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Statistics as at February 2021 shows that the Nigerian oil sector contributes to about 9% of the GDP of the nation. [4] The need for holistic reforms in the petroleum industry, ease of doing business, and encouragement of local content in the industry birthed the Petroleum Industry Bill by the Goodluck Jonathan administration on 18 July 2008 ...
Nigerian Upstream Petroleum Regulatory Commission, formerly the Department of Petroleum Resources (DPR), is a department under the Nigerian Federal Ministry of Petroleum Resources (FMPR). It monitors the oil and gas industry to ensure compliance with relevant regulations and laws. [1] It also oversees the safety and other regulations that ...
Following passage of a Petroleum Industry Act in August 2021, NNPC now operates as a commercial entity without relying on government funding and direct controls. NNPC was established as a limited liability corporation in the hopes that a private entity will find it easier to access international capital markets.
Gbenga Olu Komolafe (born 1963) is a Nigerian engineer, lawyer and petroleum and gas industry expert. Appointed in 2021, he currently serves as the pioneer chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC. [ 1][ 2][ 3] He served at the Nigerian National Petroleum Corporation (NNPC) in various capacities ...
In the United States, the federal government has paid US$145 billion for energy subsidies to support R&D for nuclear power ($85 billion) and fossil fuels ($60 billion) from 1950 to 2016. During this same timeframe, renewable energy technologies received a total of US $34 billion. Though in 2007 some suggested that a subsidy shift would help to ...
Commercial crude oil stock pile. The Strategic Petroleum Reserve (SPR) is an emergency stockpile of petroleum maintained by the United States Department of Energy (DOE). It is the largest publicly known emergency supply in the world; its underground tanks in Louisiana and Texas have capacity for 714 million barrels (113,500,000 m 3). [1]
The 2021 United Kingdom fuel supply crisis was a period of a few weeks in which petrol stations in some parts of the UK ran out of fuel. In September 2021, almost 21 years since the last fuel crisis, which took place in September 2000, panic buying of fuel was reported to be caused by media reports of a leaked government briefing discussing the ...
Bharat Petroleum Corporation Limited (BPCL) is an Indian public sector undertaking (PSU) under the ownership of the Ministry of Petroleum and Natural Gas, Government of India. It operates three refineries in Bina, Kochi and Mumbai. [4] BPCL is India's second-largest government-owned downstream oil producer, whose operations are overseen by the ...