The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced the suspension of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), also known as petrol and diesel. This was contained in a statement signed by George Ene-Ita, Director of the Public Affairs Department on…
The world oil market will see a small surplus in 2026 after OPEC+ production increases and higher supply from other producers, an OPEC report showed on Wednesday, a further shift from its earlier projections of a deficit. The OPEC+ group comprising the Organization of the Petroleum Exporting Countries, Russia and other allies plans to pause…
Seplat Energy Plc, a leading Nigerian independent energy company, has stated that it has rehabilitated 33 oil wells, out of which 26 were successful, raising the company’s crude production by 33,000 barrels per day (bpd) in recent times. The Chief Operating Officer, Seplat Energy, Samson Ezugworie, said this while giving a keynote at the opening…
The Senator representing Edo North, Adams Oshiomhole, on Thursday slammed the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation Limited (NNPCL), Bayo Ojulari, over an alleged attempt to cover up fraud in the state-owned oil company’s financial records. Oshiomhole made the allegation during a session of the Senate Committee on Public Accounts, which…
Nigeria could tap 1.7 billion barrels in new oil supply as well as 7.7 trillion cu ft of natural gas after the approval of 43 field development plans this year. The figures were reported by the chief executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, as quoted by Nigerian media. The executive added…
Shell has challenged its defeat in an arbitration case against U.S. liquefied natural gas producer, Venture Global, in the New York Supreme Court, a legal filing seen by Reuters shows, weeks after rival BP (BP.L), opens new tab won a similar $1 billion-plus arbitration.Both arbitration cases were over Venture Global’s (VG.N), failure to deliver liquefied…
The Nigerian Upstream Petroleum Regulatory Commission has announced the commencement of the 2025 Licensing Round, effective December 1, 2025. The commission’s Chief Executive, Gbenga Komolafe, made the announcement at the NUPRC’s Project 1MMBOPD Additional Production Investment Forum in London on Tuesday. In a statement issued on Tuesday, the NUPRC Head, Media and Strategic Communication, Eniola…
A Public analyst, Ezenwa Nwagwu, has urged the Nigerian government to suspend its recently approved 15 per cent import tariff on premium motor spirit and automotive gas oil. Nwagwu, who made the call on Monday, noted that by taxing imported fuel at this critical stage, the government risks creating artificial scarcity, causing inflation, and undermining…
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, says Nigeria’s upstream oil sector has witnessed a great turn around in the last four years, as the country’s active rig count soared from eight in 2021 to 69 as of October 2025. A statement on Saturday also noted that Komolafe has been…
The President of the Trade Union Congress, Festus Osifo, has warned that the Federal Government’s proposed 15 per cent import duty on Premium Motor Spirit otherwise known as petrol could further worsen the living conditions of Nigerians. Speaking on Channels Television’s ‘TUC Half Hour’ monitored by our correspondent on Wednesday, Osifo said the union was…
