The House of Representatives’ Ad-hoc Committee on Pre-shipment Inspection of Exports and Non-Remittance of Crude Oil Proceeds has raised the alarm over massive revenue leakages that threaten Nigeria’s economic development. Chairman of the committee, Rep. Seyi Sowunmi (LP–Lagos), said at the opening of a capacity-building workshop in Abuja on Tuesday that billions of dollars are…
Saudi giant signed agreements and MoUs covering areas including liquefied natural gas, financial services, and advanced materials manufacturing Saudi Aramco has signed 17 Memoranda of Understanding (MoUs) and agreements with major US companies with a potential total value of more than $30 billion, the state giant said on Wednesday. The MoUs and agreements include a…
In a decisive ruling that resets one of Nigeria’s most closely watched commercial disputes, the Federal High Court in Lagos has vacated the sweeping ex parte order previously granted against Nestoil Limited and Neconde Energy Limited, restoring both companies to full control of their assets and operations. Justice Daniel Osiagor, who recently took over the…
TotalEnergies has signed agreements with its long-standing partner Conoil Producing Limited to acquire from Conoil a 50 percent operated interest in block OPL257 while Conoil acquires the 40 percent participating interest held by TotalEnergies in block OML136. Both OPL 257 and OML 136 are located offshore Nigeria. Following this transaction, TotalEnergies’ interest in OPL257 will…
— Commends the Critical role of the Media. The Nigerian Upstream Petroleum Regulatory Commission, NUPRC, says it remains fully committed to the national aspiration of adding one million barrels of oil to its daily production profile. The Chief Executive Officer of the Commission, Engr. Gbenga Komolafe, stated this in a message to a two-day strategic…
The Petroleum Technology Association of Nigeria (PETAN) has called for stronger public–private supplier collaboration across Africa’s oil and gas industry. It notes that Nigeria’s NOGICD Act, implemented by the NCDMB, has delivered impressive results, raising in-country value retention and local manufacturing from 5% in 2010 to 56% in 2024, a model PETAN wants other African…
The Petroleum Technology Association of Nigeria (PETAN), other oil majors and service providers have pledged their support for Nigeria’s oil production target. They made the pledge at the recently held event by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) “Project 1MMBOPD Additional Production Investment Forum” in London, a strategic event designed to attract investors and…
Sahara Group, a leading energy and infrastructure conglomerate, has emphasized that deliberate and innovative human capital strategies are pivotal to positioning Africa’s energy sector for sustainable growth and competitiveness amid evolving global energy security challenges and emerging opportunities. Speaking at the 2025 Nigerian Association of Petroleum Explorationists (NAPE) Annual International Conference & Exhibition, Emilomo Arorote,…
The Federal Government, through the Nigerian Content Development and Monitoring Board, has announced the imminent launch of the Nigerian Content Equity Fund. The board said this is a financing initiative designed to provide long-term risk capital to support Nigerian oil and gas companies operating in high-value and high-impact sectors. The announcement was made on Thursday…
Nigeria is setting its sights on producing 2.5 million barrels of crude oil per day by 2026 as part of a bold reform plan to reposition its oil and gas industry for growth, transparency, and long-term sustainability. The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, announced on Thursday. Komolafe, who unveiled…
