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…
THE Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, on Thursday, expressed concern over the dwindling value of pensions received by retirees in the oil and gas industry, describing the situation as worrisome and unsustainable. Speaking at a stakeholders’ engagement on the state of closed pension fund administrators, CPFAs, in the sector, PENGASSAN…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority has urged Nigerians to remain calm and refrain from panic buying of petroleum products. This is as the agency assured Nigerians that there is “adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold during this peak demand period.” This was contained in…
The House of Representatives on Wednesday resolved to investigate the alleged non-declaration and non-remittance of proceeds from the sale of Liquefied Natural Gas equity to the Nigerian National Petroleum Company Limited as required by law. The decision followed the adoption of a motion moved by Nnamdi Ezechi, representing Ndokwa East/Ndokwa West/Ukwuani Federal Constituency of Delta…
The Federal Government on Wednesday signed a 30-year concession agreement with Quaint Energy for the development of the 6-megawatt Ikere Gorge Hydropower Project in Oyo State, marking a major milestone in Nigeria’s drive toward cleaner and more sustainable electricity generation. The ceremony, held in Abuja, was presided over by the Minister of Power, Chief Adebayo…
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…
