Nigeria has slashed the time it takes to approve applications to revive idle oil wells from weeks to hours as Africa’s top crude producer seeks to take advantage of high energy prices.
The Nigerian Upstream Petroleum Regulatory Commission is approving permits within hours of application, according to people familiar with the process, who asked not to be identified because they aren’t authorized to speak to the media.
A tanker discharges crude oil via single-point mooring (SPM) at Dangote Industries Ltd. refinery.
Photographer: Benson Ibeabuchi/Bloomberg
With oil trading near $100 a barrel, Africa’s top producers are moving to capitalize on demand as buyers turn to suppliers such as Nigeria and Angola, away from the Middle East conflict. ...