Nigeria's Crude Production Cost Rises, Now $40/barrel The cost of producing Nigeria's crude oil has risen to about $40 per barrel, according to report by the Nigerian Upstream Petroleum Regulatory Commission. This is 300 per cent higher than the cost of producing the same crude in...

Local Refineries: PETROAN Says Crude Producers Divert 500,000 barrels Daily  The Petroleum Products Retail Outlets Owners Association of Nigeria has alleged that oil producers are diverting the daily 500,000 barrels of crude oil meant for local refineries. The association said this while commending the Nigerian Upstream...

Oil Firms Must Meet Domestic Demand or Lose Export Permit – NUPRC The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has warned that it will deny export permits for crude oil cargoes intended for domestic refining if oil companies do not fulfil their domestic crude obligations. The...

FG to Rake in N84tn Revenue from Crude Oil in 2025 The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe says the Federal Government is planning to rake in about N84.67tn from the sale of crude oil in 2025. He disclosed that the...

FG Rakes in N8.6tn from Gas Production in 2024 – Report Nigeria generated approximately N8.6tn from natural gas production in 2024, according to Data from the Nigerian Upstream Petroleum Regulatory Commission. This indicated that the country produced 2.5 trillion cubic feet of gas last year. The NUPRC...

Minister Says FG Not Responsible for Setting Fuel Prices The Minister of State Petroleum Resources, Heineken Lokpobiri, emphasized that fluctuations in petrol prices at the pump are largely driven by the volatile price of crude oil in the international market. He said the downstream sector is...