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