Nigeria’s oil sector has seen a sharp shift as the Nigerian National Petroleum Company Limited (NNPC) increased the official selling prices of all 37 Nigerian crude grades for May-loading cargoes. The adjustment comes amid rising global oil tensions linked to the ongoing US-Iran conflict, which has unsettled energy markets worldwide. According to Oilprice.com, the price […]
Category: Energy
European Stocks Slip as UAE OPEC Exit Clouds Global Oil Supply Outlook
European markets opened slightly lower on Wednesday, as investors reacted to a mix of corporate earnings and the unexpected decision by the United Arab Emirates to exit the OPEC oil cartel. The pan-European STOXX 600 index dipped by 0.1% shortly after trading began, with most sectors and major regional indexes posting modest losses. The development […]
Nigerian Crude Hits $113 as Iran–Hormuz Crisis Drives Global Oil Shock
Nigerian crude oil has surged to its highest levels in recent years, with benchmark grades trading above $113 per barrel as global energy markets react to escalating tensions around the Strait of Hormuz. In some spot transactions, prices reportedly climbed as high as $130 per barrel as refiners scramble for alternative supplies outside the Middle […]
Dangote Refinery Says Petrol, Diesel Prices Are Being Subsidised Amid Rising Crude Oil Costs
A senior official of the Dangote Group has disclosed that the Dangote Petroleum Refinery is currently subsidising the prices of petrol and diesel supplied to the Nigerian market. The official said the company’s ex-depot petrol price of N1,200 per litre is below what would be considered a fully competitive market rate, given the recent surge […]
Nigeria Crude Oil Production Hits Five-Year High at 1.71 Million BPD — NNPC Limited Report
Nigeria’s crude oil production has climbed to 1.71 million barrels per day between April 2025 and April 2026, marking its highest level in five years, according to the NNPC Limited. The milestone highlights a gradual recovery in the country’s oil sector after years of volatility, signaling renewed confidence in Nigeria’s upstream operations. The figures were […]
Dangote Refinery Expansion to Create 95,000 Jobs as Capacity Hits 1.4 Million Barrels Per Day
Aliko Dangote, President of the Dangote Group, has announced that the ongoing expansion of the Dangote Petroleum Refinery will generate about 95,000 skilled jobs at its peak construction phase. The refinery’s capacity is set to rise to 1.4 million barrels per day, positioning it as a major global energy hub. Dangote made the disclosure in […]
Global Gas Pricing Boosts Nigeria LNG Expansion Amid Underinvestment Challenges
Global gas pricing trends are creating new opportunities for gas-producing nations, with Nigeria emerging as a key potential beneficiary. However, industry experts warn that the country’s ability to fully capitalise on the moment is being slowed by long-standing underinvestment across its gas value chain. The immediate past Managing Director of Nigeria LNG Limited, Philip Mshelbila, […]
Europe Emerges as Key Buyer of U.S. Strategic Petroleum Reserve Oil Amid Global Supply Strain
Europe has become a major destination for oil released from the U.S. Strategic Petroleum Reserve (SPR), as global energy markets remain under pressure from geopolitical tensions and supply disruptions. The release is part of a coordinated International Energy Agency (IEA) effort involving more than 400 million barrels of crude aimed at stabilizing energy prices. The […]
NNPC Denies Selling Refinery Scrap, Warns Public Against Fraudulent Claims
The Nigerian National Petroleum Company Limited (NNPC) has dismissed reports circulating online and in some circles claiming it is selling scrap materials and equipment from its refineries. The company described the information as false and misleading, urging the public to disregard it completely. In a statement issued by its Chief Corporate Communications Officer, Andy Odeh, […]
NUPRC Urges Local Refiners to Acquire Oil Blocks to Strengthen Crude Supply Chain
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has encouraged members of the Crude Oil Refinery Owners Association of Nigeria (CORAN) to consider acquiring oil blocks in future licensing rounds. The move, according to the commission, would help address long-standing crude supply challenges affecting local refineries and improve energy stability in the country. The Chief Executive […]
Nigeria’s Crude Oil Prices Surge Above $113 as Iran Crisis Disrupts Global Supply
