Heirs Energies Limited, one of Nigeria’s fast-growing indigenous energy companies, has earned major global recognition after its $750 million Afreximbank-backed financing deal was crowned Oil & Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026 in London. The award highlights the rising influence of African-led energy companies in shaping global finance […]
Category: Energy
NUPRC and NNRA Partner to Cut Oil Production Costs and Strengthen Safety Regulations in Nigeria’s Upstream Sector
Nigeria’s upstream oil and gas sector is set for a major regulatory shake-up as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Nuclear Regulatory Authority (NNRA) move to harmonise compliance processes aimed at cutting production costs and improving safety standards. The initiative follows a high-level meeting in Abuja between NUPRC Chief Executive Oritsemeyiwa […]
Nigeria Left Out as OPEC Raises Oil Quotas for Algeria, Saudi Arabia and Others in Latest Output Adjustment
Nigeria has once again missed out on benefiting from the latest oil production quota adjustments by the Organisation of Petroleum Exporting Countries (OPEC), as the group approved an additional increase of 188,000 barrels per day for selected member countries. The decision, announced after a virtual meeting held on June 7, 2026, saw key producers including […]
Oil Prices Drop as Middle East Tensions Ease on Ceasefire Hopes and Supply Shifts
Global oil prices slipped sharply on Thursday as easing tensions in the Middle East sparked renewed optimism among investors. The decline came as markets reacted to growing hopes of a broader ceasefire agreement that could calm one of the world’s most critical and volatile energy corridors. According to Reuters, sentiment improved after Israel and Lebanon […]
Nigeria Considers Debt Refinancing as Oil Prices Surge Amid US Tariff Threats
Nigeria is weighing a major financial reset as it considers refinancing parts of its costly debt portfolio and raising fresh funds to plug a widening budget gap. The move comes at a time when global oil prices are climbing and investor confidence in the country is slowly improving. Minister of Finance and Coordinating Minister of […]
Dangote Refinery Fuel Price Exceeds Import Landing Cost as Market Data Sparks Debate in Nigeria
Recent industry data has sparked fresh discussions in Nigeria’s downstream oil sector, as figures show that the gantry prices from Dangote Refinery are currently higher than the landing cost of imported petroleum products. The report, published in the Energy Bulletin of the Major Energies Marketers Association, has drawn attention from marketers and energy analysts. According […]
Dangote Refinery Targets Global Jet Fuel Dominance with 700,000 BPD Expansion Plan
Dangote Refinery is setting its sights on becoming a dominant force in the global jet fuel market, with plans to expand its refining capacity by an additional 700,000 barrels per day by 2028. The move is expected to significantly boost its output and strengthen its influence in international energy trade at a time when global […]
Dangote Refinery and the refining of sovereignty
In the heart of Lekki, Lagos, the Dangote Refinery is doing more than processing crude oil—it is quietly reshaping what sovereignty means for Nigeria and, by extension, Africa. What was once a nation heavily dependent on imported fuel despite being a major oil producer is now witnessing a shift toward industrial self-reliance. The refinery has […]
World Bank Expands West Africa Power Grid, Boosting Electricity Access for Millions
The World Bank has reported major progress in its regional electricity initiative aimed at improving power supply across West Africa. The programme is enhancing cross-border electricity trade, strengthening utility finances, and expanding access to reliable power for millions of people across the sub-region. According to a recent results brief, the West Africa Regional Power Integration […]
Meren Energy Nigeria Investment Boost as NUPRC Confirms 2026 Licensing Round Timeline
Meren Energy has announced plans to deepen its investment footprint in Nigeria’s oil and gas sector, signaling renewed confidence in the country’s upstream industry as new opportunities emerge under upcoming licensing rounds. This development comes as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed that the 2026 Licensing Round will officially commence no later than […]
Tinubu Approves 2026 Oil Block Licensing Round as Nigeria Targets Fresh Upstream Investment Surge
