President Bola Tinubu has issued a new Executive Order designed to lower project costs, attract investment, and enhance revenues from oil and gas operations. The Upstream Petroleum Operations Cost Efficiency Incentives Order (2025) introduces performance-based tax incentives for upstream operators who deliver verifiable cost savings that meet defined industry benchmarks. In a statement, the Special Adviser to the President on …

Eight Organisation of the Petroleum Exporting Countries + (OPEC+) member countries, on Saturday, announced a sharp increase in oil production for the month of June, at the risk of driving down already very low prices. Saudi Arabia, along with Russia and six other members of the oil group, will implement a production adjustment of 411,000 barrels a day out of …

The founder of Heirs Energies, Mr. Tony Elumelu has harped on the need for Nigeria to increase its oil production to generate revenue for economic diversification. At the Heirs Energies leadership forum in Abuja, Elumelu stated the importance of investing in the oil and gas sector to support industrial growth and ensure energy security. ‘We cannot industrialise Africa, especially Nigeria, …

The Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe on Thursday announced a five-point agenda to ramp up oil production in 2025, at a forum where he also emphasised the importance of unity and collaboration among stakeholders to navigate the dynamic global energy landscape effectively. Engr. Komolafe was speaking at the Petroleum Industry …

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 …

The Federal Government has declared that Nigeria’s oil production, including condensates, increased by 9.9 per cent to 1.69 million barrels per day in November 2024, up from 1.538mbpd recorded in October 2024. According to the latest data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), an agency of the Federal Government, liquid crude oil production rose by 11.42 per …

Committed to securing the maritime borders of the country, the Nigerian Navy has deployed 15 warships and three helicopters for this year’s Chief of Naval Staff (CNS) sea exercise aimed at curbing maritime threats and improving security in the Gulf of Guinea. The exercise will showcase the navy’s ability to protect the maritime environment for national economic prosperity as well …

Kogi State Governor, Alhaji Usman Ododo has demanded the payment of 13 per cent derivation from the federation account in line with its status as an oil-producing state. He said that the state had discovered crude oil in commercial quantity in the Olamaboro Local Government Area of the state. He, however, lamented that despite the discovery of crude oil in …

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said that it is determined to take bold and revolutionary steps, using a non-kinetic approach, to address the challenges of crude oil theft, improve national crude oil production and save the country’s economy from further degeneration. Although NUPRC is not an operator/producer, it has a statutory responsibility as a regulator to probe …