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...
Crude oil
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...
Federal Competition and Consumer Protection Commission (FCCPC) has expressed concern over findings from its ongoing surveillance of the downstream petroleum market, which suggest that consumers are being exploited despite the significant decline in global crude oil prices. In a statement issued on Sunday by the Director, Corporate Affairs, Ondaje...
A 5-year multidisciplinary study by researchers at the University of Jos (UNIJOS)has identified fresh petroleum system indicators and significant solid mineral prospects in Nigeria’s Middle Benue Trough (MBT), findings expected to strengthen future hydrocarbon and mineral exploration in the country. The research, conducted under the Petroleum Technology Development Fund...
Crude oil prices fell to a three-month low Tuesday on optimism over the expected reopening of the Strait of Hormuz after a peace deal between the United States and Iran. Brent North Sea crude, the international benchmark, dropped 3.8 per cent to $79.99 a barrel, dipping under $80 for...
U.S. President Donald Trump has announced that a breakthrough agreement between the United States and Iran has been finalized, describing the development as a major step toward easing tensions and restoring normal maritime operations in the Gulf region. In a post on Truth Social, Trump declared that the long-awaited...
Dangote Petroleum Refinery has announced a reduction in the price of aviation fuel, popularly known as Jet A1, from ₦1,750 to ₦1,650 per litre in a move aimed at easing financial pressure on airline operators across Nigeria. The company disclosed this in a statement issued by its media team...
President of the Dangote Group, Aliko Dangote, has disclosed that the company rejected attempts by the Nigerian National Petroleum Company Limited to acquire additional shares in the Dangote Petroleum Refinery, insisting that more Nigerians should have the opportunity to own part of the facility through a planned public listing....
A terminated sale of a 40 per cent stake in the Amukpe–Escravos Pipeline has drawn renewed attention to Nigeria’s asset disposal processes after fresh independent valuations showed a significant gap between earlier pricing and current estimates. Reports said that assessments conducted in 2025 placed the stake at between $544...
Chairperson of the African Union (AU) Commission, H.E. Mahmoud Ali Youssouf, expresses deep concern over the renewed escalation in the Gulf region, marked by the resumption of drone and missile attacks attributed to Iran against neighbouring states, including the United Arab Emirates, as well as the continued disruption of...
Nigerian National Petroleum Company (NNPC) Limited has posted improved operational and financial performance in its Monthly Report Summary for March 2026, highlighting steady growth in oil and gas output alongside a sharp increase in profit. According to the report released on Monday, crude oil and condensate production climbed to...
Forget the sanitised press releases. Here is what is unfolding around the Amukpe-Escravos Pipeline (AEP). There are disputes, and then there are situations that test the credibility of the process. What is unfolding around the Amukpe-Escravos Pipeline is not a routine commercial disagreement. It is a case study in...