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NUPRC: We have reactivated dormant fields

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said it reactivated dormant fields, fast-tracking regulatory approvals and enhancing operational efficiencies across the upstream value chain to ramp up production, especially to attain its project one million barrels initiative launched in 2024.
The Commission Chief Executive (CCE), Gbenga Komolafe, who made the remark during the maiden conference of the Energy Correspondents Association of Nigeria (ECAN) yesterday in Abuja, said with a clear target of increasing production to 2.5 million bpd by 2026, the initiative has already demonstrated strong momentum with current unreconciled daily production averaging 1.7 – 1.83 million bpd.
He said there are new frontier opportunities in onshore, shallow water, and deep offshore blocks, especially in underexplored basins, enabled by its new licensing rounds regime.
His words: “There are also other vast and compelling transformative opportunities, particularly in natural gas development, gas-to-power initiatives, Liquefied Natural Gas (LNG) projects, FLNGs and Compressed Natural Gas (CNG) transportation infrastructure, aimed at enhancing both export capacity and domestic energy supply.”
He said the commission has given approval of 37 new evacuation routes, coupled with intensified collaboration with national security agencies, has significantly curtailed crude theft and enhanced accountability across the industry.
“At the same time, the enforcement of the Domestic Crude Supply Obligation (DCSO) is securing consistent feedstock to local refineries, strengthening Nigeria’s internal supply chains, and building long-term economic resilience. On the socio-developmental front, the Host Community Development Trust (HCDT) framework, fully operational via our HostComply digital platform, has created unprecedented transparency and direct community impact, fostering trust, reducing conflict, and reinforcing social licence to operate. Our broader digital transformation agenda is also reshaping regulatory engagement: streamlining approvals, improving investor clarity, and delivering faster and smarter oversight.”
He stated that while hydrocarbons continue to generate nearly 90% of Nigeria’s foreign exchange earnings and 70% of government revenue, he said its long-term viability of the energy sector depends on aligning growth with climate responsibility.
“Our gas-centric energy transition strategy is a cornerstone of this effort, anchored by flagship initiatives such as the Decade of Gas, the Nigerian Gas Flare Commercialisation Programme (NGFCP), and the Presidential CNG Initiative. These programmes collectively aim to eliminate routine gas flaring by 2030 and reduce methane emissions by 60% by 2031.”
“In parallel, we are working collaboratively with industry stakeholders to fully monetize Nigeria’s abundant gas resources through strategic LNG expansion, deployment of floating production solutions, and the development of cross-border pipelines designed not only to power Nigeria’s economy but to accelerate Africa’s broader industrialisation. Beyond infrastructure, the NUPRC is also championing the creation of a transparent, competitive, and investor-friendly gas market, unlocking the commercial potential of an estimated 600+ trillion cubic feet of gas resources (upward potential) and positioning Nigeria as a central hub in the global energy transition.”
The net-zero ambition is also anchored on Nigeria’s Upstream Decarbonisation Framework and Blueprint, designed by the Commission to integrate emissions monitoring, MRV systems, carbon capture and storage, and access to climate finance via carbon markets. In doing so, we are enabling emissions reduction to generate value through a burgeoning carbon services ecosystem: comprising monitoring technologies, advisory services, and advanced deployment tools, while upholding the highest standards of environmental and asset integrity.
The chairman of ECAN, John Ofikhenua, said the theme of the conference: ‘Four Years of the Petroleum Industry Act (PIA): Achievements, Gaps and the Way Ahead,’ is both timely and thought-provoking.
“Four years on, it is right that we pause to ask: How far have we come? What has changed? And what must we still do to make the promise of the PIA a living reality for all Nigerians? As one who has covered this sector for many years, I cannot forget the long and torturous journey that brought us here. For over two decades, we reported the hopes, frustrations, and sheer resilience of stakeholders who yearned for reform. We chronicled the endless back-and-forth of the Petroleum Industry Bill — its drafts, its withdrawals, its controversies, and its rebirth as the PIA.”
He said the passage of the Act was no accident but a triumph of persistence — a product of the vision and hard work of men and women like the late Dr. Rilwanu Lukman, Dr. Emmanuel Egbogah, and many others who laboured behind the scenes from the days of the Oil and Gas Sector Reform Implementation Committee.
“Those of us who were there remember the uncertainty that once defined the sector — when decisions were made by discretion rather than law; when even ministers lamented that their hands were tied. We remember how former Petroleum Minister, Odein Ajumogobia, eager to deliver results, was accused of jumping ahead of legislation — a reflection of just how paralyzed the system had become. And who among us can forget those long, frustrating queues at filling stations — symbols of a broken framework and an outdated policy regime?”
On his part, the Minister of Petroleum Gas said the event is both timely and commendable, as it also provides an essential platform to reflect on the progress made since the enactment of the Petroleum Industry Act four years ago.
“The PIA remains a landmark legislation that has redefined the governance, fiscal, and operational frameworks of Nigeria’s oil and gas industry.”

