House of Representatives has set up an ad hoc committee to investigate claims that Nigeria failed to repatriate about $850 billion in oil and non-oil export proceeds between 1996 and 2014. Chairman of the committee, Rep. Seyi Sowunmi (LP–Lagos), disclosed this on Wednesday in Abuja during the official inauguration...
Crude oil
President Bola Ahmed Tinubu has welcomed the news of Shell’s $2 billion Final Investment Decision (FID) on a new gas project in the shallow offshore HI Field, in OML 144. A statement issued by the presidential spokesman, Bayo Onanuga, said the new Non-Associated Gas (NAG) development project will deliver...
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a major milestone in community-focused oil sector reforms, revealing that the Host Community Development Trust (HCDT) fund has grown to ₦373 billion as of October 13, 2025. The disclosure was made in a statement issued on Monday by the Commission’s Head...
Nigeria’s oil and condensate production dipped to an average of 1.581 million barrels per day (bpd) in September 2025, according to fresh data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). In a statement released Saturday, the commission blamed the dip on a three-day industrial action led by the...
A crude oil leak from an 8-inch pipeline linked to Oil Mining Lease 29 (OML 29) has led to fresh environmental pollution in the Nembe area of Bayelsa State, affecting communities along the Santa Barbara River. The facility is operated by Nembe Exploration and Production Company Limited, formerly known...
National President of the Pan Niger Delta Forum (PANDEF), Ambassador Godknows Igali, has urged the Nigerian government to prioritize and safeguard landmark investments like the Dangote Petroleum Refinery, which he described as a strategic asset essential to Nigeria’s—and Africa’s—industrial future. Amb. Igali made these remarks while praising Dangote Group...
Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has ordered an immediate halt to crude oil and gas supplies to the Dangote Petroleum Refinery, escalating a labour dispute that has been brewing between the union and the refinery’s management. In a directive issued on Friday, PENGASSAN’s General...
Nigerian National Petroleum Company Limited (NNPC Ltd.) has described the federal government’s re-entry into Ogoniland as a defining moment for Nigeria—marking not only a return to oil operations but also a powerful symbol of healing, justice, and national unity. Speaking at the presentation of the Ogoni Consultations Report at...
Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has made a strong case for foreign investment in Nigeria’s oil sector, describing the industry as “reformed, open, and ripe” for global partnerships. Speaking during a special session hosted by the United States–Nigeria Council on the sidelines of...
President Bola Tinubu has instructed the National Security Adviser (NSA), Nuhu Ribadu, to commence high-level engagements with the Ogoni communities, the Nigerian National Petroleum Company Limited (NNPCL), and relevant stakeholders to finalise plans for restarting oil production in the region. Speaking at the Presidential Villa on Wednesday while receiving...
Two major oil workers’ unions—the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN)—have fiercely rejected the Federal Government’s move to divest its interests in Joint Venture (JV) oil assets. Speaking during a joint press briefing in...
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced a remarkable achievement in the nation’s upstream oil sector, with crude oil losses due to theft and metering inaccuracies dropping to their lowest point in nearly 16 years. According to the NUPRC, daily crude oil losses in July 2025 reached just...
Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, has agreed to boost oil production by 137,000 barrels per day (bpd) starting in October, according to a statement released on the OPEC website following a virtual meeting. The decision, involving key members such as Saudi...
Presidency has reported a remarkable surge in Nigeria’s non-oil revenue, attributing the growth to strategic reforms aimed at enhancing fiscal stability, tax compliance, and digital tax administration. In a statement issued on Wednesday in Abuja, Presidential spokesperson Mr. Bayo Onanuga shared insights from President Bola Tinubu’s address to a...
Borno State Governor, Babagana Umara Zulum, led a delegation of North East governors to meet with President Bola Ahmed Tinubu on Wednesday. The meeting, held at the Presidential Villa in Abuja, focused on critical issues affecting the North East, including urgent completion of 17 vital road projects and the...
Crude oil prices saw an uptick on Monday following a new trade agreement between the United States and the European Union (EU), coupled with the possibility of extended tariff relief with China, easing fears of economic slowdown and reduced fuel demand. By 0035 GMT, Brent crude futures rose by...
By MBAFAN ADE, Abuja- Nigeria has exceeded its OPEC crude oil production quota of 1.5 million barrels per day (bpd) for the second time in 2025. According to OPEC’s Monthly Oil Market Report (MOMR) for July 2025, Nigeria recorded a crude oil production of 1,505,000 bpd in June 2025....
Organisation of Petroleum Exporting Countries (OPEC) has warned that a staggering $17.4 trillion in global upstream investment is required by 2030 to avoid a massive oil market deficit of 23 million barrels per day (bpd). OPEC Secretary-General, Haitham Al Ghais, made this disclosure at the 24th Nigeria Oil and...
Nigeria’s current oil production stands at 1.745 million barrels per day (bpd), with a target to hit 2 million bpd by the end of 2025, Minister of State Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has said. Lokpobiri made this known while declaring the 2025 Nigeria Oil and Gas (NOG)...