Africa’s biggest crude producer Nigeria has emerged from a years-long output slump due to improved security, creating a quandary for the government.
Portugal will increase purchases of liquefied natural gas (LNG) from the United States and Nigeria, as it aims to end imports of Russian gas, Environment Minister Maria da Graca Carvalho said on Tuesday. According to data from electricity and gas grids operator REN, Portugal imported 49,141 gigawatt-hours (GWh) of natural gas in 2024, of which around 96% was LNG.
The rise in crude oil prices is crucial for achieving President Bola Tinubu’s N47.9 trillion 2025 budget. The federal government aims to raise N19.60 trillion, or 56% of its revenues, from the oil sector and N15.22 trillion, or 43% of total revenues, from non-oil sources. This indicates that Nigeria has to earn more money from oil.
Seplat Energy Plc has unveiled plans to increase its crude oil production by 140% to 120,000 barrels per day. The company’s Chief Financial Officer, Eleanor Adaralegbe, revealed in an interview with the Financial Times that they would increase output from the present 50,000 bpd to 120,000 bpd in H1 2025.
TechnipFMC has been awarded a substantial(1) contract by Shell Nigeria Exploration and Production Company Limited to supply Subsea 2.0® production systems for the Bonga North development in Nigeria
Nigeria approved a $1.3 billion deal that would see a group of local companies buy Shell Plc’s onshore assets in Africa’s biggest crude producer.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said the country’s known hydrocarbon reserves have increased, with crude oil and condensate hitting 37.5 billion barrels as of January 1.
Shell Nigeria Exploration and Production Co. Ltd. (SNEPCo) has reached a final investment decision (FID) on the Bonga North development. The company said in a media release this deepwater project off the coast of Nigeria will be a subsea tie-back to the Shell-operated Bonga floating storage and offloading (FPSO) facility.
Nigerian regulators approved the transaction in November after months of delay. It was completed through Project Odinmim, a special purpose vehicle owned by Chappal, at an undisclosed sum.
The Nigerian National Petroleum Company (NNPC) Ltd on Tuesday announced that it has began operation of the Port Harcourt Refinery and delivering petroleum products onto the market.