Nigeria misses OPEC quota, produces 1.38m bpd in March
In its March 2026 Monthly Oil Market Report (MOMR), OPEC stated that the figures were based on data obtained through direct communication with Nigerian authorities.
Consumers paid N565bn for electricity in 9 months ― NERC
By Obas Esiedesa – Abuja Electricity consumers across Nigeria paid N565.16 billion for energy consumed in the first nine months of 2021, the latest data from the Nigeria Electricity Regulatory Commission (NERC) has shown. The data released by NERC on Wednesday showed that the amount collected by electricity distribution companies (DisCos) was 34.02 per cent […]
Metering: IRL installs 33,000 prepaid meters to customers in Lagos, Ibadan, Kaduna
By Udeme Akpan The Integrated Resources Limited, IRL, a leading metering company, weekend, disclosed that it has provided prepaid meters to over 33,000 customers in Lagos, Ibadan and Kaduna since its inception. The company said while it has fully installed over 30,000 meters in Ibadan and Kaduna, over 3,000 customers were provided with meters in […]
N45bn bridging debt unsettles petroleum downstream
By Obas Esiedesa As hiccup in the supply of premium motor spirit (petrol) continued into the Christmas week, petroleum product marketers have said the delay in the payment of about N45 billion bridging cost debt has affected their ability to remain to open. The debt has skyrocketed in the past two months following the scrapping […]
Experts link Nembe oil spill to sabotage, as Bayelsa govt kicks
By Samuel Oyadongha & Emem Idio, Yenagoa The regulatory agencies investigating the November 5 oil spill at Oil Mining Lease (OML) 29 at Nembe, Bayelsa State have attributed the incident which polluted the Santa Barbra River and Nembe creeks to sabotage. This position, however, has stirred controversy as parties held divergent views as no consensus […]
Nigeria’s crude oil exploration loses steam as rig count falls 38%
NIGERIA’s crude oil exploration has suffered a setback as the rig count, a global index for measuring activities in the upstream sector, decreased by 38 per cent to 80 in the first 11 months of 2021, from 129, recorded in the corresponding period of 2020, according to the reports of the Organisation of Petroleum Exporting Countries, OPEC.
Omicron variant: OPEC says crude oil spot prices dropped by $1.74 in Nov
The Organisation of the Petroleum Exporting Countries (OPEC) says crude oil spot prices dropped by $1.74, or 2.1 per cent, in November 2021 to average $80.37 per barrel. OPEC made this known in its Oil Market Report for December 2021 which was obtained by the News Agency of Nigeria ( NAN) on Monday in Lagos. […]
Nigeria regains top crude oil production spot in Africa ― OPEC report
Nigeria has regained the top spot among crude oil-producing countries in Africa with the nation’s crude oil production averaging 1.27 million barrels per day in November. The Organisation of the Petroleum Exporting Countries (OPEC) made this known in its Oil Market Report for December which was obtained by the News Agency of Nigeria (NAN) on […]
FG will scrutinise new investors in divested assets — Sylva
Federal Government says it will scrutinise oil companies that will bid for the takeover of assets that Shell and other oil majors will be divesting from in the country. The News Agency of Nigeria (NAN) reports that the Minister of State for Petroleum, Chief Timipre Sylva, disclosed this on Wednesday at a breakfast meeting organised […]
Nigeria to grow gas reserves to 600 trillion cubic feet — Minister
The Minister of State for Petroleum, Chief Timipre Sylva, says the Federal Government is currently working to grow the country’s gas reserve from 206 trillion cubic feet to 600 TCF. Sylva gave the assurance on Wednesday at the 23rd World Petroleum Congress in Houston, Texas, U.S. The News Agency of Nigeria (NAN) reports that the […]
Lagos unveils electricity policy for reliable, affordable energy
Lagos State Government on Wednesday, unveiled the ”Lagos State Electricity Policy”, geared at providing cleaner, reliable, affordable and uninterrupted power supply to residents. Speaking at the unveiling of the policy, organised by the Ministry of Energy and Mineral Resources, Lagos State Governor, Mr Babajide Sanwo-Olu, said that what residents wanted was regular power supply. Sanwo-Olu […]
