Oil prices dropped from multi-month highs on Thursday, while gold retreated from record levels after U.S. President Donald Trump signaled a step back from potential military action against Iran, easing demand for safe-haven assets. Brent crude futures fell 3.3% to $64.32 a barrel, down from $66.82 a day earlier, as Trump said killings in Iran’s …
Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said the Federal Government will enforce the “Drip or Drop” principle enshrined in the Petroleum Industry Act (PIA) to ensure the timely utilisation of oil and gas assets by licensed operators. Lokpobiri stated this during the pre-bid conference for the 2025 licensing round held …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Revenue Service (NRS) have strengthened their partnership aimed at boosting revenue collection for the Federation. The decision was taken on Monday, when the new NUPRC Chief Executive, Oritsemeyiwa Eyesan, visited the NRS Chairman, Zacc Adedeji, at the corporate headquarters of the tax agency in Abuja. …
Savannah Energy has confirmed the completion of a deal that allows NIPCO to raise its ownership stake in the company to 26.5 per cent. This follows the conclusion of regulatory consultations and the entry into a relationship agreement between the two firms. The British independent energy firm disclosed this in a statement issued on Tuesday, …
As Nigeria pushes for new investments in the oil and gas industry, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has scheduled to hold a pre-bid conference for the 2025 oil and gas licensing round. In a statement released on Friday, signed by the NUPRC Chief Executive, Oritsemeyiwa Eyesan, the Commission said the licensing round pre-bid …
President Donald Trump on Friday, January 9, met with executives from U.S. energy companies, including ExxonMobil, Chevron, and ConocoPhillips, to discuss a potential $100 billion investment in Venezuela’s oil and gas sector. The meeting followed the capture of Nicolás Maduro on January 3, 2026, by the U.S. special military force. According to a CBS News …
Senegal’s oil production reached 36.1 million barrels in 2025, exceeding initial projections of 30.53 million barrels and the mid-year estimate of 34.7 million, the Ministry of Energy, Oil and Mines reported on Wednesday. Authorities credited the overperformance to well-maintained reservoirs, robust operational performance, and effective well maintenance. READ ALSO: Senegal Unveils Bold Economic Recovery Plan …
There are concerns that the crisis in Venezuela presents a significant risk for Nigeria’s 2026 budget and the broader economy. While Venezuela and Nigeria are geographically distant, they are direct competitors in the global oil market. After months of tactical preparations, the United States invaded Venezuela during the weekend. The U.S. military force launched strikes …
Dangote Petroleum Refinery has debunked a report circulating in sections of the media claiming that the refinery is shutting down due to maintenance issues. In a statement released on Monday, the refinery management described the reports as “false and misleading” and accused fuel importers of deliberately sponsoring such fabrication because they felt their commercial interests …
Shares of U.S. oil companies jumped Monday after President Donald Trump indicated that major American oil firms could gain access to Venezuela’s vast oil reserves. Trump made the announcement following the arrest of Venezuelan President Nicolas Maduro. “We’re going to have our very large U.S. oil companies go in, spend billions of dollars, fix the …
