Industry News

House committee engages NUPRC on investment prospects
The Chairman of the House of Representatives Committee on Nigeria-China Relationship, Jaafaru Yakubu, led members of the committee on a strategic visit to the Headquarters of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC.

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SPIE Global Energy boosts local talents capabilities to drive energy sector growth
The SPIE Global Services Energy Limited, has sustained its empowerment initiatives aimed at bringing new local talents into the country’s energy industry.

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RWE, TotalEnergies agree long-term green hydrogen supply deal
Germany’s top utility RWE said on Wednesday it has agreed to supply France’s TotalEnergies with around 30,000 tonnes of green hydrogen a year from 2030, in one of the sector’s biggest deals so far.

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Nigerian equities down, oil production declines and market sentiment weakens
Nigerian equities remained subdued, closing lower in the previous session, with the NGX All Share Index falling by 0.43%, nearing the 106,000-point mark.

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Mexico’s Pemex prioritizes refining as it diverts heavy oil away from Gulf
Mexico’s state oil company Pemex expects to continue diverting barrels of heavy crude away from U.S. Gulf Coast refiners as its new Olmeca refinery ramps up processing, the head of the company’s trading arm PMI, Margarita Perez, said on Tuesday.

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Stopping naira-for-crude will worsen FX crisis, group warns
The Conference of Progressive Nigerians (CPN) has cautioned the Nigerian National Petroleum Company (NNPC) Limited against suspending the naira-for-crude oil exchange arrangement.

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Savannah Energy completes $35.1m SIPEC acquisition, expands reserves to 197 MMboe
Savannah Energy Plc, a British independent energy company, has completed its acquisition of Sinopec International Petroleum Exploration and Production Company Nigeria Limited (SIPEC), a year after its initial announcement.

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Yusuf links decline in Q4 trade balance to oil, Agric lull
Chief Executive Officer (CEO) of the Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf, has linked the drop in trade surplus to poor performance of crude oil.

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Nigeria’s oil production drops as country earns $3b in February
Amid the struggling oil prices, which remained below Nigeria’s budget benchmark of $75 per barrel, the country’s oil production in February dropped further to 1.4 million barrels per day.

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NEITI, other drum support for tax reform amidst leakages, evasion
The Nigeria Extractive Industries Transparency Initiative (NEITI), OrderPaper Nigeria and other key stakeholders in Nigeria’s extractive sector have thrown their weight behind the country’s ongoing tax reform.

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Experts urge NIMASA, Navy, NNPCL to intensify waterway surveillance
Industry experts have called for intensified surveillance by the Nigerian Maritime Administration and Safety Agency (NIMASA), the Nigerian Navy, Nigerian National Petroleum Company Limited (NNPCL) and Tantita Security Services Nigeria Limited (TSSNL) to combat illegal activities that could undermine oil production gains.

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‘Nigeria needs to lower oil production costs to remain competitive’
Dr Victor Ekpenyong, managing director of Kenyon International, has years of experience providing solutions to challenges in Nigeria’s oil and gas sector.

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Lagos regrets gas tanker explosion on Otedola bridge
The Lagos State Government on Wednesday said it regrets the gas tanker explosion on Otedola Bridge, which caused widespread damage and disruption on Tuesday.

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Axxela Confirms Land Acquisition For Gas Project In Delta
Axxela has reaffirmed its commitment to sustain investment in Nigeria’s gas sector to support the country’s energy security drive.

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Transmission lines cut affecting power supply to Eko, Ikeja franchise areas-TCN
The Transmission Company of Nigeria (TCN) has attributed the drop in bulk power supply within the Eko and Ikeja franchise areas to transmission lines cut which occurred between Towers 420 to 422 on the Omotoso – Ikeja West 330kV transmission line on Saturday, March 9, 2025.

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More DisCos risk takeover over liquidity crisis
BusinessDay findings showed that DisCos are teetering on the brink of insolvency, unable to meet their financial obligations amid rising operational costs, mounting debt and declining revenue collections.

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Power outage persists as Nigeria masks ‘grid collapse’
For the past five days, millions of Nigerians have been left in the dark as a nationwide power outage continues to cripple daily life. However, this is no longer called ‘grid collapse’ but ‘grid disturbance,’

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Nigerian oil thieves risk fire, explosions to tap pipelines for fuel
Criminal gangs in Nigeria have shifted their focus from oil pipelines to gas conduits, tapping into them to steal valuable condensate. This dangerous practice has severely reduced exports from Africa’s largest liquefied natural gas plant.

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How Nigeria can achieve 7% GDP growth with higher oil output
The federal government has revealed plans to double its economy in 2025, anchored on increased oil production and more involvement of the private sector after years of lukewarm growth.

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Tinubu approves 10,000 electric vehicles, worth N151.9b for North-East
The Tinubu administration will soon begin mass electric vehicle transportation in northeast Nigeria, with the Federal Executive Council clearing the last obstacle to implementing the plan.

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Africa’s energy investment seen strong with CapEx estimated at $43bn in 2025
Africa’s energy sector continues to show resilience and dynamism, with capital expenditure (CapEx) on oil and gas projects remaining a key driver of growth.

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Seplat earmarks $320m to deliver 13 new wells, others
Seplat Energy Plc, an indigenous energy company, has earmarked between $260 million and $320 million for capital expenditure on delivering 13 new oil and gas wells and other projects in 2025.

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Understanding The Calamity Of Electricity Meltdown In Nigeria
The staff of Ikeja Electricity Distribution Company (DISCO) in Lagos, Nigeria, were thrown into a state of pandemonium as they were discomfited when their offices were raided by a contingent of Air Force personnel on the afternoon of March 6, 2025.

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11Plc Assures Nigeria Of Commitment To Sustain Downstream Sector Ethics
11Plc, a leading petroleum marketing company, has reaffirmed its commitment to upholding the highest standards of integrity and quality service.

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