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Category : Oil Gas

US Slashes Nigerian Crude Oil Imports by Nearly 50% in January 2026

US Cuts Nigerian Oil Imports by 50% in Early 2026

New data reveals the United States reduced crude oil imports from Nigeria by 47.16% in January 2026, with Angola and Ghana gaining market share, while the US trade surplus with Nigeria widened significantly.

NNPC Plans Historic Public Listing on London and New York Stock Exchanges

NNPC to List Shares on London, New York Exchanges

NNPC Limited announces plans for a public listing on major global exchanges, including the New York and London Stock Exchanges, to boost transparency and investor confidence in Nigeria's oil sector.

ExxonMobil Affiliate Esso Opens Permanent Shore Base at LADOL in Lagos

Esso Opens Permanent Shore Base at LADOL in Lagos

ExxonMobil affiliate Esso Exploration and Production Nigeria Limited has launched a permanent Shore Base facility at LADOL, enhancing deepwater logistics and supporting Nigeria's oil sector growth.

Esso Marks 20 Years of Erha Field Production, Boosting Nigeria's Economy

Esso Celebrates 20 Years of Erha Field Oil Production

Esso Exploration and Production Nigeria Limited commemorates two decades of first oil from the Erha Field, highlighting over 800 million barrels produced, $22 billion in taxes, and significant contributions to Nigeria's deepwater sector and economy.

Oceangate Engineering to Appeal Court Ruling on Asset Forfeiture

Oceangate to Appeal Asset Forfeiture Ruling

Oceangate Engineering Oil & Gas Limited plans to appeal a Federal High Court order for asset forfeiture, asserting no wrongdoing and confidence in the judicial process.

Nigeria Builds Local Oil Expertise After Expatriate Quota Rejection

Nigeria Scales Local Oil Skills Post-Expatriate Rejection

Following the rejection of 186 expatriate quotas, Nigeria's PTDF and NUC are rapidly building local skills and updating curricula in the oil sector, focusing on AI, renewable energy, and cost-effective domestic training to reduce foreign reliance.

FG Defends OPL 245 Deal as Landmark Settlement, Rebuts Atiku's Criticism

FG Defends OPL 245 Deal, Rebuts Atiku's Criticism

The Federal Government has defended its resolution of the OPL 245 oil block dispute, calling it a landmark achievement that saved Nigeria over $2 billion in liabilities and unlocked a major dormant asset, while rebuffing criticisms from former Vice-Presid

Nigeria's Oil Price Gains Limited by Pre-Sold Crude and Loan Commitments

Nigeria's Oil Gains Limited by Pre-Sold Crude, Loans

FNCCI Director-General Moses Umoru warns Nigeria may not fully benefit from rising oil prices due to crude-backed loan commitments like Project Gazelle and Project Leopard, which limit fiscal flexibility amid inflation.

Niger Delta Communities Demand Inclusion in Oil Asset Divestment Processes

Niger Delta Demands Inclusion in Oil Divestment

Niger Delta communities and civil society organizations are insisting on full participation in oil asset divestment processes, warning that exiting multinationals must not abandon environmental liabilities.

VNL Capital Warns of Severe Oil Supply Shock as Market Enters Fragile Phase

VNL Capital Warns of Severe Oil Supply Shock in Fragile Market

VNL Capital reports Middle East conflict has disrupted Strait of Hormuz oil flows, causing major global supply shortfall. Higher transport costs and limited alternatives are pushing oil prices upward as market enters geopolitically sensitive phase.

Nigeria's New Oil Boom: A Real Opportunity or Just Another Illusion?

Nigeria's Oil Boom: Opportunity or Illusion?

As global oil prices surge to $114 per barrel due to Middle East conflicts, Nigeria faces a paradox: high prices offer fiscal windfalls but expose deep structural weaknesses. With production below OPEC+ quotas and rising domestic fuel costs, the country m

Dangote Refinery Secures 17.5 Million Barrels of Crude from Global and Local Sources

Dangote Refinery Receives 17.5M Barrels of Crude Oil

Dangote Petroleum Refinery has received 19 cargoes totaling 17.56 million barrels of crude oil and feedstock between February and March 2026, combining Nigerian streams with international imports to ensure steady operations.

US Authorizes Sale of 140 Million Barrels of Stranded Iranian Oil to Stabilize Global Prices

US Allows Sale of Stranded Iranian Oil to Ease Global Prices

The United States has issued a temporary authorization permitting the sale of approximately 140 million barrels of Iranian crude oil already loaded on ships at sea. This move aims to alleviate global supply shortages and stabilize rising energy prices, wi

Nigeria Intensifies London Talks on Major Gas Pipeline to Supply Europe

Nigeria Advances Gas Pipeline Talks in London for Europe Supply

Nigeria has escalated discussions in London on a transcontinental gas pipeline project to supply European markets, with investments exceeding $20 billion anticipated. Key stakeholders, including Minister Ekperikpe Ekpo and NNPC officials, highlighted the

Nigeria Records World's Highest Petrol Price Surge at 39.5% Amid Global Oil Crisis

Nigeria's Petrol Price Soars 39.5%, Highest Global Increase

Nigeria has experienced the world's sharpest petrol price increase at 39.5% between February and March, driven by Middle East tensions disrupting global oil markets and surpassing increases in Laos, Australia, and the United States.

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