The Nigerian Upstream Petroleum Regulatory Commission has declared that the era of oil companies holding on to exploration licences for years without developing the assets is officially over, as new provisions under the Petroleum Industry Act compel operators to either develop their fields or relinquish them. The Commission Chief Executive of the NUPRC, Oritsemeyiwa Eyesan,…
Chevron Nigeria Limited has reiterated its commitment to socio-economic development in the Niger Delta, signalling continued engagement with regional stakeholders over key infrastructure initiatives, including the proposed Escravos–Warri Road project. The company, operator of a joint venture with Nigerian National Petroleum Company Limited (NNPCL), said it remains actively involved in discussions surrounding the project and…
An unprecedented 400 million barrels of stockpiled oil will be released into the market by 32 countries, including Japan, the International Energy Agency said Wednesday, as the war in the Middle East threatens supply and rattles markets.Investors remain unconvinced by the move. “The oil market challenges we are facing are unprecedented in scale, therefore I…
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has granted import permits for petrol to six depot owners and petroleum marketers. Industry insiders view this as a strategic step by the Federal Government to ensure stability and balance in the country’s downstream fuel sector. According to multiple sources in the industry, the regulator recently…
President Bola Ahmed Tinubu has approved a targeted fiscal incentive designed to unlock the long-awaited Final Investment Decision (FID) for the Bonga Southwest Aparo (BSWA) deepwater project. The move, which is expected to attract about $20 billion in Foreign Direct Investment (FDI), positions Nigeria for a new era of deepwater production. This development was confirmed…
Nigeria has suspended the issuance of gasoline import licenses, a move that strengthens the position of billionaire Aliko Dangote, owner of Africa’s largest petroleum refinery, who has long argued that fuel imports are no longer necessary. Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) shows that nearly all the gasoline supplied in…
The Nigerian Content Development and Monitoring Board (NCDMB) on Monday signed an international management agreement (IMA) with Radisson Hospitality Belgium, and Edison Hotel and Property Development Company, in respect of the Board’s 204 rooms hotel and conference center, developed adjacent the Nigerian Content Tower, Swali, Yenagoa, Bayelsa State. According to the Manager, Corporate Communications Division,…
In pursuit of the Petroleum Industry Act (PIA), TotalEnergies has handed over the OLO Oilfield Host Community Development Trust (HCDT) to Aradel Holdings Plc. This transition follows Aradel’s earlier acquisition of the Olo and Olo West marginal fields (formerly part of OML 58) from the TotalEnergies/NNPCL Joint Venture. The handover, which took place in Abuja…
The Nigerian National Petroleum Company Limited (NNPCL) has stated that the Ajaokuta-Gwagwalada segment of the Ajaokuta-Kaduna-Kano Gas Pipeline (AKK) is projected to be commissioned, with first gas flowing by July 2026. Speaking during a Stakeholders’ Workshop on Emerging Opportunities in Compressed Natural Gas CNG organised by Portland Gas Limited yesterday in Abuja, NNPCL’s Executive Vice…
The Nigerian Content Development and Monitoring Board (NCDMB) has enjoined operators in the midstream segment of the oil and gas industry to comply with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010, or risk attracting sanctions, including project withdrawal, suspension and criminal prosecution. The Board also reaffirmed that obtaining the Nigerian Content…
