Oil prices dropped on Thursday, extending losses from the previous session, as rising U.S. crude inventories and a shift in OPEC’s supply outlook raised concerns about global oversupply. Brent crude fell 20 cents to $62.51 a barrel, while U.S. West Texas Intermediate dropped 24 cents to $58.25 a barrel. U.S. crude stockpiles rose by 1.3 …
The Nigerian government through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has announced suspension of the proposed 15 per cent duty on imported Premium Motor Spirit also known as petrol and Diesel. NMDPRA made this known in a statement released on Thursday, November 13, signed by its Director, Public Affairs Department, George Ene-Ita. …
A group known as the Peering Advocacy and Advancement Centre in Africa (PAACA) has called on the Nigerian government to delay the implementation of the 15 per cent tariff on import of petrol and diesel until local refineries reach the capacity to meet at least 80 per cent of national demand. The group, which made …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the 2025 Licensing Round will commence on December 1, 2025, calling on investors to take advantage of opportunities in the country’s oil and gas sector made possible by the reforms of the current administration. NUPRC Chief Executive, Engineer Gbenga Komolafe, made the announcement at the …
Nigeria's oil and gas revenue in 2024 fell significantly short of its budget target, showing a decline of 24.7 per cent against projected figures. The gross oil revenue for 2024 before deductions was $15.07 trillion against the $19.99 trillion budget target (a N4.93 trillion shortfall). This is according to data from the latest Budget Implementation Report …
Nigeria loses an estimated $15 billion every year to oil theft and pipeline vandalism, raising concerns about the long-term sustainability of President Bola Ahmed Tinubu’s Renewed Hope Agenda beyond 2027, a study by Professor Usman Muhammed of Kaduna State University has revealed. Speaking at the 1st Citizens Engagement Conference (North-West Edition) in Kaduna, themed “The …
Dangote Refinery has reduced the price of Premium Motor Spirit (PMS), also known as petrol at its gantry to ₦828 per litre, from ₦877 sold previously. This change reflects a 5.6 per cent drop. The price slash comes amid heightening competition in the downstream petroleum market The Major Energies Marketers Association of Nigeria (MEMAN) last …
Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr Gbenga Komolafe, has expressed optimism that Nigeria’s oil production will soon experience an upsurge as the Emem Floating Production Storage and Offloading (FPSO), is set for its final voyage to Nigeria. Komolafe stated this on Tuesday during an inspection of the EMEM FPSO at …
The Nigeria National Petroleum Company Limited (NNPCL) says Nigeria’s oil output has been raised to 1.7 million barrels per day (bpd), with targets of hitting two million bpd by 2027 and three million in the long term. The company said this growth projection is driven by reforms in the oil and gas sector, which has …
Africa remains a formidable force in the global energy market, anchoring international supply chains and national economies through crude oil production. As the world gradually pivots toward cleaner energy, the continent’s biggest oil producers are balancing rising transition pressure with the need to protect vital export earnings and jobs. Today, five African nations stand at …
