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…
The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engineer Gbenga Komolafe, has expressed delight over the impending increase in oil production. The CCE shared his view during an official visit to Dubai Drydocks World (DDWD) in the United Arab Emirates as part of regulatory oversight of the EMEM Floating Production Storage…
The Nigerian National Petroleum Company Limited (NNPC Ltd.) says Nigeria remains on track to grow crude oil production to two million barrels per day (bpd) by 2027 and three million bpd by 2030. Mr Udy Ntia, Executive Vice President, Upstream, NNPC Ltd., made this known on Monday at the ongoing 2025 Abu Dhabi International Petroleum…
The Nigeria Labour Congress (NLC) has cautioned against the Nigerian government’s newly approved 15 per cent import tariff on petrol and diesel, warning that the policy could backfire if it leads to price manipulation or consumer exploitation. The spokesperson of NLC, Benson Upah was reacting to President Bola Ahmed Tinubu’s approval of a 15 per…
The Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian National Petroleum Company Limited (NNPC) have jointly opposed the proposed National Commission for the Decommissioning of Oil and Gas Installations (NC-DOGI) bill, 2024. Eniola Akinkuotu, Head, Corporate Communications and Media, in a statement said the position was presented at a…
