The Nigerian National Petroleum Company Limited (NNPCL) has invited former President Olusegun Obasanjo to tour its rehabilitated refineries following his public skepticism about the viability of the $2 billion invested in the facilities. Obasanjo, during a recent television interview, questioned the progress at the Port Harcourt and Warri refineries, citing historical challenges faced during his administration in efforts to revamp …

Former President Olusegun Obasanjo has disclosed that the Nigerian National Petroleum Corporation (NNPC) rejected a $750 million offer from billionaire businessman Aliko Dangote. In an exclusive interview with Channels TV, former President Olusegun Obasanjo revealed that in 2007, Dangote offered a staggering $750 million to manage the Port Harcourt and Kaduna refineries. Obasanjo explained that the Nigerian National Petroleum Corporation …

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled first half 2025 crude oil production forecast of producing oil companies and the refining requirement of functional refineries in Nigeria. A report by the commission’s Chief Executive, Engr. Gbenga Komolafe, stated that the move is pursuant to Section 109 of the Petroleum Industry Act (PIA), 2021 and it is aimed at …

Barely a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery, the Nigerian National Petroleum Company Limited has announced that the 125,000-barrel-per-day Warri Refining & Petrochemicals Company in Warri, Delta State, is now operational. This was disclosed by the NNPCL Group Chief Executive Officer, Mele Kyari, during a tour of the facility on Monday. A video posted …

The Nigeria Customs Service (NCS) has announced plans to auction 15,325 litres of seized Premium Motor Spirit (PMS), commonly known as petrol, at ₦400 per litre to help ease transportation challenges during the festive season. The National Coordinator of the service’s Operation Whirlwind, Hussein Ejibunu, made this announcement on Saturday during a press briefing at the Customs Training College in …

The 6 Division of the Nigerian Army has successfully dismantled 20 illegal oil refining sites, recovered 90,000 litres of stolen petroleum products, and arrested eight suspects in a major operation across the Niger Delta. The raid, conducted in collaboration with sister security agencies, targeted criminal activities in Rivers, Bayelsa, Akwa Ibom, and Delta States between 23 and 29 December 2024. …

The Central Bank of Nigeria (CBN) has attributed the significant decline in oil revenue for the third quarter of 2024 to ageing pipeline infrastructure and operational inefficiencies According to the apex bank’s latest economic report for the third quarter of 2024, oil revenue fell by 24.72 per cent to N1.30 trillion compared to the second quarter of 2024. This drop …

President of Dangote Group, Aliko Dangote, has explained that the reduction in the price of petrol from his refinery was in response to market forces. Africa’s richest man disclosed this during an interview in an Arise TV documentary posted on YouTube and obtained by our correspondent on Wednesday. According to him, the move was to protect the interests of the …

The Democratic Front (TDF) has said that the announcement of a $5 billion final Investment Decision (FID) by Shell on the Bonga North Deep Offshore field is yet another proof of the investment-friendly mindset of the Tinubu administration. In a statement by its Chairman, Mallam Danjuma Muhammad, and Secretary,  Chief Wale Adedayo, the group noted that it showed that International …

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the price of petrol will drop to N935 per litre by Monday in view of Dangote Refinery’s new arrangement. IPMAN said the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, which would enable marketers to sell at N935 in their outlets …