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Fed govt. rolls out one million CNG vehicles, intensifies CNG as cheaper transport alternative

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‎‎By Oluwayanmife  Lucas

‎The Federal Government has pledged to intensify efforts to promote compressed natural gas (CNG) as a cheaper alternative fuel for transportation, with a renewed focus on accelerating the rollout of one million CNG-powered vehicles across the country.

‎‎To this end, the Minister of State Petroleum Resources (Gas), Ekperikpe Ekpo, has tasked the leadership of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV) and the Decade of Gas (DoGas) Secretariat to focus on critical interventions, step up investments, expand CNG infrastructure and strengthen programmes to drive nationwide adoption.
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Ekpo gave the directive over the weekend in Abuja while receiving progress updates from the two bodies, stressing the need to translate the Federal Government’s Auto CNG policy into tangible benefits for Nigerians in form of cheaper transport fares.

‎‎He said the drive had become imperative following the removal of petrol subsidy and the need to provide Nigerians with a more affordable and environmentally friendly alternative for transportation, in line with the aspirations of President Bola Tinubu.

‎‎The Minister noted that Nigeria’s abundant natural gas resources presented an opportunity to lower transportation costs, deepen domestic gas utilisation and stimulate economic growth. He emphasised the need for sustained investments in refuelling infrastructure, vehicle conversions and other critical components required to accelerate CNG adoption.

‎‎Ekpo commended the leadership of Pi-CNG & EV for the progress recorded under its current management and assured the initiative of the government’s continued support in achieving its objectives, including the expansion of CNG use across the country.
‎‎He also highlighted the importance of growing domestic gas consumption, noting that supply had risen above two billion cubic feet per day for the first time in Nigeria history.
‎‎“Nigeria is a gas nation with a gas reserves index of over 80 years, and that is why we are talking about the Decade(s) of Gas.

‎‎“It is important that we listen to the directive of Mr. President to make transportation cheaper via CNG. We will continue to give you all the backing, to provide the necessary assistance to make sure we drive this project to a logical conclusion,” he said.

‎‎In his remarks, the Executive Chairman/CEO of Pi-CNG & EV, Ismaeel Ahmed, said the initiative would step up investments and programmes to expand CNG infrastructure and increase vehicle conversions nationwide and lead to chepaer ttansport fares for millions of Nigerians.

‎‎Ahmed explained that the joint industry market study completed by the decade of gas secretariat provides a framework for accelerating rollout, tracking progress, identifying gaps and strengthening implementation efforts to accelerate the adoption of CNG as a transportation fuel.

‎‎Similarly, the Coordinator of the Decade of Gas Secretariat, Mr. Ed Ubong, described CNG as a key component of Nigeria’s energy transition and assured continued support for the presidential initiative and efforts to increase domestic and export gas utilisation across the country for the benefits of Nigerians as well as investors.

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NNPC profit after tax soars 54.5% to N431b in August

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· Revenue hits N3.74tr

By Oluwayanmife Lucas

The Nigerian National Petroleum Company (NNPC) Limited has announced a N431 billion Profit After Tax (PAT) for the month of August 2026. The figure shows a rise of 54.5 per cent from the N279 billion recorded in the previous month.

This was contained in the Company’s monthly operations and financial report for the month of August 2026.

Revenue for the period, according to the report, stood at N3.74 trillion as against N3.09 trillion recorded in the previous month.

The Company also recorded a 19.89 per cent increase in cumulative statutory payments from N7.91trillion for January to July to N9.49 trillion for January to August.

The report also put the average crude oil and gas production figures for the period at 1.69 million barrels per day and 7,680 million standard cubic feet per day, respectively.

On the state of infrastructure, there was 100per cent availability of upstream pipelines, while the OB3 and AKK Gas Pipelines stood at 100 per cent and 95 per cent completion.

 

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Dangote Refinery posts $22.5b revenue, records $4.7b profit

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· Cash reserves hit $6.7b

By Oluwayanmife  Lucas

Dangote Petroleum Refinery and Petrochemicals has recorded a remarkable turnaround in its financial performance, posting $22.5 billion in revenue and $4.7 billion in net profit for the nine months ended September 30, 2026, compared with a loss of $117.2 million in the corresponding period of 2025, as the African industrial giant consolidates its transition into a major profit-generating industrial enterprise.

