Wale Edun, minister of finance and coordinating minister of the economy, has called on the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to push the petroleum industry harder to hit 2 million barrels per day (bpd). Edun spoke on Thursday when Oritsemeyiwa Eyesan, chief executive officer (CEO) of NUPRC, visited the headquarters of the ministry of…
In keeping with its mandate, the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, is committed to improving upstream sector performance, enhancing the growth of oil and gas reserves, and ensuring stable production for shared prosperity via operationalisation of the Petroleum Industry Act, 2021 (PIA), and implementation of the strategic pillars of the Commission. The commission’s spokes…
The African Export-Import Bank (Afreximbank) said Tuesday it has underwritten $2.5 billion of a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE. Afreximbank and Access Bank were appointed co-mandated lead arrangers for the five-year facility to consolidate existing financing, optimise its capital structure, and align with the refinery’s operational status…
The Central Bank of Nigeria has approved the full repatriation of export proceeds by international oil companies, allowing them unrestricted access to 100 per cent of their foreign exchange earnings through authorised dealer banks. This is a significant departure from the phased framework that has governed their forex access since 2024. The directive, contained in…
The Nigerian National Petroleum Company (NNPC) Limited has thrown its weight behind Executive Order 9, arguing that it will improve financial transparency in the energy sector. NNPC Limited’s Group Chief Executive Officer (GCEO), Bayo Ojulari, said this on the sidelines of the CERAWeek by S&P Global in Houston, United States. “Regarding Executive Order 9, the…
Esso Exploration and Production Nigeria Limited, an affiliate of ExxonMobil, broke ground Tuesday on a permanent Shore Base facility at the Lagos Deep Offshore Logistics Base, becoming the first international oil company to fully fund the construction of such infrastructure within Nigeria’s premier deepwater logistics hub. The ceremony at LADOL’s Apapa Port complex drew senior…
The Executive Secretary ofthe Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned in December 2026, just as South Africa’s Edison Corporation, incorporating Radisson Hotels Group, assured of world-class services. Addressing visiting top executives…
The Nigeria LNG Limited has inducted 103 trainees into its Vocational Innovation Business and Empowerment Scheme, marking a new cohort in the company’s empowerment programme. This was contained in a statement issued in Port Harcourt, Rivers State, on Monday by the NLNG Manager, Corporate Communication and Public Affairs, Anne-Marie Palmer-Ikuku. The induction, held in Port…
Shell’s Nigerian deepwater subsidiary has resumed production at the Bonga field, one of sub-Saharan Africa’s most significant offshore oil developments, after completing a major maintenance overhaul eleven days ahead of schedule, a result that will ease pressure on Nigeria’s beleaguered crude output figures and deliver a fresh financial boost to Africa’s largest economy. Shell Nigeria…
IPMAN rejects fuel imports as Dangote Refinery denies supply disruption claims The Dangote Petroleum Refinery has reversed its recent price reduction, raising its ex-depot price for Premium Motor Spirit back to ₦1,175 per litre, a move that has prompted depot operators across the country to temporarily suspend sales transactions. A source at the refinery confirmed…