Nigeria is set for a new wave of oil sector activity as President Bola Tinubu has approved the 2026 oil block licensing round, signaling renewed efforts to attract investment into the country’s upstream petroleum industry. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed the approval as part of ongoing reforms aimed at boosting production and […]
NOG Energy Forum 2026 to Tackle Gas Monetisation and Decarbonisation as Global Energy Pressures Mount
The 2026 edition of the NOG Energy Week is set to become a major global meeting point for energy experts as it brings together engineers, policymakers, academics, and industry leaders to address the future of oil, gas, and power production. The forum is expected to focus heavily on practical solutions to long-standing inefficiencies in the […]
Dangote alleges crude supply sabotage by govt, NNPC objects
The battle between Africa’s richest man’s refinery and Nigeria’s oil authorities has escalated, as the Dangote Petroleum Refinery and Petrochemicals FZE has accused the Federal Government and its agencies of deliberately undermining its operations. In a dramatic court filing at the Federal High Court in Lagos, the refinery alleged that crude supply shortages and regulatory […]
DisCos Generate N600bn in Q1 Despite Persistent Power Outages Across Nigeria
Nigeria’s Electricity Distribution Companies (DisCos) generated nearly N600 billion in revenue during the first quarter of 2026, despite ongoing power outages that left millions of households and businesses grappling with unreliable electricity supply. Fresh data released by the Nigerian Electricity Regulatory Commission (NERC) revealed that the 11 distribution companies collectively earned N597.55 billion between January […]
Petrol Price Surges 643% in Nigeria as Fuel Crisis Deepens Amid Global Oil Shocks
Nigeria’s fuel market has witnessed a dramatic and painful transformation as the price of Premium Motor Spirit (petrol) skyrocketed by about 643% within three years, climbing from N175 in 2023 to as high as N1,300 per litre in 2026. The surge has left millions of Nigerians grappling with rising transport fares, higher food prices, and […]
Oil Workers Shut Down NUPRC Nationwide Over Foreign Training Dispute
Operations at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) were brought to a standstill on Monday after oil-sector workers under the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) launched an indefinite strike over a dispute on foreign training allocations. The shutdown affected both the commission’s headquarters in Abuja and field offices across […]
Oil Prices Surge as US–Iran Diplomacy Collapses Over Middle East Tensions
Global oil prices surged on Monday after diplomatic efforts between the United States and Iran showed signs of collapse. The sudden breakdown in negotiations came as military activity in the Middle East intensified, sending shockwaves through global energy markets already sensitive to geopolitical risks. Brent crude jumped by more than 7%, rising from about $91.12 […]
Nigeria’s Gas Reserves Set to Power Global AI Revolution, Boost Digital Infrastructure
As artificial intelligence (AI) continues to reshape industries worldwide, the race to secure reliable energy sources has become a critical priority for global technology giants. Companies such as Microsoft, Amazon, Google, and Oracle are investing heavily in power generation and long-term energy agreements to support the growing demands of AI-driven data centres. This trend is […]
Nigeria’s Crude Oil Sector Grows 16.4% Despite Falling Production — Signs of a Quiet Recovery Emerging
Nigeria’s crude petroleum sector has posted a surprising 16.37% year-on-year growth in the first quarter of 2026, signaling a rebound after months of contraction, according to fresh data from the National Bureau of Statistics (NBS). The performance marks a shift in momentum for one of the country’s most important revenue-generating industries, even as production levels […]
NNPC Profit Soars to N481bn as Revenue Hits N4.97tn in April 2026 Amid Oil Output Recovery
The Nigerian National Petroleum Company Limited (NNPC) has reported a strong financial performance for April 2026, posting a profit after tax of N481 billion, a significant increase from N276 billion in March. The latest figures reflect a sharp improvement in the company’s operational efficiency and market performance. According to its April 2026 operational and financial […]
European Stocks Slip as Defense Sector Surges on Ukraine’s $105B EU Loan Boost
