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Nigeria Pulls Brakes On Helicopter Landing Fee For Oil Companies
Nigeria has temporarily suspended the enforcement and collection of helicopter landing fees imposed on oil and gas operators, following concerns raised by stakeholders in the petroleum industry.
The suspension follows a meeting on Monday attended by Minister of Aviation and Aerospace Development, Festus Keyamo; Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil); and representatives of major oil industry groups at the aviation ministry headquarters in Abuja.
A statement signed by Tunde Moshood, Special Adviser on Media and Communications, said the meeting discussed the implementation of the helicopter landing fee prescribed by the Nigerian Airspace Management Agency (NAMA) for helicopter operations carried out by international oil companies operating in Nigeria.
The petroleum sector delegation included Mrs. Oritsemeyiwa Eyesan, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as well as representatives of the Oil Producers Trade Section (OPTS) and the Independent Petroleum Producers Group (IPPG).
Officials from the aviation ministry present at the meeting included the outgoing Permanent Secretary, Dr. Yakubu Adam Kofarmata; NAMA Managing Director, Engr. Umar Farouk; senior officials of the Nigeria Civil Aviation Authority (NCAA); and other stakeholders in the aviation sector.
During the meeting, oil industry representatives expressed concern that continued enforcement of the statutory fee on helicopter operations servicing oil facilities could disrupt critical operations within the sector.
The fee applies to helicopter operations involving oil fields, terminals, platforms, rigs, Floating Production Storage and Offloading (FPSO) facilities, as well as heliports, helipads, airstrips, and aerodromes used in the course of oil and gas operations.
Following deliberations, Minister Keyamo directed the temporary suspension of the enforcement and collection of helicopter landing fees for an initial period of two months.
He also announced that an inter-ministerial committee, comprising representatives from the aviation and petroleum sectors, will be constituted immediately to examine the issues raised and work toward an amicable resolution that produces an acceptable framework for all stakeholders.
Both ministers reaffirmed the commitment of their respective ministries to continue collaborating to ensure that regulatory policies support operational efficiency in the aviation and petroleum sectors, which remain critical pillars of the Nigerian economy.
IEA Members Agree To Release 400m Barrels From Strategic Reserves Amid Middle East Conflict
The International Energy Agency (IEA) says its 32 member countries have unanimously agreed to make 400 million barrels of oil from their emergency reserves available to the market to address disruptions caused by the ongoing conflict in the Middle East.
The decision to take collective emergency action was made following an extraordinary meeting of IEA member governments held on Tuesday, convened by the agency’s Executive Director to assess market conditions amid the conflict and consider options to address supply disruptions.
This was contained in a statement issued by the IEA on Wednesday.
“The oil market challenges we are facing are unprecedented in scale; therefore, I am very glad that IEA member countries have responded with an emergency collective action of unprecedented size,” said Fatih Birol, Executive Director of the IEA.
“Oil markets are global, so the response to major disruptions needs to be global too. Energy security is the founding mandate of the IEA, and I am pleased that IEA members are showing strong solidarity in taking decisive action together,” he added.
According to the IEA, the emergency stocks will be released to the market over a timeframe appropriate to the national circumstances of each member country and will be supplemented by additional emergency measures by some governments.
IEA members currently hold emergency stockpiles of more than 1.2 billion barrels, with a further 600 million barrels of industry stocks held under government obligations.
“The coordinated stock release is the sixth in the history of the IEA, which was created in 1974. Previous collective actions were taken in 1991, 2005, 2011, and twice in 2022,” the statement said.
The conflict in the Middle East, which began on February 28, 2026, has significantly disrupted oil flows through the Strait of Hormuz, with export volumes of crude oil and refined products currently at less than 10 percent of pre-conflict levels. This has forced operators across the region to shut in or curtail a substantial amount of production.
An average of 20 million barrels per day of crude oil and petroleum products transited the Strait of Hormuz in 2025, representing around 25 percent of the world’s seaborne oil trade.
Iran has restricted oil flows through the Strait of Hormuz, contributing to the ongoing disruption in global oil supply.
Nigeria’s GAMCO Plan Sparks Power Sector Reform Debate
Nigeria, Africa’s most populous country located in West Africa, which has long struggled to maintain a regular and reliable electricity supply to its citizens, last Friday set up an 11-member committee to oversee the creation of the Grid Asset Management Company Limited (GAMCO).
According to the Chief of Staff to the President, Femi Gbajabiamila, the committee will conduct a comprehensive review of existing laws, regulations, policies, and institutional frameworks governing the electricity value chain, including generation, transmission, distribution, and market operations.
The committee will also examine the implications of the Electricity Reform Laws (2025) and related unbundling arrangements on asset ownership, management, and regulatory oversight.
Among other responsibilities, it will identify areas of conflict, overlap, or inconsistency between the proposed GAMCO framework and existing legal and regulatory instruments.
The committee will also assess the legal status, ownership structure, and contractual obligations of the Niger Delta Power Holding Company (NDPHC) and the National Integrated Power Project (NIPP) assets, including the Omotosho, Olorunshogo, and Ihovbor power plants, which GAMCO plans to use during its pilot phase.
