The National Economic Council (NEC) has resolved to intensify stakeholder engagement to boost Nigeria’s non-oil revenue base and reduce dependence on crude oil earnings. The decision followed deliberations at the Council’s 156th meeting, held virtually on Thursday and chaired by Vice President Kashim Shettima. Shettima urged faster movement toward a non-oil economy driven by competitive …
In a bid to sustain daily delivery of 50 million litres of Premium Motor Spirit, also known as petrol, across Nigeria, Dangote Refinery has begun 24-hour loading operations. This shift is part of the refinery’s efforts to eliminate the long-standing issue of fuel scarcity in Nigeria by ensuring that the facility's optimal production levels are …
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 …
