Nigeria

Two Milan prosecutors were sentenced to eight months in prison by an Italian appeals court for not filing documents that would have backed up the position of energy group Eni in an international case of corruption. Eni, Shell and all defendants were acquitted by a jury in March 2021, in what was dubbed the biggest corruption case in the oil industry, which involved the $1.3 billion purchase of an oilfield in Nigeria a decade earlier. The judges in Brescia, a northern city in Italy, confirmed the verdict of last year that Fabio De Pasquale & Sergio Spadaro had failed to...

The Nigerian oil workers' union ordered its members on Monday to stop gas supplies to the Dangote Petroleum Refinery. This escalated a labour dispute that had been sparked by the dismissal hundreds of Nigerian workers. The Petroleum and Natural Gas Senior Staff Association of Nigeria, (PENGASSAN), has directed all its branches in major oil companies to stop crude and natural gas deliveries at the refinery immediately. According to a letter from September 26, the union accused Dangote of "misinformation" and "propaganda" rather than addressing the alleged wrong disengagement of unionised workers. "The crude oil supply valves should be closed." In...

Nigeria's economy grew by 4.23% on an annual basis in the second quarter. This was its fastest pace in four years. The increase in oil production and improved performance in industry and agriculture were major factors. The statistics agency released the data on Monday, the second time that it has rebased the Gross Domestic Product (GDP), in order to capture structural changes in the economy of Africa’s most populous nation. Nigeria's average daily oil output increased to 1.68 million barrels (bpd), up from the 1.41 million bpd recorded in the same quarter in 2024. The oil sector grew by 20.46%...

The Nigerian oil regulator announced that African oil regulators, led by Nigeria, have launched a forum to harmonise oil regulation. This is in an effort to attract investment in the rapidly growing energy sector in the region. African oil regulators, due to the decline in investment dollars, are betting on a more transparent and consistent energy market that is integrated across all jurisdictions. Sixteen countries gathered at Accra for the signing of the charter establishing African Petroleum Regulators Forum. Gbenga Kmolafe was the chairperson of the Nigerian Upstream Petroleum Regulatory Commission, which is the upstream regulator of Nigeria. Eight countries,...

Bola Tinubu, the Nigerian president, lifted an emergency rule of six months in Rivers State on Wednesday, reinstating Governor Siminalayi Fubara, and other officials. He had said that a crisis constitutional that had paralysed government had been resolved. The emergency rule was imposed on 18 March following a standoff that occurred between Fubara, the governor of the state and the legislature. This conflict disrupted the budget approvals leaving the government in limbo. Tinubu claimed that the emergency rule was necessary to avoid anarchy. Rivers State is located in Nigeria's oil-producing Niger Delta and is a major hub for crude exports....

Bola Tinubu, the Nigerian president, said at a press briefing with his Brazilian counterpart that Petrobras should be able return to Nigeria quickly. Petrobras started operations in Nigeria in deep waters near the Niger Delta in 1998. It sold its stakes over 10 years ago in order to raise money for domestic projects. Nigeria has worked to solve some of the issues that have limited its oil and gas production since then. "We have a large gas reservoir." "I don't understand why Petrobras should not return to Nigeria as a partner as soon as possible," Tinubu said at a press...

Bola Tinubu, Nigerian president, said that Brazil's Petrobras oil company, which left Nigeria in 2005, should be able return quickly. The visit was part of a 2-day trip to strengthen ties. Petrobras started operations in Nigeria in the deep waters of the Niger Delta in 1998. It sold its stakes over 10 years ago in order to raise money for domestic projects. Nigeria has since then been crackingdown on the issues that have limited oil production. "We have a large gas reservoir." "I don't understand why Petrobras should not return to Nigeria as a partner as soon as possible," Tinubu...

According to a filing in court, Dangote Refinery retracted its lawsuit over fuel imports against Nigeria's midstream, downstream, and petroleum regulator, as well as several fuel importers including the state-owned NNPC Ltd. Africa's biggest refinery sought to annul fuel import licenses issued to NNPC Ltd., AYM Shafa Ltd., A.A. Rano Ltd., T. Time Petroleum Ltd., 2015 Petroleum Ltd., and Matrix Petroleum Services Ltd. The refinery also demanded 100 billion naira (66 million dollars) in damages. Dangote Refinery filed a lawsuit claiming that the Nigerian Midstream and Downstream Petroleum Regulatory Agency was violating the laws by issuing gasoline import permits to...

