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In October 2019, NNPC announced the signing of a $2.5 billion pre-payment agreement with Nigeria LNG to fund upstream gas development projects. [4] In December 2021, the Federal Government of Nigeria and NNPC Ltd signed a ₦621 billion Memorandum of Understanding to finance the construction of critical road infrastructure across the country. [5]
The company is a subsidiary of the Nigerian National Petroleum Corporation (NNPC). [ 3 ] Located in Alesa Eleme just to the southeast of Port Harcourt , the company operates two oil refineries, including an old plant commissioned in 1965 that can process 60,000 barrels (9,500 m 3 ) per stream day, as well as the new plant commissioned in 1989 ...
DST – drill-stem test; DSTG – DSTG log; DSTL – drill-stem test log; DSTND – dual-space thermal neutron density log; DSTPB – drill-stem test true vertical depth playback log; DSTR – drill-stem test report; DSTRE – drill-stem test report; DSTSM – drill-stem test summary report; DSTW – drill-stem test job report/works; DSU ...
In 1985, the MPR was carved out of NNOC while NNPC remains. In the same year, the PI was moved back to the MPR. The Petroleum Industry Act (PIA) signed by President Muhammadu Buhari in 2021 established the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) replacing the Department of Petroleum Resource (DPR).
The Dangote Refinery is an oil refinery owned by Dangote Group that was inaugurated on 22 May 2023 [1] in Lekki, Nigeria.When fully operational, it is expected to have the capacity to process about 650,000 barrels of crude oil per day, making it the largest single-train refinery in the world.
1979: In an effort to establish further control over the industry, the government merges and restructures the NNOC and the Ministry of Petroleum to form the Nigerian National Petroleum Corporation, an entity which would exert more power over the allocation and sale of concessions than the NNOC. By 1979, the NNPC had also gained 60% ...
Offshore drilling is the most expensive form of drilling and this form of drilling can also be more costlier when emergency cleanup operations are required. The cost to drill a well depends mainly on the daily rate of the drilling rig, the extra services required to drill the well, the duration of the well program (including downtime and ...
Unweighted, or "elementary", price indices only compare prices of a single type of good between two periods. They do not make any use of quantities or expenditure weights. They are called "elementary" because they are often used at the lower levels of aggregation for more comprehensive price indices. [2]