Thirty one companies have emerged winners in the Nigerian Upstream Petroleum Regulatory Commission's (NUPRC) 2025 Licensing Round, with frontier basins capturing unprecedented investor attention for the first time in the nation's oil and gas history. The keenly contested bidding process, which concluded at the Transcorp Event Center in Abuja on Tuesday, saw 143 companies submit …
NUPRC targets 300,000 bpd production boost as 143 companies submit 200 bids for 37 oil and gas assets The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has stated that the ongoing 2025 licensing round could add about 500 million barrels to the nation's hydrocarbon reserves, marking a significant step toward achieving the government's target of …
For much of 2026, Nigeria's fuel story was one of quiet triumph: a country that had spent decades importing the bulk of the petrol it consumed was steadily weaning itself off foreign supply, thanks largely to the Dangote Petroleum Refinery. In January, domestic refineries supplied 40.1 million liters of Premium Motor Spirit (PMS) per day, …
The Commission charges new PPL licence winners to drive Nigeria's 3 million bpd production target The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has charged the latest recipients of Petroleum Prospecting Licences (PPLs) to develop the assets quickly or face the risk of forfeiture under the "drill or drop" provisions of the Petroleum Industry Act …
The Dangote Petroleum Refinery has shielded Nigerian consumers from rising global fuel prices by keeping domestic petrol prices stable despite increasing international gasoline prices, higher freight costs, and tightening global fuel supplies. This was contained in the latest market intelligence by S&P Global Commodity Insights. According to the report, fuel importers supplying the Nigerian market are …
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Federal Government to immediately restore full commercial production at the state-owned refineries. It warned that relying on a single dominant refinery poses risks to fuel pricing, currency stability, and Nigeria's energy security. It made the call in a statement issued on …
crude oil The Strait of Hormuz is a critical maritime route for the movement of vessels, with about 20 percent of the world's oil and gas supplies passing through it daily. Brent crude, the international benchmark, jumped 9 percent from $78.38 on Monday, July 13, to settle at $85.45 per barrel on Wednesday, July 15, …
Dangote Petroleum Refinery has ended naira-denominated sales of its refined petroleum products, shifting to a new dollar-based pricing system for petrol, diesel, and aviation fuel. The move marks a significant change from the naira-for-crude arrangement that began in October 2024, shortly after the refinery commenced commercial operations. In a notice sent to marketers, the refinery …
Global oil prices have surged again, rising to $78 per barrel following the renewed tensions between the United States and Iran, leading to a declaration of the closure of the Strait of Hormuz by Tehran. The closure of the Strait of Hormuz, the world's most critical maritime chokepoint, has raised fears over disruptions to shipping …
Nigeria's crude oil production reached a six-year high in June 2026, surpassing its OPEC quota for the second consecutive month and signaling a strong recovery for the nation's oil sector. The upward trend is driven by improved operational stability and declining pipeline disruptions. Latest data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicated …
