Petroleum Prospecting Licences have been issued to successful bidders as Nigeria steps up efforts to attract fresh investment into its upstream oil and gas industry. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has…

Nigeria has recorded its highest crude oil production level in five years, with output reaching 1.71 million barrels per day (bpd) between April 2025 and April 2026, according to the Nigerian National Petroleum Company Limited. The figures…

The Federal Government has significantly reduced the signature bonus payable for oil blocks to between $3 million and $7 million under the 2025 petroleum licensing round, in a move aimed at attracting more investors and…

The Nigerian National Petroleum Company (NNPC) Ltd, in partnership with the TotalEnergies–Sapetro Consortium, has executed a Production Sharing Contract (PSC) for Petroleum Prospecting Licences (PPLs) 2000 and 2001, marking the first under…

The NNPC Ltd and its Joint Venture (JV) partner, Chevron Nigeria Ltd (CNL), have concluded the conversion of five of its JV assets from the Petroleum Profit Tax (PPT) to significantly boost their crude oil production to 165,000 barrels of…

President Muhammadu Buhari has asked the National Assembly (NASS) to approve his administration’s external borrowing plan of $29.96bn for the execution of key programmes and infrastructural projects across the country. The sum, if…