There are imminent signs of an increase in petrol prices as the loading costs of petrol and diesel at depots have risen across Nigeria. Brent crude oil, the international benchmark, increased to $79.76 per barrel on Sunday. Leading depots such as Sahara, Shellplux, and others have adjusted their petrol prices to between N950 and N960…
The Central Bank of Nigeria, CBN, has sanctioned Deposit Money Banks (DMBs) for failing to make naira notes available through automated teller machines (ATMs), during the yuletide season. Each bank was fined N150 million for non-compliance, in line with the CBN’s cash distribution guidelines, following spot checks on their branches. The enforcement action follows repeated…
The Petroleum Retail Outlet Owners Association of Nigeria Nigeria (PETROAN) has explained that hitches in distributing petroleum products from the newly rehabilitated Port Harcourt refinery were due to the poor state of the East-West Road. The marketers decried the slow pace of work on the Eleme section of the road, saying it is sabotaging petroleum…
The Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) has announced the first set of distinguished speakers for its 2025 edition, set to take place from 11-13 February at the Eko Convention Center, Lagos, Nigeria. Participants can explore innovative strategies, key opportunities and hear groundbreaking discussions across three impactful days of panels, keynotes and networking…
The Dangote Petroleum Refinery is building eight new storage tanks with a combined capacity to hold 6.3 million barrels of crude oil to store imported crude. The 650,000-barrel-a-day capacity refinery struggles to get an adequate local supply of crude, hence it is increasing its crude import this year. The Vice president for oil and gas…
Nigeria, Africa’s leading oil producer, has crossed the 1.5 million barrels per day (bpd) threshold in crude oil production, surpassing its December 2024 quota set by the Organisation of Petroleum Exporting Countries (OPEC). According to tanker tracking data compiled by Bloomberg, Nigeria’s output rose by 40,000 bpd to reach 1.51 million bpd, marking its highest…
Seplat Energy, listed in Nigeria and London, has said it will double its overall crude oil production through its newly acquired onshore assets from ExxonMobil Corporation. The company’s senior management has expressed commitment to doubling its production capacity from 50,000 barrels per day to roughly 120,000 bpd in six months. Seplat’s chief financial officer Eleanor…
President Bola Ahmed Tinubu has congratulated Mallam Mele Kolo Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), on his 60th birthday on January 8. The President commends Kyari’s diligence in transforming the NNPCL into a profitable organisation. The President recalls that despite cynicism in some quarters, the NNPCL under…
The Dangote refinery, the newly revamped Port Harcourt and Warri refineries as well as six other refining facilities across Nigeria are expected to consume about 37 per cent of the country’s total projected crude oil production in the first half of 2025. Specifically, data released from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicated that…
In a bid to guarantee supply security at affordable prices for its customers, Ardova Plc, one of Nigeria’s major integrated downstream oil and gas businesses, has agreed to a bulk purchase framework with Dangote Refinery. In a statement, the Head of Brands and Corporate Communications, Ardova Plc, Grant Onome, explained that the framework will see…
