In a landmark development for Nigeria’s oil and gas sector, Oriental Energy Resources Limited has launched a $315 million Floating Production, Storage and Offloading (FPSO) vessel designed to significantly enhance the nation’s crude oil production. The FPSO vessel, with a storage capacity of one million barrels, which will kick off with an initial production of 17,000 barrels per day before …

President Bola Ahmed Tinubu, speaking on Tuesday in Abuja, commended the Implementation Committee on the Naira-based sales of crude oil and refined products and asked the members to resolve any teething problems. In a review meeting at the State House, the President said that using the Naira was conceived to remove the exchange rate hurdle. “Whatever solution we proffer in …

Despite efforts by the government to attract more foreign investors into the oil and gas sector, the nation’s foreign capital investments in the industry nosedived from $720 million in 2016 to $3.64 million in the entire 2023. The country also recorded no foreign capital investment in the first quarter of 2024, a report by the National Bureau of Statistics (NBS) …

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, on Monday, announced that about $16.6 billion investments had been committed to Nigeria’s oil and gas sector in the past one year. He spoke in Abuja while providing updates on achievements in the oil sector since President Bola Tinubu assumed office on 29 May 2023. On what was being …