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Oil firms register 172 Host Community Trusts, record improved stability
NUPRC to probe SEEPCO-Anambra Dispute The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed that 172 Host Communities Development Trusts (HCDTs) have been established and registered by oil and gas operators across the country under the Petroleum Industry Act (PIA)….
Multiple taxation: FG stokes concerns with $300 Helicopter Levy on petroleum operators
Despite persistent concerns in Nigeria’s petroleum industry over the growing burden of taxes, levies, fees and other statutory charges imposed on operators, the Federal Government has approved a fresh $300 levy on helicopter operations, raising new questions about the cost…
Nigeria lost $194bn upstream investments in nine years — NUPRC
Nigeria lost more than 90 per cent of its annual upstream petroleum investment over the nine-year period between 2014 and 2023, with capital inflow into the sector collapsing from about $24 billion in 2014 to approximately $2 billion in 2023….
FG returns to crude oil swap as fuel prices defy DCSO, Naira-for-crude objectives
The Federal Government is moving to revive a crude oil swap arrangement with domestic refiners as part of a renewed effort to contain escalating fuel prices that have pushed road transportation, airfares and the broader cost of living beyond the…
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…
