17 articles tagged
Employees at Seplat Energy, Nigeria's leading indigenous oil producer, have initiated an indefinite strike, citing unresolved disputes over pay and welfare. This action jeopardizes the nation's ambitions to increase oil output.
Nigeria is experiencing a rise in demand for its Liquefied Natural Gas (LNG) due to ongoing global energy disruptions, while also speeding up approvals for oil output to capitalize on current market conditions. Buyers are reportedly shifting focus towards Nigerian supplies as alternatives to Middle Eastern sources.
Nigeria has expedited the approval timeline for the resumption of dormant oil wells, aiming to enhance crude production amidst rising global oil prices. The Nigerian Upstream Petroleum Regulatory Commission is facilitating quicker permit processing.
The long-standing dispute regarding Oil Prospecting Licence (OPL) 245 has been resolved, paving the way for significant investments in Nigeria's deepwater oil sector and an anticipated increase in oil production.
Saudi Arabia has closed its key Ras Tanura oil refinery after a drone strike, which comes amidst escalating attacks across the Middle East affecting oil and gas production.
The Organisation of the Petroleum Exporting Countries Plus (OPEC+) has decided to increase oil production by 206,000 barrels per day starting April, all while US-Israel military actions against Iran continue to escalate.
The Nigerian National Petroleum Company (NNPC) Limited has announced an after-tax profit of ₦5.760 trillion, which is approximately $4.26 billion, for the financial year 2025. This announcement comes as part of their latest operational review, highlighting various sectors of the organization.
Recent remarks by Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, shed light on the political pressures affecting state-owned refineries in Nigeria, leading to the country's reliance on imported refined products.
Oil spills from long-abandoned wells in Ogoniland, Rivers State, continue to devastate communities, impacting farming and fishing. Residents report persistent pollution from corroded wellheads, while authorities face challenges in containment and cleanup, raising concerns as plans to restart oil production loom.
The International Monetary Fund (IMF) projects Nigeria's economy to reach $334 billion in 2026, potentially positioning it as Africa's third-largest economy, overtaking Algeria. This forecast is attributed to increased oil production, improved foreign exchange liquidity, and the impact of economic reforms.
Bayo Ojulari, the Group Chief Executive Officer of NNPC Limited, has asserted that the corporation does not have the capacity to manage a refinery effectively, branding the rehabilitation of the Port Harcourt Refinery as a substantial waste of funds.
Pipeline Infrastructure Nigeria Limited (PINL) is committed to enhancing its collaboration with the Nigeria National Petroleum Corporation Limited (NNPC) as part of efforts to meet the Federal Government's target of producing 2.5 million barrels per day of crude oil by 2026. The company plans to engage with host communities and relevant security agencies to achieve this goal.
NNPC Ltd has praised Chevron Nigeria Ltd for successfully completing the Awodi-07 appraisal and exploration well in Nigeria's Niger Delta. The joint venture aims to significantly increase oil production to 146,000 barrels per day, benefiting the country's revenue and energy supply.
The Nigerian military has reported that due to ongoing security initiatives in the Niger Delta, there have been no incidents of pipeline vandalism during the previous year, which has significantly boosted oil production.
Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Limited, expresses confidence in the company's growth trajectory for 2025, highlighting significant achievements during the past year in his New Year address to staff.
