Oil – InfoStride News https://www.theinfostride.com Breaking News, Nigeria News and Top Stories Mon, 12 Jan 2026 14:36:34 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://www.theinfostride.com/wp-content/uploads/2015/07/cropped-The-InfoStride-Favicon-150x150.png Oil – InfoStride News https://www.theinfostride.com 32 32 OPEC’s April 2025 Oil Output Decline: Key Factors and Market Implications https://www.theinfostride.com/opecs-april-2025-oil-output-decline-key-factors-and-market-implications/ https://www.theinfostride.com/opecs-april-2025-oil-output-decline-key-factors-and-market-implications/#respond Mon, 12 Jan 2026 22:02:18 +0000 https://www.theinfostride.com/?p=410268 In April 2025, the Organization of the Petroleum Exporting Countries (OPEC) experienced a slight reduction in oil production, averaging 26.60 million barrels per day (bpd), a decrease of 30,000 bpd from March. This decline occurred despite OPEC+’s planned output increase of 411,000 bpd for the second quarter of 2025. The discrepancy highlights ongoing challenges in [...]

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]]> https://www.theinfostride.com/opecs-april-2025-oil-output-decline-key-factors-and-market-implications/feed/ 0 Africa’s Upstream Oil Investment Rebounds to Hit $41 Billion Forecast https://www.theinfostride.com/africas-upstream-oil-investment-rebounds-to-hit-41-billion-forecast/ https://www.theinfostride.com/africas-upstream-oil-investment-rebounds-to-hit-41-billion-forecast/#respond Sun, 07 Dec 2025 14:11:49 +0000 https://www.theinfostride.com/?p=473055 Investment in Africa’s upstream oil and gas sector has rebounded strongly, reaching a forecasted $41 billion, signaling renewed confidence in the continent’s energy prospects amid global market recovery. Analysts attribute the surge to rising oil prices, favorable regulatory reforms, and increasing interest from international and domestic investors seeking growth opportunities in exploration and production activities [...]

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]]> https://www.theinfostride.com/africas-upstream-oil-investment-rebounds-to-hit-41-billion-forecast/feed/ 0 UK Refined Oil Exports to Nigeria Hit £1.5bn Amid Strong Energy Trade Ties https://www.theinfostride.com/uk-refined-oil-exports-to-nigeria-hit-1-5bn-amid-strong-energy-trade-ties/ https://www.theinfostride.com/uk-refined-oil-exports-to-nigeria-hit-1-5bn-amid-strong-energy-trade-ties/#respond Mon, 10 Nov 2025 14:56:38 +0000 https://www.theinfostride.com/?p=471211 The United Kingdom’s refined oil exports to Nigeria have surged to £1.5 billion, underscoring the deepening trade relationship between both nations despite ongoing efforts by Nigeria to strengthen local refining capacity and reduce dependence on imported fuel. According to recent trade data from the UK Office for National Statistics (ONS), Nigeria ranked among the top [...]

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]]> https://www.theinfostride.com/uk-refined-oil-exports-to-nigeria-hit-1-5bn-amid-strong-energy-trade-ties/feed/ 0 NNPC refineries may never work again — Dangote https://www.theinfostride.com/nnpc-refineries-may-never-work-again-dangote/ https://www.theinfostride.com/nnpc-refineries-may-never-work-again-dangote/#respond Fri, 11 Jul 2025 15:18:59 +0000 https://www.theinfostride.com/?p=461681   Africa’s richest man, Aliko Dangote, has stirred fresh debate about Nigeria’s struggling oil refining industry by declaring that the country’s state-owned refineries may never function properly again despite decades of huge spending on turnaround maintenance. Dangote, whose new mega-refinery in Lagos has begun producing refined petroleum products, made the statement during a recent meeting [...]

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]]> https://www.theinfostride.com/nnpc-refineries-may-never-work-again-dangote/feed/ 0 NCDMB okays over 440 expatriate slots in oil sector https://www.theinfostride.com/ncdmb-okays-over-440-expatriate-slots-in-oil-sector/ https://www.theinfostride.com/ncdmb-okays-over-440-expatriate-slots-in-oil-sector/#respond Fri, 11 Jul 2025 13:57:52 +0000 https://www.theinfostride.com/?p=461674 The Nigerian Content Development and Monitoring Board (NCDMB) has approved over 440 expatriate quota slots for the country’s oil and gas sector in the first half of 2025, highlighting the delicate balance between sourcing critical foreign expertise and growing local capacity in one of Nigeria’s most vital industries. The latest approval, which covers 448 expatriate [...]

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]]> https://www.theinfostride.com/ncdmb-okays-over-440-expatriate-slots-in-oil-sector/feed/ 0 Dozens of Oil Block Licences Set to Expire in June, Raising Industry Concerns https://www.theinfostride.com/dozens-of-oil-block-licences-set-to-expire-in-june-raising-industry-concerns/ https://www.theinfostride.com/dozens-of-oil-block-licences-set-to-expire-in-june-raising-industry-concerns/#respond Fri, 30 May 2025 16:37:05 +0000 https://www.theinfostride.com/?p=438555 Nigeria’s oil and gas sector is bracing for major changes as over 55 oil block licences are set to expire before the end of 2025, with a significant number of them—up to 40—reaching their deadline in June. This development has sparked conversations within the industry about the broader implications for oil production, investor confidence, and [...]

