Oil and gas companies operating in Nigeria remitted a total of N57.07bn to Host Community Development Trusts in 2024, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed.
Nigeria Exports 82% of Crude Oil as Local Refineries Struggle
Amid cries of crude shortage by local refineries in Nigeria, the country exported 82 per cent of its crude oil in the first quarter of 2025.
According to a report published by the Nigerian Upstream Petroleum...
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...
