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Tag: crude oil production

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
News

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
News

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 […]

featured News

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. […]

FG eyes $20bn deal to boost oil, gas production
News

FG eyes $20bn deal to boost oil, gas production

The Federal Government has announced an ambitious plan to secure a groundbreaking $20 billion investment deal aimed at revitalizing Nigeria’s oil and gas production. This announcement was made by the Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, during a courtesy visit by a delegation from Schlumberger (SLB) Ltd., led by its global […]

Military task force discovers 50 illegal oil mining sites
News

Military task force discovers 50 illegal oil mining sites

The Joint Military Task Force, Operation Delta Safe, has uncovered a revelation in the fight against illegal oil activities, as they revealed the existence of 50 oil refining sites nestled within the Biseni forests in Yenagoa Local Government Area, Bayelsa State. Rear Adm. John Okeke, the commanding officer orchestrating the operation, disclosed the startling findings, […]

Energy

Nigeria oil margin hits $37 in London trade

Nigerian oil margins per barrel increased slightly in London trade on Monday, continuing the upward path that began last week when prices soared by almost 4% with supply anticipated to contract amid the Russia-Ukraine war. In the report, the May delivery of Brent crude oil futures surged by 40 basis points to $85.66 a barrel. […]

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