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Nigeria’s crude oil output drops to 1.53m bpd – NUPRC

Nigeria’s crude oil production saw a slight decline in October 2024, decreasing from 1.54 million barrels per day to 1.53 million bpd, according to the latest oil production status report from the Nigerian Upstream Petroleum Regulatory Commission. Unlike OPEC’s reports, which exclude condensates, the NUPRC report offers a broader analysis, covering both blended and unblended […]

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IOCs staying despite divestments – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission has clarified that international oil companies are not exiting Nigeria despite their recent divestments. According to NUPRC CEO, Gbenga Komolafe, these divestments are part of “portfolio rationalisation,” a common practice in other markets. At the recent NAPE Conference in Lagos, the CEO of the Nigerian Upstream Petroleum Regulatory Commission, […]

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NUPRC screens qualified oil block bidders for 2024 licensing

The Nigerian Upstream Petroleum Regulatory Commission has begun the technical screening of financially qualified bidders for the 2024 licensing bid rounds. At this stage, the commission will assess each company’s technical capacity to operate the oil blocks for which they have bid. According to the commission’s publication, a total of 31 oil blocks are available, […]

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NUPRC warns of potential gas supply crisis by 2030

The Nigerian Upstream Petroleum Regulatory Commission has raised concerns that Nigeria could experience a gas supply crisis by 2030. This warning was issued by NUPRC’s Chief Executive, Gbenga Komolafe, during the ongoing energy conference in Lagos, according to The Punch. According to Komolafe, demand for gas is projected to grow at a compound annual growth […]

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NUPRC to review domestic crude supply regulations

The Nigerian Upstream Petroleum Regulatory Commission is ready to review the Domestic Crude Supply Obligations Regulations 2023. This was disclosed in a notice signed by the Chief Executive of the NUPRC, Gbenga Komolafe, on Thursday. The commission stated in the notice that it wished to consult with stakeholders to get their opinions. According to the […]

News Oil and Gas

Nigeria produced 236m barrels of crude in H1 – NUPRC

Nigeria produced a total of 236,229,281 barrels of crude oil in the first half of 2024, according to The Punch. The nation produced 44.2 million barrels of petroleum in January and 38.3 million barrels in February, According to data obtained from the Nigerian Upstream Petroleum Regulatory Commission. Also, 38.1 million barrels were produced in March, […]

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IOCs not unwilling to sell oil to Dangote, says NUPRC

The Nigerian Upstream Petroleum Regulatory Commission has said that International Oil Companies (IOCs) did not refuse to sell crude oil to the Dangote plant. This was disclosed by the Chief Executive Officer of the Commission, Engineer Gbenga Komolafe, in an interview with Arise TV on Monday. According to Komolafe, while the Petroleum Industry Act (PIA) […]

News Oil and Gas

Oando seals assets acquisition deal with Agip

The Federal Government announced the completion of oil asset transactions including the Nigerian Agip Oil Company, NAOC, and Oando, as well as Equinor-Project Odinmim divestments. This was disclosed by the Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, Engr. Gbenga Komolafe at the ongoing NOG Energy Week in Abuja on Wednesday, according to Vanguard. He […]

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NUPRC deploys fund managers for Host Community Trust Funds

The Nigerian Upstream Petroleum Regulatory Commission stated it had identified 31 competent fund managers to invest 20% of the 3% yearly funds accruing to Host Communities Development Trust Funds. This was disclosed by the Chief Executive Officer of NUPRC, Engr. Gbenga Komolafe in his keynote address during a Town Hall meeting held at Watbridge Hotels, […]

Oil and Gas

Nigeria produced 159m barrels of oil in four months – NUPRC

The Nigerian Upstream Petroleum Regulatory Commission has revealed that Nigeria produced 159,158,191 barrels of crude oil in the first four months of 2024 This is according to the recent NUPRC data obtained, according to the Punch. According to the NUPRC data, 44.2 million barrels of crude were produced in January, with an average daily production […]

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NUPRC assures investors of presidential backing for oil blocks

The Nigerian Upstream Petroleum Regulatory Commission said it has received presidential approval to remove all entry barriers to the licensing round including reducing the entry fee to the barest minimum. This was disclosed by the NUPRC boss, Gbenga Komolafe at the Miami International Roadshow for the 2024 licensing round hosted by the NUPRC in collaboration […]

News

NUPRC starts bidding round for 12 oil blocks

The Nigerian Upstream Petroleum Regulatory Commission has opened the bidding process for 12 oil blocks which are currently placed up for sale. It also indicated the start of a Petroleum Licensing Round for Nigeria in 2024, as well as the resumption of 2022/2023’s bidding round, according to The Punch. This was disclosed in a statement […]

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