Following the directive of the Federal Executive Council (FEC) and the implementation of the new Naira-based sales mechanism, the Implementation Committee on the Sales of Crude Oil and Refined Products in Naira, chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun. held its second review meeting on Wednesday […]

Nigeria has signed a landmark Gas Sales and Purchase Agreement (GSPA) for the Brass Fertilizer and Petrochemical Project with its multi-national oil companies in a brief ceremony in Bayelsa. This milestone achievement is done after nearly a decade of what appeared to be a herculean hurdle to cross. The Minister of State for Petroleum (Gas), […]

Nigeria must enhance its crude oil production capacity and effectively manage its crude supply to ensure adequate feedstock for domestic refineries, to transit from a net importer to a net exporter of petroleum products. Chairman of Dangote Refinery and Petrochemicals Company Limited, Aliko Dangote, made this assertion during his keynote address at a summit held […]

…To Unlock 40,000BPD Crude Oil Production In the bid to increase Nigeria’s crude oil production, Century FPSO Front Puffin is now undergoing upgrade and refurbishment in SHI-MCI yard Lagos, Nigeria. At completion, FPSO Front Puffin will be deployed to NNPC/Dantoge Industries jointly owned Kalaekule field The Honourable Minister of State for Petroleum Resources (Oil), Senator […]

In a fresh bid to ramp up crude production in Nigeria, Shelf Drilling has been awarded two new drilling contracts to provide two jack-up rigs in Nigeria. With reference to the press release dated September 6, 2024, regarding the award in West Africa, the Company has now fully executed a three-year contract for the Shelf […]

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has recently in a media briefing refuted the claim that directed the Nigerian National Petroleum Company (NNPC) Limited to seize operating the four nation’s refineries and channel its resources basically on joint venture partnerships with private refineries. “My attention has been drawn to statements […]

In a landmark move in reducing pressure on the Naira, eliminating unnecessary transaction costs, and improving the availability of petroleum products, the Federal Government has successfully initiated the sale of crude to local refineries as well as the corresponding purchase of petroleum products in Naira. The Hon. Minister of Finance and Coordinating Minister of the […]

The Nigerian Federal Government has shown sheer determination to ensure a boost in the nation’s upstream and downstream sectors. Through the Ministry of Finance, the Federal Government has introduced groundbreaking concessions to revitalize Nigeria’s oil and gas industry. According to the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun the […]

The Nigerian Minister of State for Petroleum (Gas) Hon. Ekperikpe Ekpo has reiterated the present government of President Ahmed Bola Tinubu’s unwavering commitment to harnessing and utilization of the nation’s abundant natural gas reserves through indigenous companies’ direct investment participation. Disclosing this great feat achievement in the sector, the Hon Ekperikpe stated that a significant […]

The Nigerian presidential spokesman and senior special assistant Stanley Nkwocha disclosed that ExxonMobil has unveiled plans to invest $10 billion in Nigeria’s deepwater oil development. Nigeria’s Vice President Kashim Shettima “welcomed ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, describing it as a clear testament to the administration’s economic reforms and investment-friendly policies,” […]