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]]> https://www.theinfostride.com/dozens-of-oil-block-licences-set-to-expire-in-june-raising-industry-concerns/feed/ 0 Firm Trains Youths in Oil Safety Practices https://www.theinfostride.com/firm-trains-youths-in-oil-safety-practices/ https://www.theinfostride.com/firm-trains-youths-in-oil-safety-practices/#respond Tue, 31 Dec 2024 00:39:08 +0000 https://www.theinfostride.com/?p=399361 A leading company in the oil and gas sector has launched a training program aimed at equipping young individuals with vital safety skills required in the industry. The initiative, designed to address the growing need for safety awareness and preparedness in the sector, will provide hands-on training in various aspects of oil safety, including hazard [...]

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]]> https://www.theinfostride.com/firm-trains-youths-in-oil-safety-practices/feed/ 0 Trump’s Victory May Affect Nigeria’s Inflation – Analyst https://www.theinfostride.com/trumps-victory-may-affect-nigerias-inflation-analyst/ https://www.theinfostride.com/trumps-victory-may-affect-nigerias-inflation-analyst/#respond Sun, 10 Nov 2024 19:36:50 +0000 https://www.theinfostride.com/?p=393524 The recent victory of Donald Trump in the United States presidential election has raised concerns among economic analysts about its potential impact on global markets, including Nigeria’s inflation. While it is still early to predict the full implications of his policies, experts are pointing to several key areas where Trump’s win could influence Nigeria’s inflationary [...]

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]]> https://www.theinfostride.com/trumps-victory-may-affect-nigerias-inflation-analyst/feed/ 0 Nigeria’s Oil Imports Plummet by 35% in Q2, CBN Reports https://www.theinfostride.com/nigerias-oil-imports-plummet-by-35-in-q2-cbn-reports/ https://www.theinfostride.com/nigerias-oil-imports-plummet-by-35-in-q2-cbn-reports/#respond Sun, 10 Nov 2024 18:47:40 +0000 https://www.theinfostride.com/?p=393507 Nigeria’s oil imports experienced a sharp decline of 35% in the second quarter of 2024, according to a recent report from the Central Bank of Nigeria (CBN). This downturn in imports is attributed to multiple factors, including domestic economic adjustments, global energy market shifts, and policies aimed at reducing the country’s reliance on foreign oil. [...]

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]]> https://www.theinfostride.com/nigerias-oil-imports-plummet-by-35-in-q2-cbn-reports/feed/ 0 TotalEnergies to Bolster Investment in Nigeria’s Oil Blocks https://www.theinfostride.com/totalenergies-to-bolster-investment-in-nigerias-oil-blocks/ https://www.theinfostride.com/totalenergies-to-bolster-investment-in-nigerias-oil-blocks/#respond Thu, 07 Nov 2024 21:02:45 +0000 https://www.theinfostride.com/?p=393315 TotalEnergies, a major player in the global energy sector, has announced its plans to increase investment in Nigeria’s oil and gas industry by targeting a series of promising oil blocks. This renewed commitment comes as Nigeria pushes for greater foreign investment in its oil sector, aiming to increase production capacity, revitalize aging infrastructure, and explore [...]

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]]> https://www.theinfostride.com/totalenergies-to-bolster-investment-in-nigerias-oil-blocks/feed/ 0 Kogi Pushes for 13% Derivation as Newly Recognized Oil-Producing State https://www.theinfostride.com/kogi-pushes-for-13-derivation-as-newly-recognized-oil-producing-state/ https://www.theinfostride.com/kogi-pushes-for-13-derivation-as-newly-recognized-oil-producing-state/#respond Sun, 27 Oct 2024 11:01:07 +0000 https://www.theinfostride.com/?p=392138 The government of Kogi State is seeking inclusion in Nigeria’s 13% derivation fund, granted to oil-producing states. With recent declarations of its oil-producing status, Kogi leaders argue that the state deserves an equitable share of the revenue derived from its natural resources. Governor Yahaya Bello and other state officials have formally appealed to the Federal [...]

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]]> https://www.theinfostride.com/kogi-pushes-for-13-derivation-as-newly-recognized-oil-producing-state/feed/ 0 Nigeria to boost oil production with FPSO project – Lokpobiri https://www.theinfostride.com/nigeria-to-boost-oil-production-with-fpso-project-lokpobiri/ https://www.theinfostride.com/nigeria-to-boost-oil-production-with-fpso-project-lokpobiri/#respond Thu, 17 Oct 2024 21:13:20 +0000 https://www.theinfostride.com/?p=391236 The Nigerian government has announced plans to enhance oil production through the implementation of a new Floating Production Storage and Offloading (FPSO) project, according to Minister of State for Petroleum, Heineken Lokpobiri. This initiative is expected to significantly increase the country’s oil output, contributing to Nigeria’s broader economic goals and ensuring a more stable energy [...]

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]]> https://www.theinfostride.com/nigeria-to-boost-oil-production-with-fpso-project-lokpobiri/feed/ 0 Military Intensifies Crackdown on Insurgents, Oil Thieves https://www.theinfostride.com/military-intensifies-crackdown-on-insurgents-oil-thieves/ https://www.theinfostride.com/military-intensifies-crackdown-on-insurgents-oil-thieves/#respond Wed, 14 Aug 2024 21:00:40 +0000 https://www.theinfostride.com/?p=387125 The Nigerian military has reported significant gains in its ongoing operations against insurgency, banditry, and oil theft across the country. In a briefing, the Director of Defence Media Operations, Major General Edward Buba, outlined the successes achieved by the armed forces over the past week. The military neutralized 147 terrorists, apprehended 381 suspects, and rescued [...]

