Ministry of Petroleum Resources (Oil)
About
The Federal Ministry of Petroleum Resources is a federal ministry of Nigeria that directs the country's petroleum resources and the activities of the oil and gas sector. Its mission is to ensure an enabling environment that improves the oil and gas value chain, driven by modern technology, industry best practices, stakeholder engagement and innovation in alternative energy. The ministry formulates policies and programmes for the petroleum sector, covering the marketing of crude oil, natural gas and petroleum products, concession policy, private investment, licensing of petroleum and gas operations, and research and development. It also administers government joint venture interests in the sector, coordinates bilateral and multilateral relations affecting oil and gas, and supervises a number of parastatals including the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian Mid- and Downstream Petroleum Regulatory Authority and the Petroleum Training Institute.
History
Petroleum matters were first handled by the Hydrocarbon Section of the Ministry of Lagos Affairs, which reported directly to the Governor-General. This unit was later upgraded to a Petroleum Division within the Ministry of Mines and Power as the petroleum industry expanded. In 1971 the Nigerian National Oil Corporation was created to handle direct commercial operations on behalf of the Federal Government, while the Department of Petroleum Resources continued to supervise and control the industry. In 1975 the department was upgraded to a ministry named the Ministry of Petroleum and Energy, which was later renamed the Ministry of Petroleum Resources. In 1985 the Ministry of Petroleum Resources was re-established.
Key Facts
Established
1975
Headquarters
Block D, NNPC Towers, Herbert Macaulay Way, CBD, Abuja, FCT, Nigeria
Minister of Petroleum Resources
Bola Tinubu
Website
petroleumresources.gov.ng