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The Nigerian Bulk Electricity Trading Plc (NBET) has started settling N728.979 billion in legacy debts owed to power generation companies and their gas suppliers. The payment follows the issuance and signing of its Series 2 bonds. The money covers electricity and gas supplied in previous years. Those unpaid bills had weakened generators’ finances, held back…

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it has identified more than 788,000 barrels per day (bpd) of shut-in oil production across 63 operators that it is targeting for restoration as part of efforts to increase Nigeria’s crude oil output. The Commission Chief Executive, Oritsemeyiwa Eyesan, disclosed this at the national conference of the…

The Nigerian National Petroleum Company (NNPC) Limited said on Thursday that crude oil production has risen to 1.8 million barrels per day in the last month. Group Chief Executive Officer Bayo Ojulari put the figure at 1.821 million barrels per day (bpd), including condensates. He said the increase reflects improved regulations and upstream activities. Ojulari…

Petrol depot prices in Lagos, Port Harcourt and Calabar fell to N1,350 per litre on Friday, October 9, after the Federal Government proposed a ceiling on landing and ex-gantry costs. Several depots in Warri, however, held on to higher rates. Price data collected across major depot locations showed Nipco, Honeywell, Ardova and Prudent depots in…

The Federal Government is courting investors for the next phase of Nigeria’s power sector reform, with accelerated metering and enhanced gas supply at the centre of efforts to turn existing assets into electricity delivered and paid for. The position was set out at the NAEC Energy Conference 2026 in Lagos, organised by the Association of…

The Federal Government, yesterday, said it would offer a discount on petrol dispensed at the filling stations of the Nigerian National Petroleum Company, NNPC, Limited for the next 30 days. It said the designated NNPC stations will sell petrol at N1,350, a price that would be reviewed every month. Meanwhile, the Presidency, yesterday explained that…

The Chairman of the Petroleum Technology Association of Nigeria (PETAN), Engr. Wole Ogunsaya, has called on indigenous oil and gas companies to consolidate their technical and financial capacities to compete for bigger projects and take advantage of opportunities arising from the divestment of oil and gas assets. Ogunsaya said Nigerian companies could not continue to…