The 6 Division of the Nigerian Army has reported the destruction of at least 15 illegal crude oil refining sites and the arrest of 10 suspects...
In a bid to ease the pressure on foreign exchange reserves, Nigeria has officially commenced the sales of crude oil and refined petroleum products in naira,...
The Nigerian Air Force (NAF) has successfully carried out air interdiction missions in Rivers State, destroying two illegal crude oil refining sites along the Imo River....
Nigeria’s average daily crude oil production increased to 1.35 million barrels per day (bpd) in August. This is even as Nigeria retained its position as the...
The Federal Government has announced that it will begin selling crude oil to local refineries, including the Dangote Refinery, in naira starting from October 1, 2024....
Nigerian Foreign Affairs Minister Yusuf Tuggar has called for international cooperation to combat illicit financial flows and ensure the return of stolen crude oil from London....
The Defence Headquarters has announced that the military has destroyed 84 illegal refinery sites and denied stealing N943.16 million worth of crude oil in the Niger...
The Nigerian National Petroleum Company Limited (NNPC) has intensified its efforts to combat oil theft and illegal activities in the oil and gas sector, with a...
Nigeria’s crude oil production rose to 1.307 million barrels per day in July. The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its Monthly Oil...
A few weeks after Dangote Industries Limited, the operators of the Dangote Refinery raised alarm about the inability to get crude allocation under the Domestic Crude...
The 6 Division, Nigerian Army, has recovered 238,500 litres of stolen crude oil from suspected oil thieves in three states in the South-South. The division’s spokesman,...
The Dangote Petroleum Refinery and other domestic refineries have accused the state oil company , Nigerian National Petroleum Company Ltd (NNPCL Ltd) of not complying with...
A former President of the Nigerian Bar Association (NBA), Olisa Agbakoba has raised serious concerns over the Nigerian government’s plans to install meters at flow stations...
The federal government has reached an agreement with oil producers to permit the sale of crude oil to domestic refiners at prevailing market prices. This deal,...
Nigeria’s average daily crude oil production increased to 1.27 million barrels per day (mbpd) in June 2024, fresh data from the Organisation of Petroleum Exporting Countries...
The Nigerian National Petroleum Company Limited (NNPC) Limited has declared a state of emergency on crude oil production in the country. The company also called on...
Dangote Industries Limited (DIL), has accused international oil companies (IOCs) in Nigeria of doing everything to frustrate the survival of Dangote Oil Refinery and Petrochemicals through...
The Joint Ministerial Monitoring Committee (JMMC) of the Organisation of Petroleum Exporting Countries and its allies (OPEC+) has pegged Nigeria’s crude oil production quota for 2025...
Nigeria’s average daily crude oil production rose to 1.28 million barrels per day (bpd) in April, the Organisation of Petroleum Exporting Countries (OPEC) has disclosed. This...
The Nigerian Upstream Regulatory Commission (NUPRC) has issued a new directive that oil producers in the country must sell crude to domestic refineries before attending to...
Nigeria’s oil exports are facing a significant hurdle as a decline in European demand creates a buyer’s market. This development comes at a time the nation...
Nigeria’s daily crude oil production maintains steady decline in 2024 as it dropped to 1.23 million barrels per day in March 2024 costing the country its...
African Import Export Bank (AFREXIM Bank) is set to release the sum of $1.05bn to the federal government of Nigeria in May 2024. This is the...
For the second consecutive month, Nigeria failed to meet its monthly crude production quota of 1.5mbpd as stipulated by the Organisation of Petroleum Exporting Countries (OPEC)...
The Eastern Naval Command of the Nigerian Navy, on Monday, disclosed that the Navy saved the country of N95bn through the operations of the command between...
Despite a budgetary benchmark of 1.7 million bpd crude oil production, Nigeria, for the month of January 2024 produced 1.43 million barrels per day signalling a...
After several years of dormancy, it appears the Port Harcourt refinery is set for a restart as Shell Petroleum Development Company Limited (SPDC) has disclosed that...
The Captain of MT Kali, a vessel impounded by Tantita Security Services in Bayelsa State, Captain David Adeboye has said that he does not know how...
Analysts at Meristem Research are projecting an increase in Nigeria’s oil production in 2024 barring any significant, unexpected shock to the sector in the year. The...
The Federal Government of Nigeria has set a target of two million barrels per day crude production in 2024. This is about 500,000bpd higher than the...
Despite a budgetary target of 1.78mbpd crude oil production, Nigeria’s crude oil output fell to 1.4 million barrels per day in November 2023, data from the...
Fresh data obtained from the Central Bank of Nigeria (CBN) has shown that Nigeria’s external reserves declined by $521.22m in five weeks. According to CBN’s data...
Oil exports contributed up to 82.50% of Nigeria’s foreign trade in Q3/2023, a recent Foreign Trade Statistics Report from the National Bureau of Statistics (NBS) has...
The 2024 budget estimates recently submitted by President Bola Ahmed Tinubu to the National Assembly for consideration by the Senate and House of Representatives may have...
The Nigerian National Petroleum Company Limited (NNPCL) has disclosed that Nigeria recorded 226 crude oil theft incidents in one week, from November 18 to 24, 2023....
India, a primary destination for Nigerian crude has increased its appetite for discounted Russian barrels to the detriment of some Nigerian volumes leading to a dip...
The House of Representatives has resolved to conduct a comprehensive audit of the petroleum industry. The Chairman of the House Committee on Petroleum Resources (Downstream), Ikeagwuonu...
The President of the Nigerian Senate, Godswill Akpabio, on Monday, agreed with the often repeated line that oil has been a curse to Nigeria rather than...
Oil prices rallied on Monday after Hamas launched a shock attack on Israel at the weekend, which has sparked fresh concerns about tensions in the Middle...
Brent crude oil price rallied to $97.5 on Thursday, as the crude storage hub in Cushing, Oklahoma, United States, fell by 943,000 barrels to 22 million...
Two reports by the National Bureau of Statistics (NBS) have shown how Nigeria’s crude oil, despite contributing a larger percentage in trade merchandise, contributes very little...
Crude oil output in Nigeria and Iraq amongst others tempered the cut adopted by Saudi Arabia and Russia in August, a Platts survey conducted by S&P...
The Nigeria Employers’ Consultative Association {NECA}, on Wednesday, counseled the Federal Government on the need to ramp up crude oil production to the 1.8 million barrel...
A Platts survey by S&P Global Commodity Insights has shown that crude oil production by the Organization of Petroleum Exporting Countries (OPEC) and its allies have...
Nigeria’s crude oil production quota will be renegotiated in November, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has...
Hello, and welcome to the Business Roundup this week. Here, we bring you highlights of events that happened during the week -from the capital market to...
Nigeria has reclaimed the first position as Africa’s largest crude oil producer by overtaking Angola. This is according to data released by the Organization of Petroleum...
The Federal Government revealed on Wednesday that Nigeria’s oil production is currently roughly one million barrels per day below its technically permissible potential. It blamed problems...
Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to “set up a presidential panel of enquiry to promptly probe the grim allegations that...
The recent increase in oil production is set to be significantly hit as Exxon Mobil has declared force majeure on oil lifting from different terminals in...