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]]> https://www.theinfostride.com/military-intensifies-crackdown-on-insurgents-oil-thieves/feed/ 0 Nigeria’s Oil Growth Stalls at 5.7% Amid Production Issues https://www.theinfostride.com/nigerias-oil-growth-stalls-at-5-7-amid-production-issues/ https://www.theinfostride.com/nigerias-oil-growth-stalls-at-5-7-amid-production-issues/#respond Mon, 27 May 2024 23:33:11 +0000 https://www.theinfostride.com/?p=379175 Nigeria, the largest oil producer in Africa, is encountering a notable setback as its oil Gross Domestic Product (GDP) growth decelerates to 5.7 percent in the initial quarter of 2024. The country heavily relies on oil production, which constitutes around two-thirds of government earnings and 90% of its foreign exchange income. According to the latest [...]

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]]> https://www.theinfostride.com/nigerias-oil-growth-stalls-at-5-7-amid-production-issues/feed/ 0 NUPRC Initiates Bidding Round for 12 Oil Blocks https://www.theinfostride.com/nuprc-initiates-bidding-round-for-12-oil-blocks/ https://www.theinfostride.com/nuprc-initiates-bidding-round-for-12-oil-blocks/#respond Wed, 15 May 2024 21:43:01 +0000 https://www.theinfostride.com/?p=378039 The Nigerian Upstream Petroleum Regulatory Commission has initiated the bidding process for 12 oil blocks recently made available for sale, marking the commencement of the 2024 Nigeria Petroleum Licensing Round and the resumption of the 2022/2023 mini-bid round. In a press release issued by the commission’s chief executive, Gbenga Komolafe, it was announced that the [...]

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]]> https://www.theinfostride.com/nuprc-initiates-bidding-round-for-12-oil-blocks/feed/ 0 FG to compel oil companies to sell oil to local refineries in USD or Naira https://www.theinfostride.com/fg-to-compel-oil-companies-to-sell-oil-to-local-refineries-in-usd-or-naira/ https://www.theinfostride.com/fg-to-compel-oil-companies-to-sell-oil-to-local-refineries-in-usd-or-naira/#respond Sat, 20 Apr 2024 18:58:23 +0000 https://www.theinfostride.com/?p=376210 The federal government through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has introduced new regulations requiring its oil producers to sell crude oil to local refineries in a move to reduce the country’s dependence on imported refined products. The new regulations mandate that all oil companies in Nigeria must supply crude to domestic refineries that [...]

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]]> https://www.theinfostride.com/fg-to-compel-oil-companies-to-sell-oil-to-local-refineries-in-usd-or-naira/feed/ 0 Nigeria oil reserves rise to 37.50 billion barrels in January – NUPRC https://www.theinfostride.com/nigeria-oil-reserves-rise-to-37-50-billion-barrels-in-january-nuprc/ https://www.theinfostride.com/nigeria-oil-reserves-rise-to-37-50-billion-barrels-in-january-nuprc/#respond Sat, 20 Apr 2024 18:55:08 +0000 https://www.theinfostride.com/?p=376207 The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said on Monday that the country’s oil and gas reserves stood at 37.50 billion barrels as of January 1, 2024, up from 37.046 billion barrels in May 2022. At a press conference in Abuja, Engr. Gbenga Komolafe,  Chief Executive Officer of the commission, said robust policies are in [...]

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]]> https://www.theinfostride.com/nigeria-oil-reserves-rise-to-37-50-billion-barrels-in-january-nuprc/feed/ 0 Nigeria’s functional oil drilling rigs increases to 16 – OPEC https://www.theinfostride.com/nigerias-functional-oil-drilling-rigs-increases-to-16-opec/ https://www.theinfostride.com/nigerias-functional-oil-drilling-rigs-increases-to-16-opec/#respond Sun, 17 Mar 2024 13:24:11 +0000 https://www.theinfostride.com/?p=373278 The number of functional oil drilling rigs across the country increased marginally to 16 in February, data from the latest March 2024 Monthly Oil Market Report of the Organisation of Petroleum Exporting Countries has shown. Figures released by OPEC indicated that the country’s oil rigs increased from 15 in January to 16 in February, a development [...]

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]]> https://www.theinfostride.com/nigerias-functional-oil-drilling-rigs-increases-to-16-opec/feed/ 0 Outgoing French Ambassador Attributes European Countries’ Disengagement to Nigeria’s Challenges in Fulfilling Oil Contracts https://www.theinfostride.com/outgoing-french-ambassador-attributes-european-countries-disengagement-to-nigerias-challenges-in-fulfilling-oil-contracts/ https://www.theinfostride.com/outgoing-french-ambassador-attributes-european-countries-disengagement-to-nigerias-challenges-in-fulfilling-oil-contracts/#respond Tue, 16 Jan 2024 11:22:52 +0000 https://www.theinfostride.com/?p=367471 The outgoing French Ambassador suggests that Nigeria’s difficulties in meeting its oil contracts have been a contributing factor to the withdrawal of European countries from engagements with the nation. This statement sheds light on challenges in the oil sector that may have impacted international partnerships. The Ambassador’s observation points to a specific issue related to [...]

