Category: Oil and Gas

Oil and Gas

Otedola’s Naira Forecast Achievable With Policy Discipline, Higher Oil Output — Experts

    Financial and energy experts have said billionaire investor Femi Otedola’s projection that the naira could appreciate to below N1,000 per dollar is achievable, but only if Nigeria sustains higher crude oil production and enforces disciplined fiscal and monetary policies.   The analysts, reacting to Otedola’s optimism following the […]

Dangote Refinery Links Stable Petrol Supply To Economic, Currency Stability …Hits Over 50m Litres Daily Supply, Targets Full Market Coverage

  Dangote Petroleum Refinery Plc has assured Nigerians of a sustained end to Premium Motor Spirit (PMS) scarcity, declaring that the country has entered a new phase of fuel abundance driven by domestic refining, stable pricing and large-scale supply. The assurance was given on Wednesday in Lagos by the newly […]

Oil Theft, Sabotage Cost Nigeria $3.3bn in Two Years — NEITI …Agency Urges Open Data, Stronger Institutions as ₦1.5trn Still Owed to Federation

Nigeria lost about 13.5 million barrels of crude oil valued at $3.3bn to theft and pipeline vandalism between 2023 and 2024, according to the Nigeria Extractive Industries Transparency Initiative (NEITI). The agency described the losses as a major blow to public revenue, stressing that the amount could have funded a […]

PENGASSAN Warns of Possible Escalation if Dangote Fails to Honour Agreements …Says Will Use “Every Instrument” to Defend Members

    The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has warned that it will not hesitate to escalate actions if Dangote Refinery fails to honour commitments reached with the Federal Government in resolving recent disputes over the termination of workers.   The union, which suspended its […]

PENGASSAN Strike: Economist Warns of Investor Concerns, Urges Attention to Low-Income Oil Workers

  An economist, Kelvin Emmanuel, has criticised the ongoing strike by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), warning that the industrial dispute with the Dangote Refinery could undermine investor confidence in Nigeria. He also called on labour unions to shift greater focus toward the plight […]

Seplat Targets 50% Output Growth to 200kboepd, $6bn Cashflow by 2030 ……. Sets $1bn Dividend Payout Goal

    Seplat Energy Plc has unveiled a five-year targets aimed at transforming it into Africa’s leading independent energy producer, including plans to grow production by 50 per cent to about 200,000 barrels of oil equivalent per day (kboepd) and generate cumulative cashflow from operations of up to $6bn by […]

Nigeria’s TotalEnergies Deal Marks Shift To Gas Development- Komolafe ……Says New Agreement Aligns With Petroleum Industry Act

Nigeria’s production-sharing contract with TotalEnergies (TTEF.PA), its first guided by a new law designed to boost the OPEC member’s gas production, will serve as a template for future deals, the oil regulator said on Wednesday.   The country’s Petroleum Industry Act adopted in 2021 recognised the distinct economics of oil […]

Oando Shareholders Approve ₦500bn Capital Raise, Debt Conversion

Shareholders of Oando Plc have given approval to a comprehensive capital raising and restructuring plan worth up to ₦500bn, alongside the conversion of $300m in existing debt to equity, as part of efforts to strengthen the company’s financial position and drive long-term growth.   The resolutions were passed at the […]

Seplat Energy’s H1 2025 Revenue Hits N2.17trn             … Declares US 4.6 Cents Dividend Per Share for the Quarter

  Seplat Energy Plc has announced its unaudited results for the six months ended 30 June 2025, recording a revenue of N2.167trn for the period from N575.1bn reported same period last year.   Its gross profit soared to N751.2bn from N247.5bn Year-on-Year.   Cash generated from its operations for the period grew to […]