The federal government on Tuesday officially launched a new set of fiscal incentives to rejuvenate Nigeria’s ailing oil and gas industry, stressing that it aims to attract about N10 billion in investment between the next 12 months to 18 months.

It was learnt that the presidential directives were developed and coordinated by the Special Adviser to the President on Energy, Mrs.… Read the rest

The delay in the consummation of the $1.3 billion ExxonMobil’s sale of 40 per cent stake in Mobil Producing Nigeria Unlimited in (MPNU) to Seplat Nigeria Plc is currently raising dust and dominating conversations among industry stakeholders.

While some players have argued that the refusal of the Nigerian Upstream Regulatory Commission(NUPRC) to give consent to the deal is taking longer than necessary and robbing the country of the much required investment capable of increasing  oil production from 1.2 million barrels per day (bpd) to about 2.5 million bpd, others believe due process must be followed in executing the deal in order  to reap the much anticipated gains.… Read the rest

Maritime stakeholders have expressed concerns over Nigeria’s inability to take advantage of the $14 trillion global shipping industry.

The immediate past President, Ship Owners Association of Nigeria (SOAN) Dr. Mkgeorge Onyung, at SOAN’s inauguration of its new executive council members in Lagos, said Nigeria is lagging behind among its contemporaries to tapping into the trillion dollar shipping industry, stating the urgent need to deploy the use of the cabotage fund to unlock Nigeria’s economic fortunes in the global shipping industry.… Read the rest

The Nigerian National Petroleum Company Limited (NNPC) at the weekend reiterated its commitment to transforming Nigeria into a gas-powered nation, in line with the country’s enormous natural endowment of over 209 trillion cubic feet of gas reserves.

A statement from the national oil company stated that its Group Chief Executive Officer, Mele Kyari , made the remarks when he received the Energy Times’ GCEO of the Year Award in Lagos.… Read the rest

With Nigeria facing the reality of not meeting its 2024 oil production target, the Minister of State Petroleum Resources (Oil), Senator Heineken Lokpobiri and the Chief of Defence Staff, Major General Christopher Musa have vowed to curb oil theft and pipeline vandalism in the Niger Delta region.

Both agreed that the menace of oil theft which has seriously curtailed production and export has significantly impacted Nigeria’s ability to fund its budget and generate foreign exchange.… Read the rest

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has revealed that Nigeria lost $34 billion in the last two and a half years due to the fall in production from the assets being divested by ExxonMobil to Seplat Energy, a transaction still awaiting approval by the federal government.

Lokpobiri made the disclosure in Lagos, during his keynote speech at the Second Quarter Dinner of the Petroleum Club, with the theme, “Funding Our Way out of the Crisis: Looking up to the Oil and Gas Sector.”… Read the rest

In a puzzling trend, Nigeria’s oil sector is experiencing contradictory developments. While the number of operational oil rigs has surged by 27 percent, the country’s crude oil production has plunged to its lowest point in the first quarter of 2024

Data from the Organisation of Petroleum Exporting Countries (OPEC) showed Nigeria’s rig count, an index measuring upstream activities, surged by 27 percent year-on-year (YoY) to 19 rigs in March 2024.… Read the rest

The Federal Government, on Friday, said the drop in Nigeria’s crude oil production was due to issues encountered on the Trans Niger Pipeline, coupled with maintenance activities carried out by some oil companies operating across the country.

It, however, stated that efforts were on to fix the pipeline, adding that this would enable the country to produce up to 1.7 million barrels per day of crude oil and condensates.… Read the rest

Libya has emerged as the highest crude oil producer in Africa following the drop of Nigeria’s output by 6.8 per cent to 1.23 million barrels per day in March 2024, from 1.32 bpd in February 2024.

On the other hand, Libya’s oil output rose by 5.4 per cent to 1.236 million bpd in March 2024, from 1.173 million bpd in February 2024, according to the Organisation of Petroleum Exporting Countries, OPEC.… Read the rest

After months to turmoil and near bankruptcy as a result of the prohibitive cost of aviation fuel, Nigerian airlines are celebrating following the news that Dangote Refinery will start supplying the product to them in the coming days.

The airlines, it was learnt, hope to gain financial momentum with expected reduction in the cost of aviation fuel as a result of the development.… Read the rest