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]]> https://www.theinfostride.com/outgoing-french-ambassador-attributes-european-countries-disengagement-to-nigerias-challenges-in-fulfilling-oil-contracts/feed/ 0 What to expect from the Oil and Gas sector in 2024 https://www.theinfostride.com/what-to-expect-from-the-oil-and-gas-sector-in-2024/ https://www.theinfostride.com/what-to-expect-from-the-oil-and-gas-sector-in-2024/#respond Tue, 16 Jan 2024 09:35:57 +0000 https://www.theinfostride.com/?p=367391 As we look ahead to 2024, several key trends and factors are likely to shape the landscape of the oil and gas sector. While predicting the future is inherently uncertain, there are certain expectations and considerations that industry stakeholders and observers may anticipate: 1. **Global Energy Transition:** The ongoing global shift towards cleaner and more [...]

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]]> https://www.theinfostride.com/what-to-expect-from-the-oil-and-gas-sector-in-2024/feed/ 0 NNPCL Embraces Change: Crude Supplies to be Priced Against Dated Brent from 2024 Onwards https://www.theinfostride.com/nnpcl-embraces-change-crude-supplies-to-be-priced-against-dated-brent-from-2024-onwards/ https://www.theinfostride.com/nnpcl-embraces-change-crude-supplies-to-be-priced-against-dated-brent-from-2024-onwards/#respond Tue, 05 Dec 2023 18:44:56 +0000 https://www.theinfostride.com/?p=363358 InfoStride News reported on December 5 that the Nigerian National Petroleum Company Limited (NNPCL) is set to change its crude pricing strategy, transitioning from the current method, which bases prices on the average settlement of Dated Brent in the five days post-loading, to utilizing the monthly average of Dated Brent, the physical-crude benchmark. This adjustment, [...]

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]]> https://www.theinfostride.com/nnpcl-embraces-change-crude-supplies-to-be-priced-against-dated-brent-from-2024-onwards/feed/ 0 Nigeria’s Oil Surge Sparks Showdown with OPEC https://www.theinfostride.com/nigerias-oil-surge-sparks-showdown-with-opec/ https://www.theinfostride.com/nigerias-oil-surge-sparks-showdown-with-opec/#respond Mon, 27 Nov 2023 23:20:59 +0000 https://www.theinfostride.com/?p=362349 Africa’s most populous country is poised for a showdown with OPEC+ and its allies, as the largest oil producer on the continent seeks higher oil output. Despite a recent drop in crude prices and ongoing uncertainties surrounding OPEC+ decisions, Nigeria is pushing for increased production. In the early hours of Monday, Brent crude prices dipped [...]

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]]> https://www.theinfostride.com/nigerias-oil-surge-sparks-showdown-with-opec/feed/ 0 IEA Predicts Soaring 102M bpd Oil Demand Surge in 2023-2024 https://www.theinfostride.com/iea-predicts-soaring-102m-bpd-oil-demand-surge-in-2023-2024/ https://www.theinfostride.com/iea-predicts-soaring-102m-bpd-oil-demand-surge-in-2023-2024/#respond Thu, 16 Nov 2023 09:39:58 +0000 https://www.theinfostride.com/?p=360710 Infostride News reports that the International Energy Agency (IEA) has unveiled optimistic projections for the global oil market, anticipating a robust growth in demand and an exceeding of initial supply expectations. According to the IEA’s latest oil market report, released on November 14, 2023, a substantial increase in oil demand is anticipated for both 2023 [...]

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]]> https://www.theinfostride.com/iea-predicts-soaring-102m-bpd-oil-demand-surge-in-2023-2024/feed/ 0 NNPC notes a dip in Asian demand for Nigerian crude amid the Russia-Ukraine conflict https://www.theinfostride.com/nnpc-notes-a-dip-in-asian-demand-for-nigerian-crude-amid-the-russia-ukraine-conflict/ https://www.theinfostride.com/nnpc-notes-a-dip-in-asian-demand-for-nigerian-crude-amid-the-russia-ukraine-conflict/#respond Thu, 09 Nov 2023 13:06:08 +0000 https://www.theinfostride.com/?p=359931 Infostride News sheds light on the impact of the Russia-Ukraine conflict on Nigeria’s crude oil inflow in the international market, a story articulated by NNPC Limited’s Chief Corporate Communications Officer, Femi Soneye. During a panel presentation at the Argus European Crude Conference in London, Executive Director Maryamu Idris of NNPC Trading Limited explained that the [...]

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]]> https://www.theinfostride.com/nnpc-notes-a-dip-in-asian-demand-for-nigerian-crude-amid-the-russia-ukraine-conflict/feed/ 0 Saudi Arabia and Russia Extend Oil Production Cuts Through 2023 – Report https://www.theinfostride.com/saudi-arabia-and-russia-extend-oil-production-cuts-through-2023-report/ https://www.theinfostride.com/saudi-arabia-and-russia-extend-oil-production-cuts-through-2023-report/#respond Mon, 06 Nov 2023 21:05:50 +0000 https://www.theinfostride.com/?p=359683 Saudi Arabia and Russia have come together to announce their commitment to extending oil production cuts until the end of 2023. This strategic move signifies a significant development in the global oil market, which is closely monitored by energy experts and financial analysts. On November 5, the Saudi Press Agency reported that Saudi Arabia plans [...]

