Oil majors hoard windfall as $100 crude tests spending discipline
The world’s largest oil companies are holding back on spending after posting their third-highest quarterly…
Oil majors hoard windfall as $100 crude tests spending discipline
The world’s largest oil companies are holding back on spending after posting their third-highest quarterly earnings on record, even as crude prices stay above $100 for much of 2026. ExxonMobil Holdings Corp. and Chevron Corp. are stockpiling cash, BP Plc is paying down debt and other liabilities, while Shell Plc and TotalEnergies SE promise caution…
AKK pipeline to deliver gas to Abuja for power generation before the end of 2026 – OjulariOjulari
The Nigerian National Petroleum Company Limited (NNPC) says the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project will begin delivering gas to Abuja for power generation before the end of 2026. BuyMaps The Group Chief Executive Officer of NNPC, Bayo Ojulari, disclosed this on Monday at the ongoing 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in…
Cooking Gas Depot Prices Jump Up to 16% as Dangote Refinery Holds at ₦1,050 per Kg
Cooking gas depot prices rose by as much as 16% in four days, between October 30 and November 2, 2026, according to market data on wholesale LPG loading rates. The increases hit major Lagos suppliers including Navgas, NIPCO, Rain Oil, Techno Oil and 11Plc. Dangote Petroleum Refinery remains the cheapest major supplier at ₦1,050 per…
Eyesan Woos Investors at ADIPEC, Says Bid Portal Opens Nov 20
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mrs. Oritsemeyiwa Eyesan, has told investors that Nigeria offers a stable climate amid the global energy tension. In a statement, Eniola AkinkuotuHead, Corporate Communicationssaid Mrs. Eyesan stated this at the 2026 Licensing Round which has 40 oil and gas blocks on offer, She urged investors…
FG to open portal for oil well bidding Nov 20
The Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, disclosed that the 2026 Licensing Round portal will officially open on November 20, 2026. Speaking during the 2026 ADIPEC Exhibition and Conference in Abu Dhabi, Eyesan told investors that Nigeria offers a stable climate amid the global energy tension. Eyesan therefore urged investors…
OPEC+ Expected to Hold December Oil Output Targets as Iran War Disrupts Exports
Seven key OPEC+ members are expected to keep oil production targets for December unchanged at an online meeting on Sunday, as export disruptions linked to the US-Iran war continue to hit shipments. Three people familiar with the matter said the core members have agreed in principle to maintain current output levels next month. The meeting…
Petrol depot prices hit N1,349 as Dangote keeps N1,210 ex-gantry rate
Petrol depot prices across Lagos, Warri, Calabar and Port Harcourt ranged from N1,323 to N1,349 per litre, according to Major Energy Marketers Association of Nigeria (MEMAN) data released on October 27, 2026. Dangote Petroleum Refinery kept its ex-gantry price at N1,210 per litre, N113 to N139 below the depot rates. The figures come as the…
Cooking gas demand rises 8% despite prices of up to ₦1,600/kg
Nigeria’s daily cooking gas consumption rose 8% to 5.2 kilotonnes in September 2026 from 4.8 kilotonnes in August, even as retail prices ranged from ₦1,200 to ₦1,600 per kilogramme. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said consumption ran ahead of receipts by about 500 tonnes daily. NMDPRA data showed that daily LPG…
Dangote Refinery IPO draws investors from 119 countries as $1.6bn offer closes
Dangote Petroleum Refinery has closed its $1.6 billion initial public offering after drawing commitments from investors in 119 countries. The offer closed on Tuesday, October 27, 2026, and could become Africa’s largest stock market listing. The refinery secured between $1.5 billion and $1.6 billion in fully funded commitments from Nigerian and retail investors alone. Investors…
NNPC to Return to Borno as Zulum Sets Two Conditions for Oil Exploration
NNPC Limited has said it is ready to revive oil exploration in Borno State, more than two years after operations were suspended. The company made the position known after a meeting with Governor Babagana Zulum at Government House in Maiduguri on Wednesday. The NNPC delegation was led by its Non-Executive Chairman, Ahmadu Musa Kida. Group…
