The Federal Government has launched a $100 million equity investment scheme aimed at boosting the capacity of Nigerian companies operating in the oil and gas sector. The initiative was unveiled on Tuesday at the 2025 Practical Nigerian Content Forum in Yenagoa, Bayelsa State, by the Executive Secretary of the Nigerian Content Development and Monitoring Board…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted N8.79 trillion to the Federation Account jointly run by the federal government, state and local governments between January and October this year, according to a presentation at the November Federation Account Allocation Committee (FAAC) meeting. The commission also recorded a significant rise in revenue inflows for October…
Nigeria’s average daily consumption of premium motor spirit, also known as petrol, rose 19.36 per cent in October 2025 to 56.7 million litres compared to 47.5 million litres recorded over the corresponding period a year ago, with domestic refineries supplying 34.15 per cent. Data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA,…
French oil group, TotalEnergies, said on Monday it was selling a 40-per cent stake in Nigerian offshore exploration licences to a subsidiary of US giant, Chevron. TotalEnergies signed an agreement to sell its stake in licences for two areas covering 2,000 square kilometres in the West Delta basin to Star Deep Water Petroleum Limited, subject…
The Organisation of the Petroleum Exporting Countries (OPEC) has maintained Nigeria’s crude oil production quota at 1.5 million barrels per day (bpd) until December 2026, reaffirming a previous decision taken in late 2024. The extension was announced after the 40th OPEC and non-OPEC Ministerial Meeting held on Sunday, where members agreed to retain overall production…
Dangote Petroleum Refinery will supply 50 million litres of petrol per day into the Nigerian market. The decision was taken to ensure that there is no shortage of the product during the festive season, the company said yesterday. This translates to 1.5 billion litres of Premium Motor Spirit (PMS) for the month of December. The…
Heineken Lokpobiri, Nigeria’s Minister of Petroleum Resources (oil) has announced that the Africa Energy Bank was ready to take off, with the completion of the facility dedicated for its use. Nigeria, in July 2024 was declared winner of the hosting right for the establishment of the bank’s headquarters after it competed with Ghana, Algeria, South…
.Olayemi Cardoso, governor of the Central Bank of Nigeria, on Friday, laid out the bank’s strategic priorities for 2026, declaring that the coming year will be defined by efforts to strengthen the banking system, protect depositors, deepen financial stability, modernise payments, and reinforce Nigeria’s economic resilience. Speaking at the Bankers’ Dinner organised by the Chartered…
OPEC+ is likely to leave oil output levels unchanged at its meetings on Sunday and to agree on a mechanism to assess members’ maximum production capacity, said by two delegates to Reuters The eight OPEC+ countries which have been gradually raising output in 2025 are expected to keep their policy to pause hikes in the…
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is set to auction 50 oil and gas blocks spanning multiple basins and terrains as part of its 2025 petroleum licensing initiative. The move represents a significant push to attract fresh capital into Nigeria’s upstream petroleum sector under the framework established by the Petroleum Industry Act (PIA) 2021….