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]]> https://www.theinfostride.com/saudi-arabia-and-russia-extend-oil-production-cuts-through-2023-report/feed/ 0 SERAP sues Tinubu for alleged $15 billion, N200 billion missing oil funds https://www.theinfostride.com/serap-sues-tinubu-for-alleged-15-billion-n200-billion-missing-oil-funds/ https://www.theinfostride.com/serap-sues-tinubu-for-alleged-15-billion-n200-billion-missing-oil-funds/#respond Sun, 05 Nov 2023 18:19:48 +0000 https://www.theinfostride.com/?p=359524 InfoStride News has reported that SERAP has initiated legal proceedings against President Bola Tinubu, seeking a comprehensive investigation into the disappearance of over $15 billion in oil revenues and N200 billion designated for refinery repairs between 2020 and 2021. This action comes in response to findings from the 2021 oil sector report by the Nigerian [...]

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]]> https://www.theinfostride.com/serap-sues-tinubu-for-alleged-15-billion-n200-billion-missing-oil-funds/feed/ 0 Nigeria’s Q2 2023: Foreign Oil & Gas Investments Hit Zero https://www.theinfostride.com/nigerias-q2-2023-foreign-oil-gas-investments-hit-zero/ https://www.theinfostride.com/nigerias-q2-2023-foreign-oil-gas-investments-hit-zero/#respond Fri, 27 Oct 2023 07:16:34 +0000 https://www.theinfostride.com/?p=358403 In the second quarter of 2023, the Nigerian oil and gas industry experienced a significant setback, marking an unprecedented occurrence in the nation’s economic history. During this period, the once-thriving sector failed to attract any capital inflow from foreign investors, as revealed by an analysis of data from the National Bureau of Statistics (NBS). This [...]

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]]> https://www.theinfostride.com/nigerias-q2-2023-foreign-oil-gas-investments-hit-zero/feed/ 0 125 Billion Barrels: Africa’s Game-Changer for Development – Heineken Lokopobiri https://www.theinfostride.com/125-billion-barrels-africas-game-changer-for-development-heineken-lokopobiri/ https://www.theinfostride.com/125-billion-barrels-africas-game-changer-for-development-heineken-lokopobiri/#respond Fri, 27 Oct 2023 07:05:56 +0000 https://www.theinfostride.com/?p=358397 Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources in Nigeria, recently highlighted the immense potential of Africa’s estimated 125 billion barrels of oil reserves as a significant asset base for driving development across the continent. He made these remarks at the 3rd African Local Content Roundtable, a conference organized by the African Petroleum [...]

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]]> https://www.theinfostride.com/125-billion-barrels-africas-game-changer-for-development-heineken-lokopobiri/feed/ 0 McKinsey predicts oil and gas demand peak pre-2030 https://www.theinfostride.com/mckinsey-predicts-oil-and-gas-demand-peak-pre-2030/ https://www.theinfostride.com/mckinsey-predicts-oil-and-gas-demand-peak-pre-2030/#respond Tue, 24 Oct 2023 07:55:32 +0000 https://www.theinfostride.com/?p=358063 McKinsey and Company, a renowned global management consulting firm, has recently released its October 2023 Global Energy Perspectives report, which sheds light on significant trends and projections in the energy sector. In this report, McKinsey anticipates that the demand for fossil fuels, particularly oil and gas, will reach its peak before the year 2030. This [...]

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]]> https://www.theinfostride.com/mckinsey-predicts-oil-and-gas-demand-peak-pre-2030/feed/ 0 Oil States’ Debt Soars by N465 Billion Despite N554.9 Billion Oil Revenue in H1 2023 https://www.theinfostride.com/oil-states-debt-soars-by-n465-billion-despite-n554-9-billion-oil-revenue-in-h1-2023/ https://www.theinfostride.com/oil-states-debt-soars-by-n465-billion-despite-n554-9-billion-oil-revenue-in-h1-2023/#respond Fri, 13 Oct 2023 08:18:55 +0000 https://www.theinfostride.com/?p=356909 In the first half of 2023, the nine oil-producing states in Nigeria experienced a significant boost in their finances, thanks to a substantial increase in the 13% oil derivatives share from the federal government. During this period, they collectively received a staggering sum of N544.9 billion, representing a notable surge of 44.2% when compared to [...]

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]]> https://www.theinfostride.com/oil-states-debt-soars-by-n465-billion-despite-n554-9-billion-oil-revenue-in-h1-2023/feed/ 0 NUPRC Issues Historic Petroleum Exploration License Under PIA https://www.theinfostride.com/nuprc-issues-historic-petroleum-exploration-license-under-pia/ https://www.theinfostride.com/nuprc-issues-historic-petroleum-exploration-license-under-pia/#respond Fri, 13 Oct 2023 08:10:10 +0000 https://www.theinfostride.com/?p=356903 The Federal Government, through the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has achieved a significant milestone by granting its first petroleum exploration license under the Petroleum Industry Act (PIA) of 2021. This groundbreaking development, reported by InfoStride News on October 12, marks a crucial step in the implementation of the PIA and demonstrates the government’s [...]

