Nigerian president Muhammadu Buhari
NNPC becomes limited company
Reforms to the NOC come at a crucial time for Nigeria’s upstream
Nigeria has turned its state oil firm into a limited company, but doubts remain over whether this will help the country reverse declining production and if the government really will adopt a hands-off approach. In mid-July, NNPC became NNPC Ltd, a new entity that is “commercial, independent and viable”, says Nigerian president Muhammadu Buhari. The new NNPC is a “commercially driven and independent national oil company, which will operate without relying on government funding and free from institutional regulations”, the president continues. But the limited company is not free from obligations to the state, since it “is mandated by law to ensure Nigeria’s national energy security is guarante
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
