The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says it projects to attract about $17.64 billion investment inflow from 51 field development plan which it approved in 2022 and 2023.
Commission Chief Executive (CCE) of NUPRC, Mr. Gbenga Komolafe, disclosed this in his keynote speech during  a panel session at the ongoing Nigerian International Energy Summit(NIES) 2024 in Abuja.

He added that the 51 fields will deliver cumulative oil recovery and gas recovery estimated at 2.12 billion barrels and 13.13 trillion cubic feet respectively in the coming years.… Read the rest

The African Export-Import Bank on Wednesday, disclosed that it has become the largest financier of oil and gas projects in Africa.

The bank disclosed investing $30bn in industry projects, with Nigeria receiving 60 per cent despite reduced global funding for hydrocarbon ventures in Africa

President, Afreximbank, Prof Benedict Oramah, said Africa has to find innovative solutions to its huge energy deficit.… Read the rest

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has assured that International Oil Companies (IOCs) were not divesting from Nigeria but were rather moving from onshore and shallow waters to offshore which requires more investment.

Lokpobiri gave this assurance at the opening session of the 7th Nigeria International Energy Summit (NIES) 2024 in Abuja on Tuesday.

LEADERSHIP reports that the minister’s position is notwithstanding a 69 per cent decline in investments in Nigeria’s oil and gas sector in the last five years.… Read the rest

Efforts by Shell to promote Nigerian content have led to more indigenous companies executing key contracts in oil and gas operations on land and in deep water.

Indigenous contractors deployed a technology for automated tank cleaning at Bonny Terminal for The Shell Petroleum Development Company of Nigeria Limited (SPDC), while locally manufactured stud bolts, nuts and flanges as well as sand screens are being used for well operations.… Read the rest

The 7th Nigeria International Energy Summit (NIES 2024) has begun in Abuja, with at least 6,000 foreign and local delegates, exhibitors and visitors participating.

The summit aims to chart a sustainable way forward to accelerate energy security, transition and finance.

President Bola Tinubu will officially open the summit at the State House Banquet Hall, Aso Villa, on Tuesday.

The global summit is being convened by the federal government as its official energy, oil and gas event, with the Nigerian National Petroleum Company Limited (NNPC Ltd) as the national host.… Read the rest

Benedict Oramah, president of African Export-Import Bank (Afreximbank), has addressed the oil-for-cash loan agreement with the Nigerian National Petroleum Company (NNPC) Limited.

In an interview with Arise News posted on Sunday on X, Oramah said the $3.3 billion crude oil pre-payment loan obtained by NNPC will not be repaid with $12 billion.

Oramah, who doubles as Afreximbank board chairman, also said the loan has a 6 percent margin, which makes it one of the best-priced loans.… Read the rest

Modular refineries in Nigeria are currently facing the threat of shutting down operations following their inability to access foreign exchange for the purchase of crude oil, a commodity priced in United States dollars.

Nigeria has 25 licenced modular refineries with a combined capacity of producing 200,000 barrels of crude oil daily.

Although not all of the plants are currently operational, it was gathered that the functional ones were increasingly finding it difficult to purchase crude due to the worsening foreign exchange crisis in the country.… Read the rest

Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, has disclosed at the weekend that Nigeria was gradually reversing the investment decline in the oil and gas upstream sector.

Speaking in Lagos after receiving The Sun Public Service Award 2023, during the newspaper’s 21st Anniversary Award Dinner, Komolafe said the country recorded capital expenditure (Capex) worth billions of dollars within the last two and a half years on the back of the implementation of the Petroleum Industry Act (PIA).… Read the rest

Many filling stations are currently closed in the Federal Capital Territory, leading to long queues by motorists at the few outlets that are dispensing Premium Motor Spirit, popularly called petrol.

Operators in the downstream oil sector confirmed that the development was due to the suspension of operations by the Nigerian Association of Road Transport Owners, in fulfilment of their threat to down tools beginning today Monday.… Read the rest

Nigeria could face a harsher economic climate as members of the Nigerian Association of Road Transport Owners (NARTO) on Thursday threatened to suspend operations on Monday due to rising operational costs.

National President of the organisation, Alhaji Yusuf Othman, in a press statement in Abuja, noted that if no deal is reached before then, members will park their trucks as from that day.… Read the rest