Nigeria has 220 unallocated oil blocks across its onshore and offshore basins, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), even as the country grapples with rising debt and crude supply shortages that are affecting local refining. The deep offshore region accounts for the highest number of these open blocks—59 in total—reflecting…
The National Bureau of Statistics (NBS) revealed in its latest Foreign Trade in Goods Statistics report for Q1 2025 that Nigeria imported crude oil worth N1.2 trillion as local production faltered—classified under “Petroleum oils and oils obtained from bituminous minerals, crude,” imported crude ranked as the country’s third most imported product during the period. Accounting…
There is growing concern in the downstream segment of the oil and gas industry as operators await the Federal Government’s decision on the naira-for-crude agreement between the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Petroleum Refinery. The six-month deal, which began in October 2024, officially concludes today, Monday, March 31, 2024. Discussions are…
