The recent escalation of conflict in the Middle East, involving the US, Israel, and Iran, has highlighted the vulnerability of Nigeria to global energy shocks despite being a major oil producer, as fuel prices. The conflict has once again highlighted a significant paradox in the Nigerian economy: while a rise in global crude prices (now …
President Bola Tinubu has approved the Final Investment Decision (FID) on the Bonga Southwest deepwater project, estimated to attract about $20 billion in Foreign Direct Investment into Nigeria. This marks a significant step in Nigeria’s quest to attract strategic investments and accelerate sustainable economic growth. According to a statement by Andy Odeh, Chief Corporate Communications …
President Bola Tinubu, on Thursday, presided over a meeting that led to the resolution of a dispute between the Nigerian government, multinational oil giant ENI, and the Nigerian Agip Exploration Limited (NAEL) on the Prospecting Licence (OPL) 245. The resolution was sealed with a historic settlement agreement between the Federal Government, ENI, and Agip. According …
Professor Wumi Iledare, a renowned expert in petroleum economics and Professor Emeritus at Louisiana State University, has reacted to President Bola Tinubu’s Executive Order 9 of 2026, directing the restructuring of oil and gas revenue remittances to the Federation Account. The order signed by President Tinubu on February 13 but announced on February 18, 2026, …
The indigenous energy firm says plans are underway to supply processed gas to NLNG Seplat Energy PLC, a Nigerian independent energy company, says it has achieved first gas at its 300 million Standard Cubic Feet per day (MMscfd) ANOH gas plant located in the Niger Delta. In a statement released on Tuesday, January …
Nigeria’s oil production (including crude oil and condensate) dropped to 1.544 million barrels per day (bpd) in December from 1.599 million bpd in November. This reflects a 3.44 per cent decline on a month-on-month basis. This was revealed in the latest Crude Oil and Condensate data 2025 released by the Nigerian Upstream Petroleum Regulatory Commission …
Dangote Refinery has urged petrol station owners and dealers nationwide to register for its direct supply scheme and benefit from the current gantry price of ₦699 per litre. It said the offer is available to all petrol station owners and dealers nationwide. The $20 billion refinery had on December 12, announced a ₦129 reduction of …
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 …
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 …
The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has unveiled steps for participation in the 2025 Petroleum licensing round. The Commission formally launched the 2025 licensing round on Monday, December 1, 2025, with the official unveiling of its licensing portal. It says activities lined up for the licensing round will come in phases. In a video …
