Nigerian Navy has recovered more than 2.25 million litres of petroleum products and rescued 24 kidnapped persons during operations against oil theft and illegal refining activities between July and September 2026. The operations also led to the arrest of over 70 suspects, seizure of four vessels and five boats,...
Crude oil
Nigerian Navy personnel have uncovered about 98,000 litres of suspected stolen crude oil and illegally refined diesel at three sites in Rivers State. The Director of Naval Information, Navy Captain Abiodun Folorunsho, disclosed this in a statement issued to newsmen on Monday in Abuja. The Naval Director said the...
President Bola Ahmed Tinubu has announced a massive drop in the nation’s reliance on crude revenues, signaling a decisive shift toward a diversified economy that his administration intends to push even further. He noted that, driven by the Renewed Hope Agenda, the administration has built a diversified, high-growth economy—unlocking...
Nigerian Navy has disrupted two illegal refining sites and recovered about 58,000 litres of products suspected to be stolen crude oil and illegally refined Automotive Gas Oil (AGO) in Rivers State. The operation was conducted on October 3, 2026, at Otapha, Okarki Community in Ahoada West Local Government Area,...
Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu “to direct the Midstream and Downstream Gas Infrastructure Fund (MDGIF), Abuja and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to urgently account for over ₦94.4 billion in public funds reportedly diverted, unremitted, unaccounted for or irregularly spent.” The...
The Nigerian Navy, through FOB BONNY, has dismantled an illegal refining site discovered in Promise Land Community along Nanabie Creek, Bonny Local Government Area of Rivers State, further denying criminal operators the infrastructure required to process stolen crude oil. Director Naval Information, Navy Captain Abiodun Folorunsho, disclosed this in...
Nigeria’s national oil company, NNPC Limited, has announced a Profit After Tax of ₦7.2 trillion for the 2025 financial year, representing a 33 per cent increase from the ₦5.4 trillion recorded in 2024. The company also declared a record dividend of ₦5.8 trillion for shareholders after its Annual General...
Nigerian Navy personnel have uncovered 119,850 litres of suspected stolen crude oil and 25 parcels of suspected Cannabis sativa at an illegal refining site in Rivers State. Director of Naval Information, Navy Captain Abiodun Folorunsho, disclosed this in a statement issued to newsmen on Saturday. Captain Folorunsho said the...
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has said the planned Initial Public Offering (IPO) of the Dangote Petroleum Refinery is designed to allow ordinary Nigerians to become shareholders in the company. Speaking at the IPO signing ceremony in Lagos on Monday, Dangote said the initiative...
Nigerian Navy personnel have uncovered another attempt by suspected illegal refiners to revive their operations in Egbema-Ndoni, Rivers State, recovering about 33,000 litres of products suspected to be illegally refined Automotive Gas Oil, AGO. The latest raid, carried out on Sunday, September 6, 2026, is significant because it came...
Global oil prices climbed sharply on Wednesday after Iran launched retaliatory attacks against American interests in the Middle East following fresh US military strikes, raising fears of prolonged disruption to global energy supplies and renewed inflationary pressure. Crude prices gained more than two per cent, extending weekly gains to...
Step by step, Nigeria’s crude oil output is climbing. And for the first time in as many years, it has edged past the OPEC quota of 1.5 million barrels per day. Analysts point to the efforts of Tantita Security Services as chief reason for the rising volume in crude...
Step by step, Nigeria’s crude oil output is climbing. And for the first time in as many years, it has edged past the OPEC quota of 1.5 million barrels per day. Analysts point to the efforts of Tantita Security Services as chief reason for the rising volume in crude...
Nigerian National Petroleum Company Limited (NNPC Ltd.) has welcomed the Federal Government’s signing of the Deep Offshore Oil and Gas Projects Incentives (Tax Remission) Order, 2026, describing it as a landmark reform that significantly enhances Nigeria’s competitiveness for deep offshore investment and strengthens the nation’s pathway towards achieving its...
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that Nigeria recorded a 97.4 per cent compliance rate with the Domestic Crude Supply Obligation (DCSO) during the second quarter of 2026, with a total of 53.7 million barrels of crude oil and condensate supplied to local refineries. The commission disclosed...
Pan Niger Delta Forum (PANDEF) has praised President Bola Ahmed Tinubu for approving a 15-year gas supply framework for UTM Offshore Limited, describing the decision as a major milestone that will accelerate industrial development in the Niger Delta and strengthen Nigeria’s gas economy. In a letter dated August 6,...
Nigerian National Petroleum Company (NNPC) Limited has defended the performance of its Group Chief Executive Officer, Bayo Ojulari, following criticism over the outcome of the recently concluded oil licensing round. In a statement issued on Saturday by the Chief Corporate Communications Officer, Andy Odeh, the national oil company said...
Global crude oil prices fell sharply in early Asian trading on Monday after United States President Donald Trump announced that Washington would resume negotiations with Iran, a move that boosted expectations of easing tensions in the Middle East and restoring the flow of oil through the strategically important Strait...
Nigeria’s crude oil production has reached its highest level in more than six years, with the country surpassing its Organisation of the Petroleum Exporting Countries (OPEC) production quota in June 2026. Fresh figures released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that Nigeria produced an average of...
United States President Donald Trump has declared that the ceasefire between Washington and Iran is effectively over, following a fresh round of military exchanges between American forces and the Islamic Republic. Speaking on Wednesday during a NATO summit in Ankara, Trump launched a scathing attack on Iran’s leadership after...