Latest Oil & Gas News Roundup For January 8 - January 15, 2023

We're glad you're here for the most recent Oil & Gas News collections, where we swiftly present the most interesting AllNews stories from the previous week.

FG Opens 2022 Mini-Bid Round – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has started the 2022 mini-bid round procedure in line with the Petroleum Industry Act (PIA), 2021.

The mini-bid round offers a chance to promote new offshore Nigerian deepwater oil drilling and exploration operations. Read more here.

Russia Resumes Production On Major Oil Project After Exxon Exit

Following the exit of ExxonMobil, Russia has increased oil production from the Sakhalin-1 project and anticipates the field will soon pump at its maximum capacity of 220,000 barrels per day (bpd), a source familiar with the situation told Reuters on Monday.

According to an industry source cited by Reuters, Sakhalin-1 is currently producing oil at a rate of about 150,000 bpd, or 65% of its potential. Production will peak at 220,000 bpd in "three to four weeks," the source added. Read more here.

Oil Production Again Falls Short of OPEC's Quota By 0.57 Million Barrels Per Day

Nigeria's oil output in December 2022 increased by 4.2% to 1.23 million barrels per day, although it was still far below the 1.8 million barrels per day that OPEC had allotted for the nation.

The most recent information on oil production, which was made public by the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, over the weekend, showed that condensate oil production for December was 178,313 barrels per day, bringing the daily total to 1.4135 million barrels. Read more here.

LCCI Warns FG Against Removing N6 Trillion Waivers From Oil, Gas Sector

The Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to proceed cautiously with its intention to save nearly N6 trillion by eliminating tax waivers and exemptions given to some significant oil and gas sector businesses.

The LCCI also informed the government that in order to prevent investment disruptions in the oil and gas sector, a responsive regulatory environment was essential. Read more here.

UAE Oil Chief To Lead COP28 Climate Talks

The Chief executive of the UAE’s Abu Dhabi National Oil Company (ADNOC), Sultan al-Jaber was named on Thursday as the first CEO at the 2023 COP28 climate submit.

The announcement was revealed in a statement carried out by the official WAM news agency.​​​​​​ Read more here.

These are the latest Oil & Gas news that made trends during the week. Visit our website https://allnews.ng for more Oil & Gas news around the world.