The National Economic Council (NEC), has resolved to intensify engagement with key stakeholders to significantly boost non-oil revenues as part of the economic roadmap of President Bola Ahmed Tinubu’s administration. Vice President Kashim Shettima, who chairs the Council, said Nigeria must urgently accelerate its transition from an oil-dependent economy to a diversified one driven […]
Oil prices edged lower on Friday as global crude markets reacted to a renewed shift in the supply outlook, with investors absorbing plans by the United States to encourage substantial investment in Venezuela’s oil sector alongside ongoing supply-demand imbalances. International benchmark Brent crude slipped to around $62.42 per barrel, a decline of about […]
The Federal High Court in Abuja has ordered all parties in a high-stakes oil fields dispute to maintain the status quo as the matter proceeds toward adjudication. The ruling, delivered on Monday by Justice Emeka Nwite, affects four key oil fields, including Yorla South, Akiapiri, Diebu Creek East, and Idiok. The order followed an […]
Nuhu Ribadu, the national security adviser (NSA), has praised the administration of Rivers State governor, Siminalayi Fubara, describing the state as “probably one of the most peaceful states in Nigeria.” Ribadu spoke on Monday while leading a federal government delegation to Rivers State as part of efforts to restore oil operations in Ogoniland. The delegation […]
Indigenous oil and gas services firm, Marconi.NG EPC Limited, has called for consistent implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, while recommitting to cost-competitive and timely delivery of projects across the sector. The pledge comes as the Federal Government steps up efforts to attract fresh investments, accelerate field development and […]
The Pan Niger Delta Forum (PANDEF) has commended the federal Government for the ongoing reforms I the nation’s oil and gas sector . Also the body applauded the appointment of Oritserneyiwa Eyesan as CEO of NUPRC described it as putting a square peg in a square hole, and thanked President Bola Tinubu, for this. At […]
The House of Representatives has launched an investigation into the alleged failure to repatriate Nigeria’s crude oil export proceeds, estimated at over $850 billion between 1996 and 2014. Chairman of the House Ad-Hoc Committee on Pre-Shipment Inspection of Exports and Non-Repatriation of Crude Oil Proceeds, Hon. Seyi Sowunmi, disclosed this at a press briefing on […]
…as Ojulari promises completion of Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline in 2025 By Tunde Opalana The Federal Government will no longer tolerate abandoning of oil field licenses after acquisition by some oil companies. This is part of government concerted efforts to meet OPEC production quota and 2025 budgetary targets. The warning shot was fired by the […]
BY MOTOLANI OSENI Oil market analysts are warning of a potential surge in global crude prices, possibly breaching $100 per barrel, as escalating military tensions between Israel and Iran fuel fresh supply concerns. Following Israel’s recent wide-ranging strikes on Iranian nuclear facilities and missile factories, global oil prices jumped nearly 9 per cent, with Brent […]
By Msugh Ityokur The House of Representatives Committee on Petroleum Resources (Upstream) and the Special Committee on Crude Oil Theft are to introduce five bills aimed at addressing key challenges affecting the nation’s oil industry. The Chairman of both Committees, Alhassan Ado Doguwa, disclosed this at a joint meeting Tuesday, stating that the proposed bills […]
By Aherhoke Okioma The Office of the National Security Adviser (NSA) has reassured Nigerians that the federal government is taking strong action against oil vandals threatening national assets and local communities, adding that over 100 vandals have been prosecuted over offenses related to crude oil theft. Speaking on behalf of National Security Adviser (NSA) to […]
BY MOTOLANI OSENI Nigeria’s oil-dependent economy is facing renewed pressure as a large volume of its crude oil exports for April and May 2025 remains unsold, threatening government revenue projections and deepening concerns in the energy sector. More than half of the country’s planned shipments, including popular grades like Bonny Light, Forcados, Qua Iboe, and […]
Nigeria’s oil production output nosedived by 50,000 barrels a day to an average of 1.5 million per day, in line with its quota. Also, loading of the country’s Bonny Light crude grade faced delays following a fire at the Trans-Niger Pipeline. This is as the Organisation of Petroleum Exporting Countries (OPEC) reduced crude oil production […]
…falls short of OPEC quota By Tunde Opalana Nigeria’s daily average crude oil production in February declined by about five percent from 1,538,697 bpd in January to 1,465,006 barrels per day. This is according to data from the Nigeria Upstream Petroleum Regulatory Commission (NUPRC). The data added that February production falls short of the country’s […]
BY MOTOLANI OSENI Stakeholders and key oil companies made great strides towards reducing carbon emissions at the DECARBON 2025 where industry leaders to chart the course for sustainable energy transition strategies in Berlin, Germany on 10-11 February. Central themes included solutions for reducing carbon footprints across all industry segments, hydrogen production, advancements in refining, integration […]
Oil traders are looking towards Africa and Middle East to buy crude oil after tightened U.S. sanctions on Moscow disrupts roaring trade in discounted Russian oil to China and India. The new turn Ofodeme events is reviving demand for Middle Eastern and African crudes, roiling shipping markets and driving up oil prices. A seller of […]
…as Don says nation benefit only 5% of crude export revenue By Tunde Opalana Multi- sectoral experts on Thursday converged in Abuja to dissect challenges and prospects in the nation’s oil sector while proffering solutions as a way forward. Policy analysts, conservationists, environmental experts, public commentators, social critics and youth corps members among other panelists […]
..Disguise as NGOs preaching ‘energy transition commitment’ BY HARUNA SALAMI There appears to be hidden forces orchestrating inefficiency in Nigeria’s huge oil industry to the detriment of the larger society indeed. Apart from the recent revelation at the National Assembly earlier in the week, this fact may have been buttressed by the revelation from the […]
By Tunde Opalana The Honourable Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobri on Thursday disclosed that Nigeria’s oil production output has to increased to 1.7 million barrel per day while promising improved production. He said the achievement was consequent of achieving conducive environment in the oil sector and determination of the President […]
The 17 oil blocs put forward for sale under the 2024 licensing bid round by the Federal Government are not for politicians, but investors with financial capacity and technical competence. The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, made the revelation during a conference organised by the Petroleum Technology Association of Nigeria […]