Venezuela to Turn Over 30-50 Million Barrels of Oil to US
Former President Trump claims Venezuela's interim government will transfer sanctioned oil to the US, with proceeds controlled by Washington. Details on the plan and regional implications.
Category : Oil Gas
N15.4 Trillion Fuel Import Bill in 2024, CORAN Alarmed
CORAN warns Nigeria's heavy fuel import reliance undermines local refiners who invested billions. N15.4 trillion spent on imports in 2024. Urgent policy shift needed to support domestic refining capacity.
Nigeria's Fuel Imports Soar to 1.8mMT, Highest in 12 Months
Nigeria's reliance on imported petrol surges to 1.8 million metric tonnes as local refining falters. New regulators face pressure to fix the oil sector amid a price war. Read the full analysis.
N15.4 Trillion Fuel Import Bill in 2024 - CORAN
CORAN reveals Nigeria's fuel import costs doubled to N15.4 trillion in 2024, undermining billions in local refinery investments. Urgent policy shift needed to support domestic refining capacity and retain forex.
Oil Prices Slip to $61 Amid Venezuela Instability
Global oil prices fall to $61 per barrel due to Venezuela's instability. Analysts warn of further drops below $60 if US tensions persist. OPEC+ pauses production hikes.
Trump's 18-Month Plan for US Oil in Venezuela
US President Donald Trump outlines a timeline for American oil companies to expand operations in Venezuela within 18 months, following the capture of Nicolas Maduro. Details inside.
Ogoni Stakeholders React to Abe, Kobani Board Nominations
Ogoni stakeholders commend Magnus Abe and Kenneth Kobani's nominations to NUPRC and NMDPRA boards but insist appointments don't signal oil resumption. They demand environmental cleanup first.
Dangote Refinery Denies Shutdown, Produces 50m Litres Daily
Dangote Refinery dismisses false shutdown claims, confirms daily production of 50 million litres of PMS and maintains N699/litre price. Read the full details.
NNPC Scratch & Win Promo Offers N100m Prize
NNPC Retail Limited launches a scratch and win promotion with prizes up to N100 million. Learn how to participate and win big until March 2026.
Tinubu nominates 21 for oil, gas regulatory boards
President Bola Tinubu has sent 21 nominees for the boards of NUPRC and NMDPRA to the Senate for confirmation, aiming to strengthen governance and PIA reforms. Read the full list.
Tinubu Nominates 21 Board Members for Oil Regulators
President Bola Tinubu has sent 21 nominees for the boards of NMDPRA and NUPRC to the Senate for confirmation. This move aims to advance reforms in Nigeria's crucial oil and gas sector.
Nigeria's N58tr Budget Faces $10bn Hole from Venezuela Crisis
Political upheaval in Venezuela could flood oil markets, slashing prices and creating a $10 billion shortfall in Nigeria's 2026 budget. Experts warn of severe fiscal strain and pressure on the Naira. Read the full analysis.
Venezuela Crisis Puts Nigeria's N58tr Budget at Risk
Geopolitical shifts in Venezuela could crash oil prices, threatening Nigeria's N58.18 trillion 2026 spending plan and naira stability. Experts warn of a potential $10.24 billion revenue shortfall.
Trump Eyes Venezuela Oil After Seizing Maduro
Following the capture of Venezuelan leader Nicolás Maduro, US President Donald Trump has announced plans for American firms to develop Venezuela's vast oil reserves. Experts warn the plan faces massive hurdles and could take a decade. Read more on the imp
Dangote Cuts Fuel Price, Takes on Regulator in 2025
Aliko Dangote emerges as a 2025 hero, slashing fuel prices and challenging regulatory corruption. His 'no gree' stance echoes a national demand for accountability and consumer rights. Read the full story.
Elumelu: Africa Can Own Its Strategic Resources
Tony Elumelu declares Africa's capacity to own and manage its resources as Heirs Energies completes a major $500 million acquisition in Seplat Energy, backed by African banks.
Nigeria's Oil Sector Wins in 2025, Says Minister Lokpobiri
Minister Heineken Lokpobiri declares 2025 a successful year for Nigeria's oil sector, driven by reforms, new investments, and strengthened local content. Read the full report on the industry's progress and 2026 outlook.
NCDMB Innovation Challenge Offers Prizes for Energy Ideas
The NCDMB has launched its 2025/26 Research, Innovation and Technology Challenge, seeking Nigerian solutions for the oil, gas, and energy sectors. Winners get cash, mentorship, and incubation support. Apply now!
Tinubu cancels $1.42bn NNPC debt, Agbese reacts
President Tinubu cancels $1.42bn NNPC debt. Reps' Agbese links it to CEO Ojulari's transparency and record oil output. Read the full analysis.
Dangote Refinery Price War Cost Petrol Retailers Billions
PETROAN reports the 2025 price war between Dangote Refinery and marketers led to massive losses for retailers, squeezed profits, and market instability. The group calls for urgent stakeholder dialogue.
Elumelu's $496m Seplat Deal Set to Boost Fortune
Billionaire Tony Elumelu expands his energy empire, acquiring a 20.07% stake in Seplat Energy for $496 million. The deal makes Heirs Energies the largest shareholder and is expected to significantly increase his net worth. Read the full details.
NNPC remits N12.1trn, reports N502bn profit in 2025
NNPC Limited remitted N12.117 trillion to the Federation Account in ten months, reporting strong revenue and profit growth. Oil production held steady as key gas pipeline projects near completion.
NNPC Records N4.36tr Revenue, N502bn Profit
NNPC Ltd announces N4.36 trillion revenue and N502 billion profit for November 2025, driven by increased oil production. Discover the full financial and operational breakdown.
New Refineries to Add 850,000 bpd, State Plants Fail
PETROAN projects 850,000 bpd from new refineries but slams N11.35tr waste on state plants. Read the 2026 outlook for Nigeria's oil sector.
Elumelu's Heirs Energies Buys $500m Seplat Stake
Heirs Energies, led by Tony Elumelu, has acquired a 20.07% stake in Seplat Energy for $500 million. The deal, backed by Afreximbank, marks a major shift towards indigenous ownership in Nigeria's energy sector. Read the full story.
Heirs Energies Buys $500M Stake in Seplat Energy
Tony Elumelu's Heirs Energies acquires a 20.07% stake in Seplat Energy from Maurel & Prom for $500 million, marking a major shift in indigenous ownership of Nigeria's energy assets. Read the full details.
NIPCO to Boost Stake in Savannah Energy to 26.5%
Savannah Energy ends its share buyback, freeing £10m. NIPCO plans to increase its stake to 26.5% via secondary market deals. A new relationship agreement aims to protect minority shareholders. Read the full details.
NNPC Debt Waiver: Only Penalties Forgiven
Clarification emerges that NNPC's $1.42bn and N5.57tr debt waiver covered only interest and penalties, not core royalties. CHRICED slams the move as reckless and opaque.
20m Nigerian Homes Stick to Firewood Over Cooking Gas
Despite rising LPG production, over 20 million Nigerian households rely on firewood and charcoal due to high costs. Experts warn of deforestation and health risks as government targets 5 million cylinders by 2030.
Gas Crisis Fuels Deforestation as Prices Soar
Despite vast gas reserves, soaring LPG prices force Nigerian households back to firewood and charcoal, deepening health risks and accelerating forest loss. Experts warn of a growing energy poverty crisis.
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