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NNPC Limited is the only entity licensed to operate in the country's petroleum industry. It partners with foreign oil companies to explore Nigeria's fossil fuel resources. The NNPC, with an asset of $153B (USD), is the largest national oil company in Africa.
In 1971, the Nigerian National Oil Corporation (NNOC) was created to handle direct commercial operational activities in the oil industry on behalf of the Federal Government. [4] However, the Department of Petroleum Resources in the Federal Ministry of Mines and Power continued to exercise statutory supervision and control of the industry. In ...
The most productive region of the nation is the coastal Niger Delta Basin in the Niger Delta or "South-south" region, which encompasses 78 of the 159 oil fields. Most of Nigeria's oil fields are small and scattered, and in 1990, these small unproductive fields accounted for 62.1% of all Nigerian production.
Nigerian Export Promotion Council (NEPC) Oil and Gas Free Zones Authority (OGFZA) Nigeria Export Processing Zones Authority (NEPZA) Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) Securities and Exchange Commission (SEC) Standards Organisation of Nigeria (SON)
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 relate to the exportation and importation of the products into the country. [2] As part of its activities, the department manages the upstream and downstream sectors in Nigeria petroleum ...
The Port Harcourt Refining Company, (abbreviated PHRC), is a Nigeria-based oil and gas company primarily specializing in the refining of crude oil into petroleum products. It is headquartered in Port Harcourt metropolitan area of Rivers State, southeastern Nigeria. The company is a subsidiary of the Nigerian National Petroleum Corporation (NNPC ...
The Nigerian Gas Association is the professional body responsible for the promotion and protection of the interests of the gas industry in Nigeria. Formed in 1999, the NGA's initial membership came from the primary gas production and utilization companies in Nigeria.
The types of crude oil exported by Nigeria are Bonny light oil, Forcados crude oil, Qua Ibo crude oil and Brass River crude oil. [86] The U.S. remains Nigeria's largest buyer of crude oil, accounting for 40% of the country's total oil exports; Nigeria provides about 10% of overall U.S. oil imports and ranks as the fifth-largest source of U.S ...