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
![](/images/white-fade.png)
Also in this section
26 July 2024
Oil majors play it safe amid unfavourable terms in latest oil and gas licensing bid rounds allowing Chinese low-ball moves
25 July 2024
Despite huge efforts by India’s government to accelerate crude production, India’s dependency shows no sign of easing
24 July 2024
Diesel and jet fuel supplies face a timebomb in just four years, and even gasoline may not be immune
23 July 2024
Rosneft’s Arctic megaproject is happening despite sanctions, a lack of foreign investment and OPEC+ restrictions. But it will take a long time for its colossal potential to be realised