Competition Replaces Patronage: Conducted under the Petroleum Industry Act (PIA) 2021, Nigeria's 2025 Licensing Round prioritised transparency, technical competence, financial capability and competitive bidding over political influence and discretionary allocations.
Strict Selection Process Boosts Credibility: Of nearly 300...
Nigerian Navy dismantles major illegal refining network in Bonny, destroying nine illegal refineries linked to crude oil theft syndicates.
 Troops recover about 104,000 litres of suspected stolen crude oil from 18 dugout pits and neutralise five newly excavated...
Nigeria's crude production soared to a 74-month high of 1.56 million barrels per day in June 2026.
Stable pipelines and operational efficiency pushed output to 104% of Nigeria's official OPEC quota.
Despite the massive boom, local refineries are...
Nigeria's crude oil production rose to 1.56 million barrels per day, its highest level since April 2020.
The country exceeded its OPEC quota for the second consecutive month, achieving 104 percent compliance.
The milestone has reignited questions about...
Brent crude climbed above $77 per barrel after renewed U.S.-Iran hostilities reignited supply disruption concerns.
Iran announced the closure of the Strait of Hormuz, while vessel traffic through the key oil transit route fell sharply.
Higher crude prices...
July 13, (THEWILL) — Nigeria’s crude oil production rose to a 74-month high in June 2026, surpassing the Organisation of the Petroleum Exporting Countries’ production quota for the fourth consecutive month as improved operational stability boosted output.
Data released...
July 3 (THEWILL) — A forecast by Citigroup that Brent crude could fall to $60 per barrel by the end of 2026 has heightened concerns over Nigeria's fiscal outlook and the sustainability of its budget assumptions.
The projection comes as...
June 19 (THEWILL) — Oil prices fell sharply on Thursday, dropping to their lowest levels since the outbreak of the US-Iran conflict as easing geopolitical tensions improved expectations for global crude supply.
According to Reuters, Brent crude futures fell by...
June 15, (THEWILL) — Global oil prices plunged sharply on Monday after the United States and Iran reached a historic peace agreement that effectively ended nearly four months of military confrontation, triggering a major selloff in energy markets and...
June 11 (THEWILL) — Nigeria has recorded a significant milestone in its oil industry recovery efforts, with crude oil production rising to 1.53 million barrels per day (mbpd) in May 2026, surpassing the country's production quota allocated by the...
The President, Bola Ahmed Tinubu has flagged off the construction of the $3.5 billion Bakassi Deep Seaport in Cross River State, describing the project as a strategic investment that will reduce pressure on Lagos ports and reposition Nigeria’s maritime industry.