MacDonald Dzirutwe Two sources confirmed on Wednesday that the refinery in Nigeria, Dangote Petroleum, will build storage tanks in Namibia for at least 1.6 millions barrels of gasoline or diesel to be supplied to southern Africa. This move demonstrates the refinery’s ambition to dominate the fuel supply market in Africa, and beyond. It could reshape energy trade flows and increase access to refined products in southern African countries. Aliko Dangote is Africa's richest person. He built a $20 billion refinery that produces 650,000 barrels of oil per day. It started operating last year. Since then, it has increased production and...

The International Monetary Fund (IMF) said that Nigeria must adapt its budget for 2025 to lower oil costs and increase cash transfers in order to protect the most vulnerable sections of its population. The IMF released the results of the routine "Article IV", assessment of Nigerian economic policies. It said that the economic growth was steady, but low per capita and the inflation remained high. The Fund forecast that Nigeria's economy will grow at a rate of 3.4% in this year, and 3.2% by 2026. Axel Schimmelpfennig is the mission chief of the Fund for Nigeria. He said: "The international...

IIR Energy, an industry watchdog, said that the Dangote oil refining plant in Nigeria, which is one of the largest refineries in the world, will operate its gasoline production unit with reduced output until October due to a series of problems in recent months. The 650,000-barrel-per-day (bpd) refinery, which opened last year, is currently running its 204,000 bpd gasoline-producing residual fluid catalytic cracking (RFCC) unit at about 70% of capacity, IIR said. IIR reported that the unit was closed from April 7 until May 11 due to damage to part of the unit, and again from May 15 through May...

The Nigerian president Bola Tinubu signed an executive order that introduces a framework based on performance for operators in the oil sector. This is designed to tie tax incentives to cost savings that can be verified. The new Upstream Petroleum Operations cost Efficiency Incentives order 2025 will provide tax relief to operators who implement cost reductions that are industry standard in shallow-water, onshore and deep-offshore fields. The tax credit will not exceed 20% of the operator's tax liability. Tinubu stated in a press release that "This Order sends a message to the world: We are building an efficient and competitive...

According to a memo sent to customers by the company, Nigeria's Dangote Refinery has stopped selling petrol locally in naira, citing an unsustainable volume that exceeded its crude allotments. The suspension, which takes effect on September 28, could complicate attempts to reduce dollar demand in Africa’s largest economy where fuel imports are a long-standing strain on foreign reserves. The company stated in a memo that "Dangote Petroleum Refinery & Petrochemicals have been selling petroleum products over our Naira Crude allocations, and as a result, we will not be able to sustain PMS in Naira moving forward." The refinery was selling...

The 650,000-barrel-per-day (bpd) Dangote oil refinery in Nigeria is expected to operate its gasoline-making unit at reduced rates through October after a string of issues in recent months, industry monitor IIR Energy told . About 70% of the capacity of the refinery's residual fluid catalytic (RFCC) unit, which produces 204,000 bpd of gasoline, is being used. IIR reported that the unit was closed from April 7 until May 11 due to damage to part of it, and again from May 15 through May 25 because of a mechanical problem. IIR stated that the full rate of production is not expected...

African Export-Import Bank launched a $3 billion revolving line of credit that will allow African and Caribbean buyers easier access to petrol, jet fuel, diesel and other products produced by refineries in the continent. It said that the bank expected the facility to provide trade finance of $10-14 billion over the first three years, and to help reduce the region's $30?billion fuel import bill. This year, both oil-exporting and import-dependent countries have seen their economies shook by the sharp drop in crude prices as well as a rise in freight costs. Brent crude has fallen more than 20% in price...

Data from industry and trade sources revealed that the share of OPEC crude oil in India's imported oil fell to a new record low during fiscal year 2024-25, as refiners continued to gorge themselves on cheaper Russian oil, which was the number one oil supplier for New Delhi for a third consecutive year. India, which is the third largest oil consumer and importer in the world, has been buying Russian oil at a discounted price after the West imposed sanctions against Moscow due to the Ukraine conflict. In the fiscal year ending March 2025, the South Asian nation imported 4.88...