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]]> https://www.theinfostride.com/nuprc-issues-historic-petroleum-exploration-license-under-pia/feed/ 0 Nigeria is the only major oil exporter that didn’t profit from higher global oil prices -LCCI https://www.theinfostride.com/nigeria-is-the-only-major-oil-exporter-that-didnt-profit-from-higher-global-oil-prices-lcci/ https://www.theinfostride.com/nigeria-is-the-only-major-oil-exporter-that-didnt-profit-from-higher-global-oil-prices-lcci/#respond Tue, 09 Aug 2022 23:00:06 +0000 https://www.theinfostride.com/?p=330329 The Lagos Chamber of Commerce and Industry (LCCI) has stated that Nigeria is the only major oil exporter that hasn’t benefited from the windfall of higher global oil prices. This was disclosed by Dr. Michael Olawale-Cole, President of LCCI in a statement, according to the News Agency of Nigeria. He added that the recent naira [...]

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]]> https://www.theinfostride.com/nigeria-is-the-only-major-oil-exporter-that-didnt-profit-from-higher-global-oil-prices-lcci/feed/ 0 NCDMB allocates 60% of capacity development funds of oil projects for training https://www.theinfostride.com/ncdmb-allocates-60-of-capacity-development-funds-of-oil-projects-for-training/ https://www.theinfostride.com/ncdmb-allocates-60-of-capacity-development-funds-of-oil-projects-for-training/#respond Sat, 06 Aug 2022 16:46:02 +0000 https://www.theinfostride.com/?p=330097 The Nigerian Content Development and Monitoring Board (NCDMB) has developed a guideline that guarantees the allocation of 60 per cent of the Human Capacity Development (HCD) budget on major oil and gas projects to the strengthening of training institutions. Speaking at the ground-breaking ceremony of the infrastructural upgrade of the Government Technical College (GTC), Rivers [...]

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]]> https://www.theinfostride.com/ncdmb-allocates-60-of-capacity-development-funds-of-oil-projects-for-training/feed/ 0 SPE tasks govt on adaptive strategies against net zero impact https://www.theinfostride.com/spe-tasks-govt-on-adaptive-strategies-against-net-zero-impact/ https://www.theinfostride.com/spe-tasks-govt-on-adaptive-strategies-against-net-zero-impact/#respond Fri, 29 Jul 2022 23:11:47 +0000 https://www.theinfostride.com/?p=329475 As Nigeria struggles with the challenges of energy crisis, alongside oil theft and global transition agenda, the Society of Petroleum Engineers (SPE), Nigeria Council, has urged the government to deploy adaptive strategies that protect Nigerians from the socio-economic impact. Chairman, SPE, Nigeria Council, Olalekan Olafuyi, stated this at a press conference preparatory to the 2022 [...]

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]]> https://www.theinfostride.com/spe-tasks-govt-on-adaptive-strategies-against-net-zero-impact/feed/ 0 Nigeria earned $2.9 billion from non-oil sector export in Q1 2022 – Emefiele https://www.theinfostride.com/nigeria-earned-2-9-billion-from-non-oil-sector-export-in-q1-2022-emefiele/ https://www.theinfostride.com/nigeria-earned-2-9-billion-from-non-oil-sector-export-in-q1-2022-emefiele/#respond Thu, 21 Jul 2022 01:11:59 +0000 https://www.theinfostride.com/?p=328867 The Governor of the Central Bank of Nigeria of Nigeria, Mr Godwin Emefiele has said that the country achieved about $2.9 billion from the non-oil export proceed as of the first quarter of 2022. Emefiele while speaking at the 7th Annual Edition of the Zenith Bank International Trade Seminar, themed “Unlocking Opportunities in Nigeria’s Non-Oil Export [...]

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]]> https://www.theinfostride.com/nigeria-earned-2-9-billion-from-non-oil-sector-export-in-q1-2022-emefiele/feed/ 0 Oil theft: EFCC announces arrest of suspected illegal oil dealer in Uyo https://www.theinfostride.com/oil-theft-efcc-announces-arrest-of-suspected-illegal-oil-dealer-in-uyo/ https://www.theinfostride.com/oil-theft-efcc-announces-arrest-of-suspected-illegal-oil-dealer-in-uyo/#respond Thu, 07 Apr 2022 10:11:18 +0000 https://www.theinfostride.com/?p=322321 EFCC spokesperson, Wilson Uwujaren, has announced that it has in its custody, a suspect caught with illegally refined petroleum products in Uyo In a statement by the commission spokesperson, Wilson Uwujaren, the suspect was caught with the product concealed in reinforced plastic bags tucked in many sack bags. According to EFCC, the suspect was caught [...]

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]]> https://www.theinfostride.com/oil-theft-efcc-announces-arrest-of-suspected-illegal-oil-dealer-in-uyo/feed/ 0 NEPC takes second look at zero oil plan, corporate strategy https://www.theinfostride.com/nepc-takes-second-look-at-zero-oil-plan-corporate-strategy/ https://www.theinfostride.com/nepc-takes-second-look-at-zero-oil-plan-corporate-strategy/#respond Tue, 15 Mar 2022 23:54:13 +0000 https://www.theinfostride.com/?p=320638 The Nigerian Export Promotion Council (NEPC) has begun a review of its Zero Oil Plan (ZOP) as part of the country’s aspiration to diversify its revenue sources. Other items on the review plan include the NEPC Corporate Strategy 2019-2013, which has become a tool for effective performance monitoring. The NEPC Executive Director, Dr. Ezra Yakusak [...]

