Negotiations over a landmark $5 billion oil-backed loan between Nigeria and Saudi Arabia’s Aramco have slowed, as doubts grow over Nigeria’s ability to guarantee the crude volumes needed to carry out the deal. The agreement, first initiated during President Bola Read More
Oil crisis forces Nigeria’s economic growth forecast to 3.0%, says IMF
Unstable crude oil prices have forced the International Monetary Fund (IMF) to downgrade Nigeria’s economic growth forecast for 2025 to 3.0 per cent. According to the IMF’s April 2025 World Economic Outlook (WEO) report, which was released on the sidelines Read More
ERA applauds Tinubu’s NNPC shakeup, demands probe of fake refinery deals
The Energy Reforms Advocates (ERA) have praised President Bola Tinubu for his decision to remove Mele Kyari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited. In a statement on Wednesday, Abdulkadri Isah, president Read More
Why we increased PMS price — Dangote Refinery
The management of Dangote Refinery has said the recent adjustment in its ex-depot price of Premium Motor Spirit (PMS), otherwise known as petrol, is directly related to the significant increase in global crude oil prices. The refinery had raised its Read More
Prioritise crude oil supply to local refineries, group tells NNPCL
A group of concerned Nigerian citizens has called on the Nigerian National Petroleum Company Limited (NNPCL) to prioritise crude oil supply to local refineries, including the Dangote Refinery, over foreign partners. The group expressed concern over reports that the NNPCL Read More
Lokpobiri lauds crude oil production gains offshore Bayelsa
Nigeria’s quest to boost crude oil production is making significant strides, as the Abigail Joseph Floating Production Storage and Offloading (FPSO) facility, operated by the NNPCL-First E&P Joint Venture on OML 83/85, ramps up output. During an inspection offshore Bayelsa Read More
Dangote refinery denies claims of reselling crude oil
Dangote refinery has denied claims that it has been having problems leading to its reselling of crude oil. Global news media, Reuters, in a report on Friday, July 26, 2024, claimed that “Dangote oil refinery is reselling cargoes of U.S. Read More
Tougher times for upstream as FG insists on responsible fossil fuel exploration
Nigeria is asking the global community to allow the continent to prioritise responsible crude oil exploration even as the upstream exploration and production activities are projected to remain challenging in 2024. The post Tougher times for upstream as FG insists Read More
NMDPRA expands data ecosystem to cover crude oil
Previously focusing on the regulation of the downstream segment of the nation’s oil and gas industry, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said crude oil data will now be captured by the agency. The post NMDPRA expands Read More
Nigeria missing as five oil majors earn $200 billion in long rally
While Nigeria is recording losses despite the high oil prices, ExxonMobil, Chevron, BP, Shell, and TotalEnergies are set to declare $200 billion. The post Nigeria missing as five oil majors earn $200 billion in long rally appeared first on The Read More