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1979: In an effort to establish further control over the industry, the government merges and restructures the NNOC and the Ministry of Petroleum to form the Nigerian National Petroleum Corporation, an entity which would exert more power over the allocation and sale of concessions than the NNOC. By 1979, the NNPC had also gained 60% ...
Also known as. Second oil crisis. A drop in oil production in the wake of the Iranian Revolution led to an energy crisis in 1979. Although the global oil supply only decreased by approximately four percent, [2] the oil markets' reaction raised the price of crude oil drastically over the next 12 months, more than doubling it to $39.50 per barrel ...
In 1971, the Nigerian National Oil Corporation (NNOC) was created to handle direct commercial operational activities in the oil industry on behalf of the Federal Government. However, the Department of Petroleum Resources in the Federal Ministry of Mines and Power continued to exercise statutory supervision and control of the industry. In 1975 ...
Nigerian Upstream Petroleum Regulatory Commission, formerly the Department of Petroleum Resources (DPR), is a department under the Nigerian Federal Ministry of Petroleum Resources (FMPR). It monitors the oil and gas industry to ensure compliance with relevant regulations and laws. [1] It also oversees the safety and other regulations that ...
Between 2009 and 2019, poverty in Nigeria declined by between 3–7 percentage points. Boko Haram's effect on Nigeria's economy. Nigeria has one of the largest populations in Africa with over 200 million citizens. Its economy booms from the oil industry in the Niger Delta, and is said to be the leading economy in Africa in 2020.
World oil production 2011 - 2021 average barrels of oil per day. The nationalization of oil supplies refers to the process of confiscation of oil production operations and their property, generally for the purpose of obtaining more revenue from oil for the governments of oil-producing countries. This process, which should not be confused with ...
1970. January 1: U.S. Federal oil depletion allowance reduced from 27.5 to 22.0 percent. May 3: TAP line from Saudi Arabia to the Mediterranean interrupted in Syria, creating all-time tanker rate highs from June to December. September 4: - October 9 Libya raises posted prices and increases tax rate from 50 percent to 55 percent.
The 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when, respectively, the Yom Kippur War and the ...