Nigeria exceeded its OPEC crude oil production quota of 1.5 million barrels per day (bpd) in June, marking the second time it has surpassed the allocation in 2025. OPEC’s Monthly Oil Market Report (MOMR) for July, 2025, obtained by the News Agency of Agency of Nigeria (NAN) revealed that Nigeria recorded 1,505mbpd crude oil production…
Nigeria’s upstream oil sector has recorded a major rebound, with the number of active oil rigs rising from eight in 2021 to 46 as of July 2025, according to new figures from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). Mr Gbenga Komolafe, NUPRC’s Chief Executive, revealed the data on Wednesday at the opening of a…
The Federal Government says Nigeria is currently producing about 1.745 million barrels of crude oil per day (bpd) targeting to hit two million bpd by the end of 2025. Sen. Heineken Lokpobiri, Minister of State Petroleum Resources (Oil) said this while declaring the 2025 Nigeria Oil and Gas (NOG) Energy Week open on Tuesday in…
Oando Plc, the indigenous firm that acquired Nigeria Agip Oil Company, says it has recorded four operational oil spills from October 2024 to date. The oil firm disclosed this in a statement made available to the News Agency of Nigeria (NAN) by Oando’s Spokesperson Mrs Alero Balogun, General Manager, Human Resources & Business Support ,…
OPEC has downgraded the forecast for the U.S. oil and condensate production in 2025 by 50,000 barrels per day. Now it expects an increase of 240,000 barrels per day to 13.47 million barrels per day, according to its new report released on Wednesday. According to the table for the report, the figure in 2024 averaged…
Malam Mele Kyari, Group Chief Executive Officer of the Nigeria National Petroleum Company (NNPCL), has reiterated the company’s commitment to strengthening collaboration with stakeholders in the oil and gas sector. He said this on Monday at the ongoing Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos. The theme of the conference is “Building…
The Iraqi Oil Ministry has dismissed accusations from several U.S. Congress members that Iraq is smuggling and “illegally” selling oil to Iran to help it avoid U.S. sanctions. The ministry also called the claims “fabrications that have no basis.” This response followed a letter reportedly sent by five U.S. Congress members to President Joe Biden…
Mr Tein Jack-Rich, the President and CEO of Belema Oil, has appealed for admission of Nigeria into the G-20 economic group. Jack-Rich made the appeal during the U.S.-Africa Leaders Summit which was held in Washington DC. The frontline politician and philanthropist, who noted that the inclusion of Nigeria and the African…