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]]> https://www.theinfostride.com/nepc-takes-second-look-at-zero-oil-plan-corporate-strategy/feed/ 0 Marginal fields for oil bid in Nigeria https://www.theinfostride.com/marginal-fields-for-oil-bid-in-nigeria/ https://www.theinfostride.com/marginal-fields-for-oil-bid-in-nigeria/#respond Wed, 29 Dec 2021 16:35:07 +0000 https://www.theinfostride.com/?p=315598 The Federal Government, yesterday, showed great prowess to end the ongoing marginal bid round, which already had already seen the award of 57 licenses. The Federal Government had in June last year, commenced a bid round for the fields, which are mainly in the Niger Delta. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which replaced [...]

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]]> https://www.theinfostride.com/marginal-fields-for-oil-bid-in-nigeria/feed/ 0 Exchange rate finalizes flat at official window as oil price rebounds above $75 https://www.theinfostride.com/exchange-rate-finalizes-flat-at-official-window-as-oil-price-rebounds-above-75/ https://www.theinfostride.com/exchange-rate-finalizes-flat-at-official-window-as-oil-price-rebounds-above-75/#respond Fri, 24 Dec 2021 09:21:57 +0000 https://www.theinfostride.com/?p=315233 The exchange rate between the naira and the US dollar closed at N415.1/$1 at the official Investors and Exporters (I&E) window. Naira closed flat against the US dollar on Wednesday to close at N415.1/$1 the same as recorded in the previous trading session. Meanwhile, forex turnover at the official market recorded a marginal decline of [...]

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]]> https://www.theinfostride.com/exchange-rate-finalizes-flat-at-official-window-as-oil-price-rebounds-above-75/feed/ 0 Nigeria’s rig count goes down as OPEC lowers 2021 oil demand outlook https://www.theinfostride.com/nigerias-rig-count-goes-down-as-opec-lowers-2021-oil-demand-outlook/ https://www.theinfostride.com/nigerias-rig-count-goes-down-as-opec-lowers-2021-oil-demand-outlook/#respond Sat, 13 Nov 2021 21:29:44 +0000 https://www.theinfostride.com/?p=312670 Confirming records low production and inability of the country to meet its crude oil quota, the latest monthly report of the Organisation of Petroleum Exporting Countries (OPEC) has shown that Nigeria’s rig count slumped to nine from 11. Despite the Federal Government’s readiness to pump more oil and increase its acreage, operational setbacks and sabotage [...]

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]]> https://www.theinfostride.com/nigerias-rig-count-goes-down-as-opec-lowers-2021-oil-demand-outlook/feed/ 0 FG makes compulsory ownership disclosure of oil assets to curb $1tr losses https://www.theinfostride.com/fg-makes-compulsory-ownership-disclosure-of-oil-assets-to-curb-1tr-losses/ https://www.theinfostride.com/fg-makes-compulsory-ownership-disclosure-of-oil-assets-to-curb-1tr-losses/#respond Wed, 10 Nov 2021 15:59:54 +0000 https://www.theinfostride.com/?p=312392 The Federal Government, through the recently established Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday, said it would become mandatory for oil and gas companies operating in the country to state their owners under the Beneficial Ownership (BO) Reporting system. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said secrecy in the ownership [...]

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]]> https://www.theinfostride.com/fg-makes-compulsory-ownership-disclosure-of-oil-assets-to-curb-1tr-losses/feed/ 0 Nigerian government dissolves DPR, PPPRA, PEF as new oil agencies takes over https://www.theinfostride.com/nigerian-government-dissolves-dpr-pppra-pef-as-new-oil-agencies-takes-over/ https://www.theinfostride.com/nigerian-government-dissolves-dpr-pppra-pef-as-new-oil-agencies-takes-over/#respond Thu, 21 Oct 2021 19:47:57 +0000 https://www.theinfostride.com/?p=310903 The federal government says it has removed three oil sector agencies as required under the new petroleum law. Under the Petroleum Industry Act, enacted in August, the Department of Petroleum Resources (DPR), the Petroleum Products Pricing Regulatory Agency (PPPRA), and the Petroleum Equalisation Fund (PEF) no longer exist. They are actively replaced by the Nigerian [...]

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]]> https://www.theinfostride.com/nigerian-government-dissolves-dpr-pppra-pef-as-new-oil-agencies-takes-over/feed/ 0 Oil production rises by 0.8% to 1.25 mbd https://www.theinfostride.com/oil-production-rises-by-0-8-to-1-25-mbd/ https://www.theinfostride.com/oil-production-rises-by-0-8-to-1-25-mbd/#respond Mon, 18 Oct 2021 22:01:40 +0000 https://www.theinfostride.com/?p=310728 Nigeria’s oil production sky rocketed marginally in September to an average of 1.25 million barrels per day from 1.24 million the previous month. This disclosure was made by the Department of Petroleum Resources (DPR) on the 2021 crude oil and condensate production. According to the report, the increase represented 0.8 per cent from the August [...]

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]]> https://www.theinfostride.com/oil-production-rises-by-0-8-to-1-25-mbd/feed/ 0 OPEC lowers growth forecast for global oil demand in 2021. https://www.theinfostride.com/opec-lowers-growth-forecast-for-global-oil-demand-in-2021/ https://www.theinfostride.com/opec-lowers-growth-forecast-for-global-oil-demand-in-2021/#respond Wed, 13 Oct 2021 21:58:54 +0000 https://www.theinfostride.com/?p=310311 OPEC in its new report said that the global demand for crude oil in the current year is expected to increase by an average of 5.8 million barrels per day as against the initial forecast of a growth of 5.96 million barrels per day as suggested by OPEC experts. According to NAN, this disclosure is [...]

