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...
Crude oil
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)...
Nigerian National Petroleum Company Limited (NNPC Ltd.) has recorded a 100% availability on major crude oil pipelines in the country. The Group Chief Executive Officer, Bashir Ojulari, announced this at the 24th NOG Energy Week in Abuja. Ojulari attributed the achievement to industry-wide security interventions led by NNPC Ltd....
By ABDULAZIZ NA’IBI ABUBAKAR The Nigerian Senate’s recent revelation of a staggering ₦210 trillion discrepancy in the audited financial statements of the Nigerian National Petroleum Company Limited (NNPCL) from 2017 to 2023 has once again thrust the nation’s oil sector into the spotlight of scrutiny. This alarming figure, uncovered...
By MBAFAN ADE, Abuja – The Federal Ministry of Finance has issued a statement in response to recent media reports regarding a potential forward sale of crude oil involving the Nigerian National Petroleum Company Limited (NNPC Ltd). According to the Ministry, no final decision has been made on the...
By EZEKIEL OBI, Abuja – The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has firmly stated that no violations of oil licensing guidelines occurred during the 2024 Oil Block Licensing Round, refuting recent allegations made in an online newspaper that suggested otherwise. The Commission in a statement issued on Thursday...
Niger State Governor, Umar Bago has called for partnership with the Dangote Group in the exploration and development of the discovered crude oil blocks in Niger State’s Bida Basin. Bago said that the group would significantly contribute to the exploration project with its proven expertise in the energy sector...
By EZEKIEL OBI, Abuja- The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPC) Limited over what it describes as a failure to account for N500 billion in oil revenue allegedly not remitted to the Federation Account between October and December...
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to maintaining stable petrol prices, even as global crude oil prices continue to fluctuate. The affirmation is contained in a statement issued on Monday in Lagos, the Group Chief Branding and Communications Officer of the company, Mr Anthony Chiejina. Chiejina...
By ARMSTRONG ALLAHMAGANI, Bauchi – The Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, has disclosed that the Federal Government has renewed the licence for the crude oil exploration in the Kolmani area of Bauchi and Gombe States. He made the disclosure at the official groundbreaking ceremony...
Oando Plc, the indigenous firm that acquired Nigeria Agip Oil Company, says it has recorded four operational oil spills from October 2024 to date. The oil firm disclosed this in a statement made available to the News Agency of Nigeria (NAN) by Oando’s Spokesperson Mrs Alero Balogun, General Manager,...
By EZEKIEL OBI, Abuja- The Coalition of Civil Society Organisations in Nigeria (COCSON) and the Bloggers and Vloggers, Content Creators Association (BAVCCA) have jointly condemned what they describe as a “targeted and malicious” media campaign aimed at tarnishing the reputation of Malam Mele Kyari, the former Group Chief Executive...
The Tinubu Media Support Group (TMSG) says the federal government’s decision to make the naira-for-crude policy permanent is a sustainable solution to the cost of living crisis in the country. Chairman of the advocacy group, Mr Emeka Nwankpa, said this in a statement on Tuesday in Abuja. Nwankpa said...
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Friday said that the nation’s crude oil reserves stood at 37.28 billion barrels (bb) as at Jan. 1, 2025. The commission also said that Nigeria’s gas reserves hit 210.54 trillion Cubic Feet (tcf). Mr Gbenga Komolafe, Commission Chief Executive, NUPRC, who...
The Tantita Security Services Nigeria Limited (TSSNL) has expressed its commitment to the realisation of the 2.06 million barrels per day (bpd) vision of President Bola Tinubu in 2025. The Managing Director of TSSNL, Chief Kestin Pondi disclosed this on Friday at the inauguration of the newly built Ugborikoko...
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said the recent drop in global crude oil prices has sparked hopes of a corresponding reduction in petrol prices in Nigeria National President, PETROAN, Dr Billy Gillis-Harry, while reacting to recent development in the oil and gas sector...
The Federal Government has said its naira-for-crude initiative with local refineries is not a temporary measure but a “key policy directive designed to support sustainable local refining”. The government also said the initiative is still in effect and will continue immediately, overruling the decision of the NNPCL under its...