European shares ended lower on Thursday as investors reacted cautiously to rising geopolitical tensions and mixed economic signals from global markets. The pan-European Stoxx 600 slipped about 0.5%, with most major indexes across London, Paris, and Frankfurt closing in negative territory. Italy’s FTSE MIB stood out as the only major index to post gains for […]
Nigeria Spends £1.1bn on UK Refined Oil as Fuel Import Dependence Persists in 2025
Nigeria’s dependence on imported fuel remains a major talking point in its energy sector, as new data shows the country spent about £1.1 billion on refined oil imports from the United Kingdom in 2025. The figures highlight how Nigeria, Africa’s largest crude oil producer, is still heavily reliant on imported petroleum products to meet domestic […]
Dangote Refinery Becomes World’s Largest Jet Fuel Exporter Amid Global Supply Disruptions
Nigeria’s Dangote Petroleum Refinery has achieved a major milestone, emerging as the world’s largest exporter of jet fuel in April 2026. The achievement comes as global fuel trade routes continue to shift following tensions in the Middle East, creating new opportunities for alternative suppliers. The refinery’s rapid production growth has allowed it to meet rising […]
FG, World Bank Cancel $717.7 Million Power Sector Loan as Tariff Deficits Worsen
The Federal Government and the World Bank have agreed to cancel approximately $717.7 million in undisbursed funding under the Power Sector Recovery Operation (PSRO), marking a significant shift in Nigeria’s electricity reform strategy. The decision follows concerns over escalating tariff shortfalls, implementation setbacks, and changing economic realities that have hindered the programme’s progress. According to […]
Alaoji Power Plant Restored: NDPHC Revives 450MW Facility Amid Nigeria Electricity Recovery Push
Nigeria’s power sector received a major boost as the Niger Delta Power Holding Company (NDPHC) announced the restoration of the 450-megawatt Alaoji Open Cycle Power Plant in Abia State, which had been out of operation since 2023 due to gas supply disputes and metering challenges. The Managing Director and CEO of NDPHC, Engr. Jennifer Adighije, […]
Oil Prices Rise as US Strikes in Iran Stall Peace Deal Hopes, Global Stocks Turn Mixed
Global oil prices climbed on Tuesday while stock markets showed mixed performance, as renewed U.S. military strikes in southern Iran dampened investor hopes for an imminent peace agreement between Washington and Tehran. The developments added fresh uncertainty to already fragile global markets. The strikes, described by U.S. officials as “defensive action,” came at a sensitive […]
UK Exempts Nigeria from Russian Fuel Sanctions Tightening Amid Global Energy Shift
The United Kingdom has exempted Nigeria from stricter compliance checks under its updated sanctions regime targeting fuel products refined from Russian crude oil. The decision was confirmed in new guidance released by British authorities and analysed by energy intelligence firm S&P Global. The new import rules, which took effect on May 20, are designed to […]
Nigeria’s Refinery Struggles Deepen as Fuel Import Bill Hits ₦46.17 Trillion Amid Calls for Local Production Reform
Nigeria’s dependence on imported fuel continues to spark debate as industry experts warn that local refineries are still struggling with major structural and financial barriers. According to stakeholders in the oil sector, these challenges are slowing down efforts to reduce the country’s heavy reliance on imported petroleum products. Chairman of the Board of Trustees of […]
Nigeria, Turkey Seal Mining Partnership to Boost Investment and Solid Minerals Development
Nigeria has taken another step toward attracting foreign investment into its mining industry after signing a landmark memorandum of understanding (MoU) with Turkey to deepen cooperation in the solid minerals sector. The agreement, signed during the Istanbul Natural Resources Summit (INRES) in Istanbul, is expected to open new opportunities for investment, technology transfer, and sustainable […]
Dangote faces price war as NNPC backs fuel imports
Nigeria’s downstream petroleum sector is heading for another major showdown as the Nigerian National Petroleum Company Limited (NNPC) and fuel marketers push back against efforts by Dangote Petroleum Refinery to halt the importation of refined petroleum products. In a suit before the Federal High Court in Lagos, NNPC argued that granting Dangote’s request to cancel […]