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Oil and Gas

Nigeria faces 225,000 bpd cut as Shell shuts Bonga FPSO

Nigeria faces a 225,000 barrels per day crude oil output cut as Shell Nigeria Exploration and Production Company Limited shuts down its Bonga Floating Production Storage and Offloading vessel for scheduled turnaround maintenance. The deepwater facility lies 120 kilometres offshore in water depths exceeding 1,000 metres. It normally produces up to 225,000 barrels per day […]

Oil and Gas

NNPCL targets 2mbpd crude oil in 2026

The Nigerian National Petroleum Company Limited has officially set its crude oil production target for the year 2026 at more than two million barrels per day. This announcement was made by Engr. Akponime Omojevwhe, Head of Field Operations, Eastern Corridor, Project Monitoring Office of NNPCL, during the monthly stakeholders’ meeting held with host communities of […]

Crude oil
featured Oil and Gas

Nigeria’s oil output drops to 1.486mbpd, below OPEC quota

The Organisation of Petroleum Exporting Countries has reported that Nigeria’s oil production, excluding condensate, experienced a 0.7 per cent drop, falling to 1.486 million barrels per day in November 2025 from the 1.496 million bpd produced in October 2025. OPEC does not count condensate in its figures, a resource of which Nigeria produces approximately 196,028 […]

Oil and Gas

Nigeria’s oil output to hit 1.73mbpd in 2026 — Report

BMI, a Fitch Solutions company, has projected that Nigeria’s oil production is expected to record a modest uptick in 2026, to be buoyed by a combination of infrastructure improvements and incremental field output. According to BusinessDay, this projection by BMI was titled “Rebound in domestic demand will drive Nigerian economy in 2026.” The firm forecasts […]

News

Halt Delta oil drilling over land dispute, Edo begs Tinubu

The government of Edo State has called on President Bola Tinubu to halt any further crude oil drilling activities in the disputed oil wells located between Edo and Delta states until the ownership matter is officially resolved. Edo State Deputy Governor, Hon. Dennis Idahosa, made this crucial appeal during a meeting held over the weekend […]

Crude oil
Oil and Gas

Presidency eyes NNPC asset shake-up to boost oil output

The Presidency is currently making plans to restructure asset ownership within the Nigerian National Petroleum Company Limited due to mounting concerns regarding what it describes as the company’s low oil production output. This move was disclosed on Monday by the Special Adviser to the President on Energy, Olu Verheijen, while speaking at the Nigerian Association […]

Global oil supply hits record high in August - IEA
featured Oil and Gas

Nigeria’s oil production rises to 1.8m barrels daily

Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said that Nigeria’s oil production rose to 1.8 million barrels per day, from 1 million, adding that the goal is to reach 2.5 million bdp, as American companies are already showing strong interest in investing in Nigerian oil blocks. Speaking at the inaugural Africa […]

featured Oil and Gas

Nigeria’s crude oil output drops to six-month low

Global oil prices have rebounded sharply, with Brent crude climbing back above $70 per barrel due to geopolitical tensions and supply uncertainties in energy markets. For Nigeria, Africa’s top oil producer, this rally presents both opportunities and risks as the country seeks to stabilize its finances and attract investment into its energy sector. Russia’s decision […]

Oil and Gas

Nigeria’s crude oil output drops to 1.47m barrels per day

Nigeria’s crude oil production has once again fallen below its OPEC quota. According to the Nigerian Upstream Petroleum Regulatory Commission, output dropped to about 1.47 million barrels per day in February, down from 1.54 million bpd in January. Nigeria’s oil production fell below its OPEC quota of 1.5 million bpd in February, losing an average […]

Matrix Energy seeks court order against media houses over libel claims
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Matrix Energy seeks court order against media houses over libel claims

An indigenous oil company, Matrix Energy Limited has filed a suit in the Federal Capital Territory High Court, seeking an injunction against two media houses and other parties. The company alleges that recent publications have falsely accused it of involvement in importing substandard petroleum products, which it claims are damaging to its reputation and business […]

FG threatens to revoke oil block licenses over inactivity
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FG threatens to revoke oil block licenses over inactivity

The Federal Government has issued a stern warning to companies and individuals holding oil block licenses who have failed to secure investment or commence exploration, stating that their licenses will be revoked if they do not take action. State Minister of Oil, Heineken Lokpobiri, delivered this warning in a statement on Wednesday in Abuja, addressing […]

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Nigeria loses N636bn in oil revenue as production declines

Nigeria’s monthly oil outputs have been consistently low since January 2024, resulting in a revenue loss of almost N636.3 billion. According to data from a Federal Government agency, Nigeria produced 1.43 million barrels of crude oil (excluding condensates) in January of this year, however, this figure dropped to 1.25 million barrels per day in May. […]

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