NUPRC Requests $5,000, Other Conditions to Extend Oil Licence The Nigerian Upstream Petroleum Regulatory Commission has written to holders of over 40 Petroleum Prospecting Licences, informing them of their PPL tenure expiration and the conditions for extension. According to the NUPRC, any holder who wishes to...

Nigeria Imports N1.2tn Crude Amid Supply Challenges Nigeria imported N1.19 trillion worth of crude oil in the first quarter of 2025 due to insufficient local production, despite being the continent’s leading oil producer. The National Bureau of Statistics disclosed this in its latest Foreign Trade in...

FG to Withdraw Oil Licenses from Non-Active Operators   The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has told oil producers that it is set to implement the ‘drill or drop’ policy. The Chief Executive of the NUPRC, Gbenga Komolafe, disclosed this when he received a delegation...

Tinubu Orders Reduction in Oil Project Costs   President Bola Tinubu has signed an Executive Order aimed at slashing oil and gas projects’ costs, improving government revenue, and accelerating investment inflow into Nigeria’s energy sector. In a statement issued on Thursday by the Office of the Special...

$600bn Needed Annually for Africa's Energy Development - NUPRC    The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Gbenga Komolafe, has said that Africa will require more than $600bn annually in upstream oil and gas investment to meet its fast-growing energy demands. He...

FG Begins Export of New Crude Blend, Obodo The Nigerian Upstream Petroleum Regulatory Commission says the first cargo of the new Obodo crude blend has been shipped. In a statement by the NUPRC Chief Executive, Gbenga Komolafe, on Tuesday, he congratulated Conoil Producing Limited on the...