The Nigerian National Petroleum Company Limited (NNPC) saw its profit after tax drop by 64.67 per cent to ₦136 billion in February 2026, down from ₦385 billion in January, despite a 4.2 revenue increase to ₦2.68 trillion. The sharp profit decline came as crude oil and condensate production fell to 1.51 million barrels per day …
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that over $10 billion in new investments have been unlocked in the Nigerian upstream oil and gas sector signalling a significant resurgence of production activities. The NUPRC Chief Executive, Oritsemeyiwa Eyesan, made this known during the 2026 Oloibiri Lecture and Energy Forum in Abuja on Thursday, …
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is set to launch Project NEXUS, a flagship transformation initiative aimed at enhancing regulatory efficiency and positioning Nigeria as a leading energy hub in Africa. The announcement was made by NMDPRA Chief Executive Saidu Mohammed at the 26th Oloibiri Lecture Series and Energy Forum (OLEF) held in …
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Nigerian government to declare a state of emergency on crude oil and gas production in the country as part of efforts to boost the energy self-sufficiency drive. PETROAN National President, Dr Billy Gillis-Harry, who appeared on Channels Television Business Morning on …
Chairman of the Alliance for Economic Research and Ethics (AERE), Dele Oye, has raised concerns that Nigeria is having a shortfall of 360,000 barrels daily and losing at least ₦28.3 trillion annually in additional revenue as oil prices have surged above $100 per barrel due to the ongoing war involving the United States, Israel, and …
Nigeria’s oil production declined by nine per cent month-on-month to 1.483 million barrels per day (bpd) in February 2026, down from 1.627 million bpd recorded in January. This is according to the latest report by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which tracks crude oil and condensate production. On a year-on-year basis, output also …
Nigeria is set to begin exporting a new crude oil grade called 'Cawthorne' in March 2026. This new stream is part of the country's broader strategy to boost its crude production and expand its presence in the global oil market. A Reuters report said a spokesperson of the Nigeria National Petroleum Company Limited (NNPC) confirmed …
The Nigeria National Petroleum Company Limited (NNPC) has declared that it generated ₦60.517 trillion in revenue and ₦5.76 trillion as profit after tax in 2025. The national oil firm made this known in the NNPC Limited Monthly Report Summary for December 2025, released on Thursday, February 12. According to the report, crude oil and condensate …
Nigeria’s crude oil production rose to 1.459 million barrels per day in January 2026, up by 37,000 bpd when compared to December 2025 production of 1.422 million bpd. This is according to the Organisation of the Petroleum Exporting Countries’ (OPEC) February 2026 Monthly Oil Market Report (MOMR) released on Wednesday, February 11. While the output …
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 …
