Oil & Gas - Inside Business Africa

Dec122025 by info@insidebusinessafricang.comNo Comments

Local refining boom slashes petrol Imports by N6tn

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Nigeria’s petrol import bill fell sharply in the first nine months of 2025, dropping by N6.07tn compared with the same period of 2024, according to an analysis of National Bureau of Statistics trade data. The value of imported motor spirit, ordinary, stood at N5.42tn between January and September 2025, far below the N11.50tn recorded in the corresponding period of 2024. The contraction represents a 52.82 per cent collapse in the country’s petrol import bill, a shift analysts link to improvements in domestic refining output and reduced dependence on offshore supply. A breakdown of the quarterly data shows that the decline has been consistent since the start of the year. In the first quarter of 2024, Nigeria spent N3.81tn on PMS imports, but this fell to N1.76tn in the first quarter of...

Dec122025 by info@insidebusinessafricang.comNo Comments

Oil output rose by 35,000bpd in November – Report

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Nigeria recorded one of the strongest month-on-month production gains among Organisation of the Petroleum Exporting Countries members in November 2025, pumping 1.436 million barrels per day, up from 1.401 mbpd in October, according to the December 2025 OPEC Monthly Oil Market Report. The figures, drawn from direct communication between member countries and the organisation, show that Nigeria added 35,000 bpd in November, its most significant rise in recent months. However, this is still below the country’s allotted quota of 1.5 mbpd, even as the country continues efforts to restore output toward the target. The increase underscores gradual improvements in upstream security and project optimisation across major producing terminals. This will be the fourth consecutive month Ni...

Dec122025 by info@insidebusinessafricang.comNo Comments

Dangote receives second Ghana crude cargo — Report

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The Dangote Petroleum Refinery has taken delivery of its second-ever crude cargo from Ghana, a move that coincides with a sharp reduction in its purchases from Europe as the plant adjusts its slate ahead of major maintenance. Industry tracking data showed that the latest shipment, carrying Ghana’s Sankofa grade, arrived in November, the second time the refinery has sourced crude from the country. The development reinforces expectations that Dangote will continue to prioritise West African and domestic grades as it stabilises operations and prepares key units for scheduled shutdowns. According to a report by Kpler, crude arrivals into the refinery averaged around 380,000 barrels per day between September and November, about 30 per cent lower than the volumes purchased during the Ju...

Dec122025 by info@insidebusinessafricang.comNo Comments

Crude Oil Exports Drop By 4.4% As Foreign Trade Hits N38.936trn In Q3

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ByMark Itsibor Nigeria’s total foreign trade rose to N38.94 trillion in the third quarter of 2025, marking an 8.71 per cent increase over the N35.82 trillion recorded in the same period of 2024, according to the latest foreign trade statistics, the National Bureau of Statistics (NBS) said in a statement that was released on Thursday. Crude oil export fell by 4.47 per cent in the third quarter of 2025, declining to N12.81 trillion from N13.41 trillion recorded in the same period of 2024. Despite the drop in year-on-year performance, crude oil export value rose by 7.03 per cent compared to the N11.97 trillion reported in the second quarter of 2025, reflecting a slight recovery in output and pricing. The total trade volume also represents a 2.36 per cent rise compared to the N38.04 t...

Dec112025 by info@insidebusinessafricang.comNo Comments

Petrol supply from Dangote Refinery rises 38% to 23.5m litres daily

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Domestic supply of Premium Motor Spirit (PMS), commonly known as petrol, rose by 37.7 percent in November 2025 to 23.52 million litres per day, up from 17.08 million litres per day in October, according to data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The volume of petrol imported into the country also surged by 80.27 percent, reaching 52.1 million litres daily compared to 28.9 million litres in October. This brought the total average daily petrol supply for November to 71.5 million litres. NMDPRA attributed the increase in November supply to the unusually low delivery rates recorded in September and October, which fell below the national demand threshold. It further linked the rise to efforts to build national stock levels ahead of the peak...