The huge Dangote Petroleum Refinery in Nigeria announced on Wednesday it would temporarily suspend fuel sales in local currency naira to avoid a mismatch in sales and crude purchases in dollars. The decision by the 650,000-barrel-per-day Dangote refinery to sell its fuel in dollars could lead to a hike in petrol prices and a weakening of the naira as local fuel traders scramble for greenbacks. Nigeria's largest refinery, the plant outside Lagos, has struggled with securing sufficient crude volumes despite an agreement by the Nigerian Government to sell crude in naira. Our sales of petroleum products denominated in Naira have...

Next week, the Russian Deputy Premier Alexander Novak will be in charge of a meeting between government officials and oil companies to discuss an possible ban on gasoline exports for fuel producers starting March 1. Novak's Office declined to comment. One source said that the meeting could take place either on Tuesday or Thursday. The TASS news agency reported last week that the Federal Anti-Monopoly Service could impose a one-month export ban on gasoline by large producers to stabilize wholesale prices before the planting season. A measure that was originally implemented in March last year prohibits traders and resellers from...

Analysts and market participants said that Donald Trump's tariffs on Canadian oil and Mexican oil will give European and Asian refineries an advantage over their U.S. competitors. White House officials confirmed that Trump ordered tariffs of 25% on Canadian and Mexican imports, and 10% on Chinese goods starting Tuesday in response to a national crisis over fentanyl. They said that energy products imported from Canada would be subject to a duty of only 10%, while Mexican energy imports would be subject to a full 25%. Sources in the industry said that the tariffs on two of the biggest sources of...

The death toll from a. weekend fuel truck blast in Nigeria has actually reached 98 after more. bodies were recuperated from the wreckage on Monday, the head of. the regional emergency firm stated, including 69 individuals were. receiving treatment in medical facility. A fuel truck overturned and taken off on Saturday in Dikko,. northern Niger State, eliminating people who had gone to scoop up. fuel from the wreckage. Abdullahi Baba-Ara, director-general of the Niger State. Emergency Management Firm stated previously 80 of the victims were. buried in mass tomb at a health centre in Dikko over the. weekend. After clearing...

OPEC's share in India's. petroleum imports edged up in 2024, increasing for the very first time in. nine years, after top supplier Russia's share dipped, information. gotten from trade sources showed. Russia's share in the world's third-biggest oil importer and. consumer is expected to drop further in 2025 after Washington. last Friday announced sweeping sanctions targeting Russian. manufacturers and tankers, interrupting supply from the world's No. 2. manufacturer to India and China and tightening up ship schedule. India imported 4.84 million barrels daily of oil in 2024,. up 4.3% from the previous year, the information showed. The share of Organization...

Federal governments around the globe are ploughing billions of dollars into fossil fuel subsidies to shelter people from higher energy costs, but that comes at a. financial burden, develops ineffectiveness, and obstructs the objective of. decreasing total usage. At the U.N.'s COP29 environment top in Baku, conversations are. continuous over decreasing distortions and inefficiencies produced by. aids - a crucial to decrease the production and use of fossil. fuels, which contribute significantly to climate modification and. pollution. JUST HOW MUCH DO GOVERNMENTS SPEND ON FOSSIL FUELS? The International Energy Company (IEA) computed that fossil. fuel consumption aids stood at $620...

The Dangote Oil Refinery has capability to produce winter diesel for the European market, an executive said on Tuesday, a further sign of its potential to interfere with the global refining market. The refinery developed by Nigerian billionaire Aliko Dangote on the outskirts of Lagos is anticipated to strike production of 550,000 barrels per day (bpd) this year, equivalent to 85% of its 650,000-barrel capability. It started operations in January with output of products including naphtha and jet fuel and started processing gas in September. We will have surplus production for export in all our products - gasoline, diesel, jet...

Ghana could buy petroleum products from Nigeria's Dangote Oil Refinery once the facility is operating at complete capacity, cutting more pricey exports from Europe, the head of the country's oil regulator said on Monday. This might end regular monthly fuel imports from Europe of $400. million, Mustapha Abdul-Hamid, chairman of the National. Petroleum Authority, Ghana stated at the OTL Africa Downstream oil. conference in Lagos. If the refinery reaches 650,000 bpd a day capability, all. that volume can not be taken in by Nigeria alone, so instead of. us importing as we do today from Rotterdam, it will be much....