Nigeria Plans to split National Oil Corporation into 30 Independent Companies as an Anti-Corruption measure

Nigerian National Petroleum Corp (NNPC) is to be split into 30 independent companies within weeks, the group’s head said on Thursday, in a restructuring designed to help tackle corruption at the state oil company. Mismanagement and graft at NNPC has hampered an industry that provides around 70 percent of national income in Africa’s biggest crude

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Iran Determined to raise Oil output as Sanctions are lifted

From Agencies… Iran is determined to raise its oil output as planned as soon as sanctions on its oil industry are lifted, Mehdi Asali, its representative to the OPEC producers’ group, said on Saturday. The international sanctions were scrapped as part of a landmark deal between major powers and Iran to curb Tehran’s nuclear program.

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The ‘not so good’ awaiting Nigeria Oil industry amid the threat of falling prices in 2016

This coming year is shaping up to be a difficult one for economies that are disproportionately dependent on oil. This is especially true for Nigeria, where there’s a possibility of renewed conflict in the country’s oil-producing Niger Delta region, according to SBM Intelligence’s recently published “Nigeria in 2016” report. The global oil picture is stacked against countries like

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OPEC says Oil prices will recover by 2020

By agencies… Oil producers’ group Opec has said it expects oil prices to recover to $70 a barrel by 2020. Prices have fallen from more than $110 a barrel in the summer of 2014 to less than $37 a barrel now due to oversupply and slowing demand. But Opec said oil prices would begin to

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