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…
The Independent Petroleum Marketers Association of Nigeria, IPMAN, has observed that fierce competition between Nigeria’s two refineries owned by Dangote and NNPC Limited is responsible for the recent drop in the pump price of premium motor spirit also known as petrol in the country. Investigations showed that most petrol retail outlets have reduced their pump…
Nigeria’s Dangote Petroleum Refinery has extended its exportation of petroleum to Cameroon, Ghana, Angola and South Africa. The announcement was made by Vice President of Oil and Gas at Dangote Industries Limited Devakumar Edwin, during a visit by a delegation of Japanese business owners to Nigeria. During the announcement, Edwin stated that the Dangote Refinery…
It is important to address the concerns raised in Farooq Kperogi’s recent article, “Tinubu’s Buharisation of the NNPC”, and to clarify some of the misconceptions about the operations and leadership structure of the Nigerian National Petroleum Company (NNPC) Limited. First, employment, promotions, appointments, and movements of business leaders at the NNPC are not influenced by…
As Nigerians celebrate Christmas, traders across various markets in Nigeria are lamenting poor patronage amid skyrocketing food prices, a sharp contrast to the festive sales experienced in previous years. In Lagos, Abuja, Osun, Rivers, Edo, Kano, Kaduna, and Sokoto, among other states, traders decried the high cost of food items and ever-increasing food inflation on…
The Lagos State Government has sealed the facilities of three major companies – Nigerian Bottling Company (producers of Coca-Cola), FrieslandCampina (makers of Peak Milk), and Guinness Nigeria Plc – for extracting large quantities of groundwater without proper authorisation. The Lagos State Water Regulatory Commission (LASWARCO) carried out the enforcement operation, as disclosed by Mr. Olowu…
