President Bola Ahmed Tinubu demonstrated strategic foresight in July 2024 when he approved the use of the naira for crude oil transactions between the Nigerian National Petroleum Company and the Dangote Refinery. Since the launch of the naira-for-crude initiative on October 1, 2024, Nigeria has recorded a major breakthrough in energy security, particularly amid the ongoing global economic disruption triggered by…
The Nigerian Navy has confiscated 17,500 litres of suspected stolen crude oil and dismantled an illegal refining site in the Niger Delta as part of its ongoing crackdown on oil theft in the region. The development was disclosed on Friday by the Navy’s Director of Information, Abiodun Folorunsho, in an official statement. According to him, the operation was carried out under Operation Delta…
Nigeria earned a total of N55.5 trillion from crude oil sales in 2025, according to an analysis of official production data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and crude price figures from the Central Bank of Nigeria (CBN). This figure represents an increase compared to the N50.88 trillion earned in 2024. NUPRC data…
Nigeria’s average crude oil production rose slightly to 1.401 million barrels per day (bpd) in October 2025, according to the Organisation of Petroleum Exporting Countries (OPEC) Monthly Oil Market Report released on Wednesday. The figure represents a marginal increase from 1.39 million bpd recorded in September, but remains below the country’s OPEC production quota of…
Nigeria’s gross profit from crude oil and gas sales fell sharply by 43.3 per cent (₦824.66 billion) in 2024, despite an uptick in crude production, according to the Budget Implementation Report for Q4 2024 released by the Budget Office of the Federation. The report showed that gross profit from crude and gas sales dropped to…
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…