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]]> https://www.theinfostride.com/opec-lowers-growth-forecast-for-global-oil-demand-in-2021/feed/ 0 Luubricants price increases as Nigerian firms earn N60.8 billion from oil sales https://www.theinfostride.com/luubricants-price-increases-as-nigerian-firms-earn-n60-8-billion-from-oil-sales/ https://www.theinfostride.com/luubricants-price-increases-as-nigerian-firms-earn-n60-8-billion-from-oil-sales/#respond Tue, 28 Sep 2021 19:38:39 +0000 https://www.theinfostride.com/?p=309125 It has been discovered that the price of Engine oil also known as lubricant has skyrocketed by over 70% between January and September 2021 after research had been carried out. Specifically, the price of a 4-litre gallon of Mobil 5W30 (semi-synthetic) formally sold for N9,000 at the beginning of the year, now sells within the [...]

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]]> https://www.theinfostride.com/luubricants-price-increases-as-nigerian-firms-earn-n60-8-billion-from-oil-sales/feed/ 0 Oil up increases as Goldman Sachs predicts $90 per barrel https://www.theinfostride.com/oil-up-increases-as-goldman-sachs-predicts-90-per-barrel/ https://www.theinfostride.com/oil-up-increases-as-goldman-sachs-predicts-90-per-barrel/#respond Tue, 28 Sep 2021 19:15:27 +0000 https://www.theinfostride.com/?p=309122 The Brent oil futures, approaching the $80 mark amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions. The global benchmark, the Brent crude is up 1.22%, currently trading at $78.17 a barrel. This comes after gaining for the third consecutive week through Friday. U.S. benchmark, the [...]

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]]> https://www.theinfostride.com/oil-up-increases-as-goldman-sachs-predicts-90-per-barrel/feed/ 0 $16.6 billion FDI was attracted by the Oil and Gas Free Trade Zones Authority in 20 years https://www.theinfostride.com/16-6-billion-fdi-was-attracted-by-the-oil-and-gas-free-trade-zones-authority-in-20-years/ https://www.theinfostride.com/16-6-billion-fdi-was-attracted-by-the-oil-and-gas-free-trade-zones-authority-in-20-years/#respond Tue, 07 Sep 2021 08:16:44 +0000 https://www.theinfostride.com/?p=307442 The revenue showed that N2.1 billion was generated in January, while February, March, April and May had N1.45 billion, N4.39 billion, N1 billion and N453.98 million respectively,” Umana said. He added that efficient services delivery on the operational side of running the free trade zones had greatly improved through dedicated leadership as well as the [...]

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]]> https://www.theinfostride.com/16-6-billion-fdi-was-attracted-by-the-oil-and-gas-free-trade-zones-authority-in-20-years/feed/ 0 Minister: Coronavirus helped to reduce cost of oil production in Nigeria https://www.theinfostride.com/minister-coronavirus-helped-to-reduce-cost-of-oil-production-in-nigeria/ https://www.theinfostride.com/minister-coronavirus-helped-to-reduce-cost-of-oil-production-in-nigeria/#respond Wed, 18 Aug 2021 20:18:11 +0000 https://www.theinfostride.com/?p=304232 The Minister of State for Petroleum Resources, Chief Timipre Sylva, says COVID-19 had helped to reduce the cost of crude oil production in the country. “We have reduced the cost of production successfully the issues of our local currency notwithstanding. “Recently, the Nigerian National Petroleum Corporation (NNPC) and the Department of Petroleum Resources (DPR) have [...]

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]]> https://www.theinfostride.com/minister-coronavirus-helped-to-reduce-cost-of-oil-production-in-nigeria/feed/ 0 Oil prices fall as China demand outlook falters https://www.theinfostride.com/oil-prices-fall-as-china-demand-outlook-falters/ https://www.theinfostride.com/oil-prices-fall-as-china-demand-outlook-falters/#respond Tue, 17 Aug 2021 18:55:05 +0000 https://www.theinfostride.com/?p=304131 The prices of crude oil plummeted more than 1 per cent on Monday for a third session, after official data revealed refining and economic activity slowed in China. Brent crude was down 90 cents, or 1.3 per cent, at $69.69 a barrel by 0649 GMT. U.S. oil dropped by 97 cents, or 1.4 per cent, [...]

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]]> https://www.theinfostride.com/oil-prices-fall-as-china-demand-outlook-falters/feed/ 0 Despite energy transition, the future of oil exploration is still bright- NAPE https://www.theinfostride.com/despite-energy-transition-the-future-of-oil-exploration-is-still-bright-nape/ https://www.theinfostride.com/despite-energy-transition-the-future-of-oil-exploration-is-still-bright-nape/#respond Fri, 30 Jul 2021 18:15:22 +0000 https://www.theinfostride.com/?p=302486 The Nigerian Association of Petroleum Explorationists (NAPE) has expressed confidence that the future of oil and gas exploration is bright amid the global energy transition. The president, NAPE, Mrs. Patricia Ochogbu, said petroleum exploration is not all about oil, but also about gas even as the Minister of State for Petroleum Resources, Timipre Sylva declared [...]

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