Nigeria’s crude oil grades have rallied sharply as tensions in the Middle East continue to disrupt global energy supply chains. The ongoing standoff between the United States and Iran, alongside the near-total blockade of the Strait of Hormuz, has shaken oil markets and driven up prices. As peace talks stall, traders are reacting to the […]
Dangote Targets East Africa With 650,000bpd Refinery Expansion Plan
Africa’s richest man, Aliko Dangote, has announced plans to construct a new 650,000 barrels-per-day refinery in East Africa, marking a major expansion of his industrial footprint beyond Nigeria. The move is aimed at strengthening Africa’s refining capacity and reducing the continent’s heavy reliance on imported fuel products. Speaking at a presidential panel during the Africa […]
NUPRC Appeals Court Ruling Over Dawes Island: Nigeria Moves to Protect Oil Investments and Sector Stability
Nigeria’s upstream oil regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has taken the Federal High Court’s recent decision on the Dawes Island marginal field to the appellate court. The move highlights the government’s effort to safeguard oil and gas investments while maintaining stability in the country’s energy sector. The appeal followed a directive from […]
Lithium Supply Tightens as Prices Collapse and EV Demand Slows – Global Deficit Warning Grows
Lithium markets are heading toward a potential supply squeeze as analysts warn that a global deficit could emerge as early as 2026 and possibly persist into 2035. Despite earlier expectations of oversupply, fresh reports suggest that investment in new lithium projects has slowed sharply, raising concerns about long-term availability of the critical battery metal used […]
Dangote Refinery Aviation Fuel Exports Hit 1.1 Billion Litres to Europe as Nigeria Supplies 95% of Jet A1 Demand
The Dangote Refinery and Petrochemicals has been described as a major stabilising force in Nigeria’s aviation sector, supplying over 95% of the country’s Jet A1 fuel needs while also expanding its footprint in international markets. According to the Airlines Operators of Nigeria (AON), the refinery has become central to keeping domestic flight operations running despite […]
Oil price surge to $105 per barrel amid escalating Iran-US tensions over Strait of Hormuz
Oil prices climbed sharply to over $105 per barrel on Thursday, reversing earlier losses as renewed tensions between Iran and the United States disrupted stability around the strategic Strait of Hormuz. The waterway is a critical global shipping route through which about 20% of the world’s oil and gas supply passes. The latest surge follows […]
Sierra Leone Signs $225 Million Offshore Oil Deal with Marginal Energy to Boost Exploration
Sierra Leone has taken a major step toward revitalizing its oil and gas industry, signing a $225 million offshore exploration and production agreement with Nigeria-based Marginal Energy Limited. The deal signals renewed momentum in the country’s long-standing ambition to become a significant oil-producing nation, while also highlighting growing cross-border investments among African energy firms. The […]
Investors Shift to State-Led Power Deals in Nigeria’s Electricity Market
Investors are quietly changing how they approach Nigeria’s long-struggling electricity sector, opting for state-led power deals instead of relying on the national grid. This shift reflects growing confidence in smaller, more structured projects that offer clearer demand, defined off-takers, and better governance. For many financiers, these localized arrangements present a more predictable path to returns […]
Oil Price Stabilizes at $95 as Middle East Tensions Push Markets Into Structural Tightness – Standard Chartered
Global oil markets are once again under pressure as geopolitical tensions in the Middle East flare up, pushing Brent crude above $100 per barrel. The spike follows reports that Iran’s Islamic Revolutionary Guard Corps (IRGC) seized commercial vessels in the Strait of Hormuz, a critical oil shipping route. Brent crude climbed to $101.40 while WTI […]
Oil Prices Slip Slightly as U.S.-Iran Tensions Stall Talks and Disrupt Strait of Hormuz Shipping
Global oil markets experienced a slight pullback on Thursday as geopolitical tensions between the United States and Iran continued to weigh on investor sentiment, even as supply disruptions in the Strait of Hormuz kept energy prices elevated. Brent crude slipped by 15 cents to $101.76 per barrel, while West Texas Intermediate (WTI) dropped 14 cents […]
Nigeria Gas Sector Investment Hinges on Regulatory Clarity, Says NGA
