MRS Oil Nigeria Plc has projected a significant profit after tax of N3.95 billion for the third quarter of 2025, with this optimistic forecast underpinned by an anticipated revenue of N393.58 billion. Also read: Tinubu’s issues directive to lower oil production cost, attract new investments The company officially announced these figures on 4 June 2025. According to the company’s Q3 forecast …

Nigerian indigenous oil companies are making multi-billion dollar investments to develop divested onshore and shallow water assets, leading a new phase of growth and innovation in the oil and gas sector

The Nigeria Extractive Industries Transparency Initiative (NEITI) has said a total of $6.1 billion is owed by the oil and gas industry to the federation as outstanding liabilities as of August 2024. These are made up of outstanding royalties, taxes, rents and other collectible revenues due to be collected into government coffers, NEITI said in a report it presented to …

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), has queried high influx of Indians in the oil and gas industry in the country. PENGASSAN President, Festus Osifo, said Indians are taking over low-level jobs in the sector in flagrant abuse of the expatriate quota system. Osifo raised the concern at the closing of the 3rd edition of …

Nigeria and the Government of the Kingdom of Saudi Arabia have signed a pact on oil and gas sector investments. The cooperative framework outlined in the Memorandum of Understanding (MoU) encompasses joint research and development initiatives, knowledge-sharing platforms and capacity-building programmes. Minister for State Petroleum Resources (Oil), Senator Heineken Lokpobiri, signed on Nigeria’s behalf; Saudi’s Energy Minister, Prince Abdulaziz bin …

The Human and Environmental Development Agenda (HEDA) has identified the oil and gas sector as the most corrupt sector in the nation’s economy. The non-governmental organisation, which said it is committed to promoting good governance, combating corruption and adjudicating for environmental justice, frowned at how state governors relax and accept any amount given to them as monthly allocations from the …

Seven new regulations aimed at providing a regulatory environment that assures efficiency, predictability, clarity and effectiveness to the Nigerian oil and gas industry have been issued by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). according to a statement by the commission, these bring to 12 the number of regulations so far concluded and issued by the NUPRC in line with …