TotalEnergies, operator of OML 58 onshore license in Nigeria with a 40% interest, together with the Nigerian National Petroleum Corporation Ltd (NNPCL, 60%), have taken the Final Investment Decision (FID) for the development of the Ubeta gas field.
Nigeria’s total oil production increased marginally by 1.45 per cent in May 2024 to 1.46 million barrels per day, up from 1.44 million barrels per day in April.
The Minister of State Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, has listed adoption of gas technology and innovation, shaping effective policy frameworks, unlocking financing avenues, nurturing capacity building, and cultivating entrepreneurship as measures that would the future Nigeria’s and Africa’s energy landscape.
Aliko Dangote, Africa’s richest individual, announced that the supply of diesel from his Dangote Refinery has caused a roughly 60% decrease in the commodity’s price in the local market.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that four International Oil Companies (IOCs) are planning to divest from 26 oil blocks in Nigeria. These IOCs, including Nigerian Agip Oil Company, ExxonMobil, EQUINOR, and Shell Petroleum Development Company, aim to transfer the ownership of these blocks to local firms. This move is expected to significantly enhance national oil production and provide substantial benefits to various stakeholders in the energy sector.
There are indications that Nigeria’s 2024 national budget may have come under funding threats following sustained decline in oil price amidst stagnation in crude oil output level.
Chief Executive Officer of Kenyon International, Dr Victor Ekpenyong, has stated that Nigeria has the potential to increase its oil production and meet local refining needs by tapping into its idle brownfields.
The Nigerian National Petroleum Company (NNPC) is set to begin oil exploration in Ogun state This will mean more crude oil production for Nigeria and also help increase federal government revenue The governor of Ogun state is excited and has stressed the importance of NNPC’s decision to search for oil in the state.
Executive Chairman, & Founder, AA Holdings, Austin Avuru has said the Nigerian indigenous oil producers have the capacity to do 1.7million barrels per day (mbpd).
President Bola Tinubu on Tuesday said the three Executive Orders on oil and gas reforms which he signed into law will make Nigeria’s petroleum sector globally competitive.