The Nigerian Gas Association (NGA) has stressed that regulatory clarity, consistent policy implementation, and stronger institutional coordination are essential to attracting long-term investment into Nigeria’s gas industry. This was the central message at the association’s inaugural Legal Forum, which brought together key stakeholders across government and the energy sector. The forum, themed “Strengthening Nigeria’s Gas […]
Africa Needs Two More Dangote-Scale Refineries to Close Fuel Import Gap – AFC Report
Africa will need at least two more refineries the size of the Dangote Refinery to keep up with its fast-growing fuel demand, according to a new report by the Africa Finance Corporation (AFC). The projection was revealed in the State of Africa’s Infrastructure Report (SAIR) 2026, presented in Nairobi, Kenya, during the Africa We Build […]
DisCos Remit N77.99bn in Q4 2025 as Performance Drops to 91.19% – NERC Report
Nigeria’s electricity distribution companies (DisCos) remitted a total of N77.99 billion in the fourth quarter of 2025, representing 91.19% of their financial obligations, according to the latest report released by the Nigerian Electricity Regulatory Commission (NERC). The figures highlight a slight weakening in sector performance compared to the previous quarter. The report showed that DisCos […]
Two Decades of Erha Field: How Nigeria’s Deepwater Giant Built Long-Term Value in Oil Production
Two decades after first oil flowed from the Erha Field in Offshore Nigeria’s OML 133, the project is being highlighted not just for its production output, but for what it represents in long-term energy value creation. Since its launch in March 2006, Erha has become a reference point for how strong policy alignment, technical investment, […]
NNPC Crude Supply to Dangote Refinery Surges Past 1 Billion Barrels in April 2026
Crude oil supply from the Nigerian National Petroleum Company Limited (NNPC) surged significantly in April 2026, with over 1.03 million metric tonnes of crude—about 6.8 million barrels—delivered to the Dangote Oil and Gas Company. The shipments, which exceeded 1.08 billion litres, highlight the growing scale of supply coordination between the state oil firm and Africa’s […]
Skills Gap Threatens Nigeria Oil Sector Growth, Says NUPRC Amid Industry Transition
Nigeria’s oil and gas industry is facing a growing threat that could slow its long-term development—not a shortage of crude oil, but a widening skills gap among industry professionals. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has raised concerns that the lack of skilled manpower may undermine the sector’s ability to sustain growth. The warning […]
Dangote Refinery Imposes ₦500,000 Daily Penalty on Trucks to Ease Congestion
Dangote Petroleum Refinery and Petrochemicals has rolled out a strict penalty policy targeting trucks that fail to leave its premises promptly after completing loading operations, in a move aimed at improving efficiency and reducing congestion within the facility. In a directive issued by its Group Commercial Operations on April 14, 2026, the refinery announced that […]
Nigeria Expands Mini-Grid Power Market as Regulatory Clashes Raise Investment Concerns
Nigeria’s electricity sector is entering a major structural shift as updated mini-grid regulations broaden the scope of distributed power projects, positioning them as a key pillar of national energy infrastructure. However, concerns are growing that overlapping regulatory responsibilities could slow down the expected progress. A new report by Bloomfield, titled “Review of the Nigerian Electricity […]
Dangote Refinery to Begin Crude Production as Upstream Output Testing Starts
The Dangote Group has announced a major step forward in its upstream expansion, confirming that it has achieved first oil from its oil assets and is preparing to begin commercial crude production in the coming weeks. The development marks a significant shift for the company as it moves to strengthen supply for its massive refinery […]
Iran–Israel Conflict Exposes Nigeria’s Weak Economic Shock Response Toolkit as Oil Price Volatility Rattles Markets
Security, economic, and policy analysts have warned that the ongoing Iran–Israel–US conflict is exposing serious gaps in Nigeria’s ability to respond to global economic shocks. According to them, the country’s existing “crisis response toolkits” are no longer strong enough to handle today’s fast-moving and interconnected global risks, especially in the energy market. The Middle East […]