Dec112025 by info@insidebusinessafricang.comNo Comments

NNPC, others imported 1.56bn litres petrol in November – Report

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By Damilola Aina The Nigerian National Petroleum Company Limited has resumed large-scale importation of petrol, barely a year after declaring it had stopped bringing the product into the country, The PUNCH reports. Latest figures from the Nigerian Midstream and Downstream Petroleum Regulatory Authority show that NNPC imported the bulk of Nigeria’s petrol needs in November, as the importers supplied 1.563 billion litres during the month. The authority disclosed this in its latest November 2025 Fact Sheet titled State of the Midstream and Downstream Sector, released on Wednesday. The publication is part of a new monthly reporting framework the regulator introduced last month to strengthen transparency and provide real-time insight into fuel supply, consumption, and refinery perform...

Dec102025 by info@insidebusinessafricang.comNo Comments

National Petroleum Company’s Subsidiary Reports 355,000BPD Production Milestone

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NNPC E&P Limited (NEPL), the flagship upstream subsidiary of the Nigerian National Petroleum Company (NNPC) Limited, has reported a record production level of 355,000 barrels per day (bpd) on December 1, 2025 — its highest daily output since 1989. Fresh production data provided by the company on Tuesday showed that NEPL has undergone an exceptional transformation over the past two years. Average daily output rose sharply from 203,000 bpd in 2023 to 312,000 bpd in 2025, an impressive 52 per cent jump driven by a disciplined strategy anchored on operational excellence, asset optimisation, and structured field development. The group chief executive officer of NNPC Limited, Engr. Bashir Bayo Ojulari, described the development as evidence that the long-awaited revival of Nigeria’s ...

Dec92025 by info@insidebusinessafricang.comNo Comments

Licensing Round: Federal Govt Sets $100m, $40m Financial Thresholds For Deep, Shallow Water Blocks’ Bidders

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…Lowers signature bonus by up to 70%, slashes entry barrier The federal government has set minimum financial thresholds and reduced signature bonuses for entities participating in the 2025 oil block licensing round, aiming to strike a balance between attracting investment and maintaining stringent financial and technical standards. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) revealed in the “FAQ’s on the NUPRC’s 2025 Licensing Round” document, released virtually on Monday, that the minimum financial requirement for bidders targeting deep offshore blocks is an average annual turnover or equivalent financial backing of $100 million. For onshore and shallow water blocks, this threshold stands at an average $40 million. The federal government also slashed th...

Dec92025 by info@insidebusinessafricang.comNo Comments

Upstream Regulator Releases $185m, N14.9bn To National Petroleum Company For Frontier Exploration

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…Denies withholding fund for new oil discovery The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the sum of $185,123,333 had been approved along with N14.9 billion from the Frontier Exploration Fund (FEF) to the Nigerian National Petroleum Company (NNPCL) to fund oil discoveries. The commission dismissed reports that it is withholding FEF from the Nigerian National Petroleum Company NNPCL. The NUPRC, explained that the Frontier Exploration Fund was not domiciled in the Commission but in an account controlled by the Central Bank of Nigeria. The Commission added that its role was simply to evaluate the Work Programme submitted by NNPCL after which an approval would be given for the release of the fund. “We approve funds based on certified activities and contra...

Dec82025 by info@insidebusinessafricang.comNo Comments

Sterling Bank, Centre Partner on Nigeria’s Non-oil Export Capacity

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Sterling Bank Limited has signed a Memorandum of Understanding (MoU) with the Enterprise Development Centre (EDC) of the Pan-Atlantic University to certify graduates of its newly established Non-Oil Export Academy. This is part of efforts to make Nigerian exporters more competitive at the global market and reduce the country’s dependence on oil revenue. Sterling Bank’s managing director and chief executive officer, Abubakar Suleiman, speaking at the signing of the MOU, said the collaboration was designed to strengthen Nigeria’s export ecosystem by equipping entrepreneurs with the proper knowledge, tools, and competitiveness to thrive in global markets. “We are not just training people to understand how to export; we want to train them to be competitive exporters of non-oil product...