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Tag: Oil and Gas

Oil and Gas

19 oil licences set to expire this year — NUPRC

No fewer than 19 oil licences in Nigeria’s upstream sector have stated expiry dates falling within 2026, according to the Nigerian Upstream Concession Situation Report of the Nigerian Upstream Petroleum Regulatory Commission. The report, released in August 2026, covers petroleum exploration and production concessions across Nigeria’s upstream oil and gas industry, including Petroleum Prospecting Licences […]

Oil and Gas

Rising rig activity fails to lift Nigeria’s crude oil production

Nigeria’s increasing deployment of oil rigs has failed to translate into a corresponding and sustained improvement in crude oil production, raising concerns over the country’s ability to convert massive investments in upstream activities into higher output and government revenue. Rig count is widely regarded as a key measure of activity in the exploration and production […]

Agribusiness

Agric credit hits ₦3.86trn as oil, gas lending falls

Credit to Nigeria’s agriculture sector rose to N3.86 trillion in March 2026, even as lending to the oil and gas sector fell by N335 billion over the first three months of the year. This is according to the latest Quarterly Statistical Bulletin published by the Central Bank of Nigeria. The CBN data showed that agricultural […]

Oil and Gas

Global EITI team arrives to assess Nigeria’s oil, gas reforms

The Global Extractive Industries Transparency Initiative validation team has arrived in Nigeria to assess the country’s progress in improving transparency and accountability in the oil, gas and mining sectors. The validation mission, which begins on Monday (tomorrow), is part of the 2026 Extractive Industries Transparency Initiative Validation Exercise that commenced on July 1. The exercise […]

featured Oil and Gas

Oil, gas, banking stocks drag market into bearish mode

The Nigerian equities market relapsed into a bearish mode on Monday, June 15, 2026, as investors resumed profit-taking in oil and gas and banking heavyweights, erasing approximately N945 billion from investors’ wealth. The NGX All-Share Index declined by 0.60 per cent to close at 243,271.57 points, while market capitalisation shed an equivalent percentage to settle […]

Oil and Gas

Nigeria misses oil tax revenue target by ₦17.4tn

Nigeria’s petroleum profit and gas tax revenue recorded a shortfall of N17.4 trillion against its target for the first three quarters, underscoring the growing impact of lower crude oil production and declining international oil prices on government earnings. The figures are contained in data released by the Budget Office of the Federation. According to the […]

Oil and Gas

Nigeria’s oil, gas investment tripled in Nigeria 2025 — NBS

Nigeria’s oil and gas sector recorded a significant boost in investor interest last year as capital inflows jumped sharply. According to the latest capital importation report released by the National Bureau of Statistics, Nigeria’s oil and gas industry attracted $17.98 million in capital inflows in 2025, a sharp increase from the $5.12 million recorded in […]

Oil and Gas

Trump waives oil sanctions to slash global prices amid Iran war

United States President Donald Trump announced on Monday that his administration would temporarily waive certain oil-related sanctions to boost global oil supply and bring down prices amid disruptions from the ongoing Middle East conflict. The United States and Israel have conducted strikes on Iran, while Tehran has launched retaliatory attacks across the Gulf region. These […]

Opinion

OPL 245 dispute resolution will reposition economy – AGF Fagbemi

The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, SAN, has stated that resolving the longstanding dispute over Oil Prospecting Licence 245 will reposition Nigeria’s economy and strengthen the country’s fiscal muscle. Fagbemi also praised President Bola Tinubu’s visionary leadership, which enabled the breakthrough. “This development will pave the way for large-scale investments, […]

Oil losses continue as Brent oil sells at $78 per barrel
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Brent oil hits $87 amid US-Israel-Iran war

Crude oil prices have surged dramatically toward their largest weekly gain in nearly six years, driven by the escalating military conflict involving the United States, Israel, and Iran. Brent futures reached $87 a barrel on Friday as the conflict severely disrupted shipping through the Strait of Hormuz. This critical waterway handles roughly a fifth of […]

TotalEnergies to invest $6bn in Nigeria's Deepwater
Oil and Gas

TotalEnergies credits PIA for boosting investment in Nigerian oil industry

The Petroleum Industry Act has been described as the enabler for the transparency and foreign direct investment currently being experienced in Nigeria’s oil industry. The Managing Director/Chief Executive of TotalEnergies EP Nigeria Limited, Matthieu Bouyer, stated this at a panel session held at the Sub-Saharan Africa International Petroleum Exhibition and Conference in Lagos. He was […]

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