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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 ...
According to the Nigerian constitution, all minerals, gas, and oil the country possesses are legally the property of the Nigerian Federal Government. The revenue gained by the NNPC accounts for 76% of federal government revenue [16] and 40% of the entire country's GDP. As of 2000, oil and gas exports account for 98% of Nigerian export earnings ...
In 2022, the country's oil industry's regulator mentioned that oil theft accounted for 108,000 barrels a day, which is about 7% of total oil production. Watchdogs reckoned that 5% to 20% of oil in Nigeria is reportedly stolen. The Trans Niger pipeline suffered so much theft that its oil flow was forced to be halted.
Nigerian Agricultural Insurance Corporation (NAIC) National Root Crops Research Institute (NCRI) Agricultural Research Council of Nigeria; Nigerian Institute for Oceanography and Marine Research; Nigerian Institute for Oil Palm Research (NIFOR) Nigeria Agricultural Quarantine Service (NAQS) National Horticultural Research Institute (NIHORT)
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 ...
In 1965, the Herfindahl index of horizontal integration for the crude oil production industry was 1600 and the horizontal integration for the exploration industry was 1250. By 1986, it decreased to around 930 for the crude oil production industry and 600 for the exploration industry. This created a further destabilizing factor for OPEC. [1]
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Furthermore, the Nigerian Export Promotion Council (Amendment) Decree No. 64 and 65 of 1992 was promulgated to enhance the performance of the Council. The Council is the leading Federal Government Agency charged with the responsibility of promoting non-oil export in Nigeria to diversify away from oil and build a formidable economy.