Author: Obinna Osuagwu

The Nigeria’s Gas Production surged 15.6% in March 2025, reaching 227,931.65 million standard cubic feet (mscf). This marks a steady rise in the country’s gas output. Year-on-Year Growth Compared to March 2024, the increase was notable. Production rose from 198,353.62 mscf to 227,931.65 mscf, highlighting steady improvements. Breakdown of Gas Types Oil producers extracted 119,552.75 mscf from associated gas, which forms with crude oil. Meanwhile, 108,378.90 mscf came from non-associated gas, developed independently. Investment Drives Growth The Ministry of Petroleum Resources (Gas) is ramping up efforts to attract investment. Strong policies now aim to improve infrastructure and ensure steady production.…

The Nigeria Customs Service says petrol smuggling is still happening even though the government has removed the fuel subsidy. Also, smugglers continue to take petrol across Nigeria’s borders because prices are still cheaper in Nigeria compared to neighbouring countries. Price differences encourage illegal tradeCustoms Comptroller-General Adewale Adeniyi explained that petrol sells for between ₦880 and ₦950 per litre in Nigeria. But in places like Cameroon, Niger, and the Benin Republic, it can go as high as ₦1,600 to ₦2,000 per litre. Additionally, this big price gap makes it tempting for smugglers to keep taking fuel out of Nigeria to sell…

A group of protesters on Tuesday called on the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), to begin an investigation into former NNPCL chief Mele Kyari over a controversial crude-for-loan deal said to be worth over $2 billion. The group, known as Concerned Citizens Against Corruption, gathered in Abuja, demanding that the government take action against what they described as “years of unchecked mismanagement and shady deals” under Kyari’s leadership at the Nigerian National Petroleum Company Limited (NNPCL). Protesters Demand Accountability The group, led by Kabir Matazu, said they were disappointed that even after Kyari…

Indonesia is considering reducing its oil and gas imports from Nigeria and other countries to boost purchases from the United States as part of trade talks. Details of the Proposal Also, Indonesia’s Energy Minister, Bahlil Lahadalia, said the country plans to raise crude oil and LPG imports from the US by about $10 billion. This is aimed at narrowing its trade surplus with the US and avoiding proposed tariffs of up to 32 per cent on Indonesian goods. Current Import Breakdown Moreover, Kpler data shows Indonesia imported 217,000 barrels per day (bpd) of LPG in 2024, with 124,000 bpd coming…

The International Monetary Fund (IMF) has hailed Nigeria’s recent macroeconomic reforms as “bold” and transformative, stating that the policy overhaul has positioned the country for long-term resilience and growth. However, the Fund also warned that an unpredictable external environment, especially declining oil prices and elevated global risk, could undermine the nation’s fragile recovery. The IMF’s verdict followed the conclusion of its 2025 Article IV Consultation Mission to Nigeria, which took place from April 2 to 15, involving engagement with key federal officials, including Minister of Finance Wale Edun and Central Bank Governor Yemi Cardoso, alongside civil society, private sector stakeholders,…

The Nigerian National Petroleum Company (NNPC) Ltd has set big goals to improve Nigeria’s oil and gas sector. The company plans to attract $60 billion in investments and increase daily oil production to two million barrels by 2027. New Plans for GrowthSpeaking at a staff meeting in Abuja, the Group CEO, Bayo Ojulari, said NNPC aims to bring in $30 billion by 2027 and double that to $60 billion by 2030. The company also plans to: Steps to Achieve the GoalsOjulari explained how NNPC will reach these targets. He said the company will become more flexible, make decisions based on…

Despite the recent drop in global oil prices, Dangote Refinery’s petrol remains expensive causing many Nigerian marketers to look abroad for cheaper fuel. A report by S&P Global reveals that Dangote’s slight price cuts don’t reflect the deeper plunge seen in international markets. Global Prices Fall, Local Cuts LagBetween 1 and 9 April, the international price of petrol dropped nearly 18%. In the same period, Dangote reduced its truck price by only 1.7%, from ₦880 to ₦865 per litre. Analysts say this modest drop has created a gap wide enough to encourage importation. Marketers Cut Prices to CompeteAs of this…

The Nigerian government has licensed 83 companies to operate or build refineries in a major step towards reducing the country’s dependence on petrol imports. Local refining gets a boost The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, said this during a press conference at the Presidential Villa in Abuja. He explained that the licences include eight companies with approval to operate existing refineries, 30 companies with permission to begin construction, and 40 firms with approval to set up refineries. These developments, he said, are helping Nigeria meet its fuel needs locally and cut…

The Nigerian Institution of Petroleum Engineers (NiPeTE), previously known as the Petroleum Division of the Nigerian Society of Engineers, is rebranding to better reflect its focus and strengthen its role in the country’s oil and gas sector. A step forward for the industry Now to be known as the Nigerian Institute of Petroleum and Gas Engineers, the organisation says this change is more than a name. According to the chairperson, Prisca Kanebi, it reflects a renewed commitment to professionalism, national development, and technical excellence in the energy industry. Speaking at a press conference in Lagos, Kanebi explained that this decision…

Oil prices went up for the second straight day as the United States tightened sanctions aimed at cutting off Iran’s oil exports. The move is part of Washington’s effort to apply maximum pressure on Tehran’s energy sector. Brent crude rose past $66 per barrel after a 2% gain on Wednesday, setting the stage for what could be its first weekly rise in April. West Texas Intermediate (WTI) was steady near $63. US steps up action on Iranian oil The renewed jump in oil prices followed comments from US Treasury Secretary Scott Bessent, who announced additional measures to reduce Iran’s ability…