Nigeria’s crude oil production recorded a slight increase from 1.401 million barrels per day (bpd) in October to 1.436 million bpd in November 2025. This reflects a 35,000 bpd month-on-month increase. This is according to the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Report (MOMR) released on Thursday, December 11. OPEC said the …
Aliko Dangote, the President of Dangote Industries Limited, has unveiled a landmark plan to list a 10% stake in his $20 billion refinery on the Nigerian Exchange (NGX) in 2026. Dangote further announced that the company is currently in discussions with market regulators to facilitate future dividend payouts in US dollars, offering a hedge against …
The use of Compressed Natural Gas (CNG) as an alternative fuel is believed to be cost-effective and aligns with the global transition to clean energy agenda, but issues around conversion cost and availability of CNG have hindered the adoption in Nigeria. Nigeria holds the largest natural gas reserves in Africa and ninth in the world, …
The Nigeria National Petroleum Company (NNPC) Limited says its flagship upstream subsidiary, NNPC E&P Limited (NEPL), hit 355,000 barrels per day (bpd) of oil production, its highest daily output since 1989. It said the increased production was achieved on December 1, 2025. In a statement released on Tuesday, the national oil firm said the average …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed recent reports alleging that it is deliberately withholding the Frontier Exploration Fund (FEF) from the Nigerian National Petroleum Company Limited (NNPCL). Addressing the allegations, Eniola Akinkuotu, the Head of Media and Strategic Communication, in a statement on Monday, December 8, confirmed that the Commission has approved …
As registration for the 2025 licensing round continues, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has listed 50 oil blocks covering onshore, shallow water, and deep offshore areas. The Commission, which launched the 2025 licensing round on December 1, announced a slash of signature bonus to between $3 million and $7 million as approved by …
Chevron Nigeria has expressed its intention to participate in the 2025 petroleum licensing round, hailing the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its activities aimed at boosting the oil and gas business in the country. The Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, Jim Swartz, gave the commendation when he visited the …
Dangote Petroleum Refinery and major oil marketers have set new lower prices for Premium Motor Spirit (PMS), commonly known as petrol, amid rising competition in the downstream market. Pinnacle Daily’s checks showed a slight drop in petrol prices at various depots by major importers and the Dangote Refinery. The price adjustment comes after a drop …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) emerged as the highest among agencies in revenue remittances into the federation account in October 2025. According to data obtained from the Federation Accounts Allocation Committee (FAAC), out of a total of N2.93 trillion revenue remitted by seven agencies, NUPRC remitted N873.11 billion. This represents 29.8 per cent …
Stakeholders in the Nigerian petroleum sector have charted a clearer roadmap for enhancing legislative oversight in the upstream. At a one-day workshop held on Monday, December 1, in Abuja, themed 'Legislative–Stakeholders Synergy for a Transparent and Accountable Upstream Petroleum Sector', stakeholders highlighted ways to ensure transparency and accountability in the Nigerian petroleum sector. It was …
