Federal Ministry of Petroleum Resources – Petroleum Revenue Special Task Force

Abuja, Nigeria 07. February 2012 — Consistent with the policies and promises of President Goodluck Ebele Jonathan’s Administration, and underpinned by the yearnings of the people of Nigeria for transparency in the Petroleum Industry, the Honourable Minister of Petroleum Resources has set up a Petroleum Revenue Special Task Force designed to enhance probity and accountability in operations of the Petroleum Industry. The Petroleum Revenue Special Task Force, whose membership is listed below, is charged with the following terms of reference:

Terms of Reference
1. To work with consultants and experts to determine and verify all petroleum upstream and downstream revenues (taxes, royalties, etc.) due and payable to the Federal Government of Nigeria; Continue reading

Nigerian oil minister Madueke at helm of positive changes to oil industry

Nigeria is an African nation sitting on a vast oil and gas fortune; but in the past its oil and gas industry has sometimes proven controversial and caused international concern. Now the country’s oil minister, Mrs. Diezani-Alison Madueke is pushing steps to revolutionise the industry to the benefit everyone – not least Nigerians themselves.

Nigeria’s recently-unveiled Gas Master Plan (GMP) initiative focuses on the emerging gas based industries such as fertiliser, petrochemicals and methanol, and will result in foreign direct investment of about USD 10 billion between 2012 and 2014. The full implementation of the GMP agenda will result in about USD 25 billion worth of investments in gas processing, transmission and downstream gas utilisation projects. Continue reading