Nigeria has reclaimed its position as Africa’s leading oil upstream investment destination, overtaking Angola despite the latter’s continued investment in major deepwater developments. Data sourced from Wood Mackenzie, Nigeria topped the continent’s upstream capital expenditure (capex) rankings in 2024, driven by a series of incremental deepwater projects and sustained activity in its rich offshore basins….
Dangote Refinery has announced a new retail price for Premium Motor Spirit (PMS), with key distribution partners MRS Oil, Heyden, and Ardova agreeing to sell petrol at N970 per litre nationwide. This adjustment comes as the global price of crude oil has surged, pushing up production costs for petrol across the world. However, the refinery…
The Dangote Petrochemical Refinery has attributed its recent adjustment in the price of Premium Motor Spirit (PMS), commonly known as petrol, to the rising cost of global crude oil. The refinery increased its ex-depot price from N899 to N955 per litre, according to a statement issued on its X handle on Sunday, 19th Explaining the…
A tanker has exploded after crashing in Nigeria, killing 77 people who had rushed to collect fuel from the scene, authorities say. The tanker overturned and spilled its contents in the Suleja area of North Central Niger state on Saturday. It exploded moments after people began scooping up fuel, killing dozens and leaving 25 others…
The Nigerian National Petroleum Company Limited (NNPC Ltd) extends its heartfelt condolences to the victims of the tragic petrol tanker explosion that occurred at Dikko-Maje Junction along the Abuja-Kaduna Road in Suleja Local Government Area of Niger State on Saturday. This devastating incident claimed the lives of several individuals who were attempting to scoop fuel…
The Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, has expressed concern over the power crisis, citing persistent Grid collapses and other systemic failures as worrisome. It noted that in 2024 alone, the country recorded 12 grid collapses, along recurring tripping of transmission lines and the inability to generate adequate electricity, with output…
The Dangote Petroleum Refinery has increased the price of Premium Motor Spirit (PMS), popularly known as petrol, from N899.50 to N955 per litre for marketers, citing the rising cost of Brent crude oil as a major factor. In an official statement issued on Friday, the refinery disclosed that the new pricing structure takes effect from…
OPEC says Nigeria’s crude oil production dropped marginally in December The Organisation of Petroleum Exporting Countries (OPEC) says Nigeria’s average daily crude oil production dropped marginally to 1.485 million barrels per day (bpd) in December 2024. In its monthly oil market report OPEC said the current output figure represents a 1 percent drop from the…
The Nigerian National Petroleum Company Limited (NNPCL) has declared that it remitted N10 trillion to the Federation Account as of September 2024. This was revealed by Mele Kyari, group chief executive officer (GCEO), on Wednesday, during the presentation of the revenue generation performance of NNPCL in 2024 and projection for 2025 to the National Assembly…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has revealed that Nigeria’s Compressed Natural Gas (CNG) conversion capacity was boosted by over 2,500 per cent in 2024. This was disclosed by the agency’s Chief Executive Officer, Farouk Ahmed, while he was speaking at the inaugural Petroleum Industry Stakeholders’ Forum, organised by the Ministry of…