The unaudited financial results, released in Lagos yesterday, reveal that revenue surged by 144 per cent from $9.2 billion in the first nine months of 2025, while earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped nearly nine fold to $5.5 billion, reflecting higher refining throughput, improved operational reliability and stronger refining margins.

The performance represents a significant financial milestone for the 700,000 barrels per day refinery, which is currently undertaking a landmark Initial Public Offering (IPO) aimed at broadening African ownership of the industrial complex. The most striking development is the refinery’s transformation from a loss-making operation into a highly profitable enterprise, accompanied by a substantial strengthening of its balance sheet.

According to the results, net income rose to $4.73 billion from a loss of $117.2 million a year earlier, while EBITDA margin expanded to 24.56 per cent from 6.83 per cent, reflecting a marked improvement in the economics of its refining operations. Operating cash flow also increased more than tenfold to $3.68 billion, compared with $364.7 million in the corresponding period of 2025, demonstrating the refinery’s growing capacity to generate cash from its core business. The company’s cash balances climbed to $6.69 billion from $809.5 million, while its balance sheet moved from a net debt position of $1.73 billion in September 2025 to net cash of $650.8 million by September 2026. The transition to a net cash position is particularly significant, indicating that the refinery’s cash holdings now exceed its reported debt obligations on a net basis, a development that strengthens its financial flexibility as it pursues further expansion.

The results also point to accelerating financial performance during the third quarter of 2026. Revenue increased from $13.91 billion at the end of June to $22.48 billion by September, implying third-quarter revenue of approximately $8.57 billion.

Similarly, EBITDA rose from $2.60 billion in the first half of the year to $5.52 billion at the end of September, indicating that the refinery generated approximately $2.92 billion in EBITDA during the third quarter alone. Net profit also increased from $1.82 billion at the half-year mark to $4.73 billion by September, representing an additional $2.90 billion in the three months to September. These figures underscore the pace at which the refinery’s commercial operations have expanded following its commissioning and initial production ramp-up.

Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, attributed the strong results to higher throughput, greater operational stability and improved refining margins.

“Our third-quarter performance demonstrates the successful transition from commissioning and ramp-up activities to sustainable commercial operations,” Bird said. “Revenue increased to $22.5 billion from $9.2 billion in the corresponding period of 2025, while EBITDA rose to US$5.5 billion from $627.6 million, reflecting higher throughput, improved operational reliability and stronger gross refining margins.”

Bird said the results validated the strength of the refinery’s integrated business model and provided a solid foundation for the company’s next phase of growth.

“These results reflect the strength of our integrated business model and provide a solid foundation as we progress through our IPO and execute our Vision 2030 growth strategy,” he stated. “With our expansion programme already underway, we remain focused on increasing refining capacity and broadening our product portfolio. We will continue to strengthen our distribution network across Africa and support energy security across the continent, while creating long-term value for stakeholders,” he said.

The financial performance comes at a defining moment for Dangote Petroleum Refinery, whose IPO is seeking to bring a broader cross-section of Africans into the ownership of one of the continent’s most significant industrial investments. The company recently secured approval from the Securities and Exchange Commission to extend the closing date of the offer from October 13 to October 27, 2026, to accommodate growing investor interest across Africa and facilitate wider cross-border participation. The IPO comprises 4.1 billion ordinary shares at ₦525 per share, representing an offering valued at approximately ₦2.15 trillion.

The President/Chief Executive of Dangote Industries Limited, Aliko Dangote, had disclosed that subscriptions to the offer had already exceeded the company’s original fundraising target, stressing that the overriding objective was to enable more Africans to participate in the refinery’s ownership rather than merely raise additional capital. The latest financial results provide an important perspective on that proposition, demonstrating the earnings capacity, cash generation and financial strength of the enterprise as it seeks to attract a wider shareholder base. Beyond the immediate IPO, the results also have implications for the Group’s Vision 2030 industrial expansion programme, which includes increasing refining capacity, expanding petrochemical production and strengthening distribution networks across African markets.

Located in the Lekki Free Zone, Lagos, Dangote Petroleum Refinery and Petrochemicals operates an integrated refining and petrochemical complex with a crude distillation capacity of 700,000 barrels per day. The facility, built to international environmental, safety and product quality standards, is among the world’s most modern large-scale refining complexes and represents a major investment in Africa’s energy and industrial infrastructure.

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