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Domestic crude oil market suffers glut as refineries turn down 15.64 Mbbls
Domestic refineries in Nigeria absorbed 53.7 million barrels of crude oil and condensate in the second quarter of 2026, as increased local production and stronger implementation of the Domestic Crude Supply Obligation (DCSO) provided refiners with substantial volumes of feedstock….
AIICO meets fresh regulatory benchmark, retains composite license, as Q2 results grow
(From right): Commissioner For Insurance/CEO, National Insurance Commission (NAICOM), Mr Olusegun Omosehin, presenting the new operational licence to Mr. Babatunde Fajemirokun, the MD/CEO of AIICO Insurance Plc AIICO Insurance Plc has received a new operational licence from sector regulator, the…
Crude oil output up by 2.3% to reach 1.74mbpd, as Nigeria tops OPEC quota for second consecutive month
Nigeria’s average daily crude oil and condensate production rose by 2.3 per cent to 1.74 million barrels per day (mbpd) in June 2026 from 1.70mbpd recorded in May, while crude oil output climbed to 1.56mbpd, enabling the country to exceed its…
NUPRC sets 1.9mbpd oil target record May output
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said Wednesday it is targeting crude oil production of 1.9 million barrels per day (mbpd) after output reached 1.86 mbpd in May. NUPRC Chief Executive Oritsemeyiwa Eyesan, who disclosed this during a courtesy visit…
Bonny Terminal leads production streams, as Nigeria surpasses OPEC crude oil quota in May
Nigeria’s crude oil output surpassed its Organisation of the Petroleum Exporting Countries (OPEC) quota in May 2026, as the Bonny Terminal led production streams, according to data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The development saw the…
NUPRC urges banks to support oil, gas operators
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has called on financial institutions to support operators in expanding domestic gas production. NUPRC’s Chief Executive, Mrs. Oritsemeyiwa Eyesan, who said this whole receiving top executives of the Rand Merchant Bank (RMB), at the commission’s…
2026 oil, gas licensing round to kick off Q3, 2026 — NUPRC
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that the 2026 oil and gas licensing round will kick off by the third quarter of 2026. According to the NUPRC, the announcement follows approval from the Minister of Petroleum Resources, Heineken Lokpobiri….
NUPRC warns of fake social media accounts impersonating CEO
Ziggy Ojiegbe The Nigerian Upstream Petroleum Regulatory Commission has alerted the public to the activities of fraudsters impersonating the Commission Chief Executive, Oritsemeyiwa Eyesan, across multiple social media platforms. In a disclaimer issued by the Commission, NUPRC said it had…
NNPCL, NUPRC remit over N322bn, $116.9m To Federation Account in two months
Nigerian National Petroleum Company Limited (NNPCL) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) remitted more than N322 billion and $116.9 million into the Federation Account within two months following the implementation of Executive Order 9. According to documents presented…
Domestic refiners undersubscribe allocated Q1 crude oil feedstock
Ziggy Ojiegbe Refiners in Nigeria’s emerging downstream sector declined to purchase a significant portion of crude oil allocated to them in the first quarter of 2026, despite increased supply from producers, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC)….
