • Legal
  • Technology and Science
  • Columns
    • Opinion
  • World
  • __________________
  • Make a Donation
  • Photo Speaks
  • Videos
  • You-Report
  • Whistleblower
  • Advertise
  • HT Events
  • About HT
  • Contact us

© 2024 Heritage Times (HT) Media.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

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

Log In