It will further evaluate the interface between GAMCO’s proposed mandate and the statutory functions of the Nigerian Electricity Regulatory Commission (NERC), and determine the fiscal, financial, and market implications of the proposal, including subsidy exposure, market liquidity, and revenue frameworks.
In addition, the committee will determine whether the establishment and operationalisation of GAMCO will require amendments to primary legislation, subsidy regulations, and executive directives.
However, the President’s decision to set up a committee to oversee the creation of GAMCO has ignited debate among power sector stakeholders, with some suggesting that the move indicates a lack of confidence in existing power sector institutions to resolve the country’s longstanding electricity crisis.
While some industry players believe GAMCO could be a game changer, others argue that it may add little value, citing the Presidential Power Initiative, which they say has failed to deliver the expected results.
In an interview with the Daily Trust, Prof. Dayo Ayoade, an energy law expert at the University of Lagos, said the inability of the transmission sector to wheel electricity to distribution companies remains a well-known bottleneck in the sector.
According to him, the creation of a commercial grid asset management company would mean the government continues to own the grid while its operations are run on a commercial basis.
He said the concept could attract private investment capital and help Nigeria recover stranded generation capacity.
“But we should think more deeply about this because the success of power sector reform depends on good governance, and we have little evidence of that,” he said.
“This amounts to a proliferation of institutions in the power sector. We already have too many conflicting and overlapping institutions, which could create more policy instability. In my view, these ad-hoc reforms often create new problems while trying to solve existing ones.”
Ayoade added that the power sector requires comprehensive reforms and stronger governance.
“It requires a holistic, top-to-bottom review that would streamline current institutions, eliminate duplication, and reduce the overall cost of managing these institutions. More importantly, we need total transparency of information and publicly available data so independent experts can assess the true state of the power sector.”
Meanwhile, Adetayo Adegbemle, Executive Director of PowerUp Nigeria, a consumer advocacy group, said the creation of GAMCO raises more questions than answers.
“What is happening with the Presidential Power Initiative or FGN PowerCo? Isn’t there an overlap of functions with GAMCO? What exactly is the end objective of GAMCO, and how will it interface with other stakeholders?”
He questioned how the proposed company would interact with the Ministry of Power, the Nigeria Integrated Energy Plan, and existing sector institutions.
Adegbemle warned that the continued creation of new agencies could further complicate the sector while Nigerians are still waiting for solutions to the country’s electricity challenges.
However, Barr. Bode Fadipe, Chief Executive Officer of Sage Consulting & Communications, believes the initiative could create the right environment for meaningful reform.
“Looking at the composition of the committee, there are eight ministers with the Chief of Staff as Chairman. The position of the Chief of Staff is strategically important in this matter,” he said.
He noted that the committee also includes three Senior Advocates of Nigeria, the Attorney-General of the Federation Festus Keyamo, and electricity law expert Yemi Oke, indicating that the enabling legislation would likely undergo careful legal scrutiny.
According to Fadipe, the inclusion of the Chairman of the Nigeria Revenue Service suggests that the government recognises the power sector’s potential as a major revenue source if properly managed.
Energy expert Othman Quchi, however, argued that the sector appears to be moving in reverse.
He noted that the Federal Executive Council approved the company before the committee was set up to determine its operational details.
“You would think the objectives would have been clearly defined before establishing the company,” he said.
Quchi warned that GAMCO could become merely a temporary fix if it fails to address the root causes of Nigeria’s electricity sector challenges.
“Fixing existing structures and tackling governance and liquidity issues head-on is the way forward. Adding another company may only increase bureaucracy.”
He added that institutions such as Transmission Company of Nigeria (TCN), NDPHC, and FGN PowerCo already deal with aspects of transmission infrastructure.
“There is a need for streamlining to ensure a holistic and harmonised approach to transmission issues, including alignment with Nigerian Independent System Operator (NISO) on resolving dispatch bottlenecks.”
Three More Vessels Hit By Projectiles In Strait Of Hormuz
Three vessels have been hit by unknown projectiles in the Strait of Hormuz, maritime security and risk firms said on Wednesday, bringing the number of ships struck in the region since the Iran conflict began to at least 14.
Shipping along the narrow strait has come to a near standstill since the United States and Israel began strikes on Iran on February 28, preventing exports of around a fifth of the world’s oil supply and sending global oil prices surging to highs not seen since 2022.
Iran’s Revolutionary Guards have warned that any ship passing through the Strait will be targeted. U.S. President Donald Trump has threatened to ramp up U.S. attacks on Iran if it continues to obstruct the strait.
The Thai-flagged Mayuree Naree dry bulk vessel was struck by “two projectiles of unknown origin” while sailing through the Strait on Wednesday, causing a fire and damaging the engine room, the ship’s Thai-listed operator Precious Shipping said in a statement.
“Three crew members are reported missing and believed to be trapped in the engine room,” Precious Shipping said.
“The company is working with the relevant authorities to rescue these three missing crew members,” it added, noting that the remaining 20 crew members had been safely evacuated and were ashore in Oman.
Images provided by the Royal Thai Navy showed smoke pouring out from the back of the ship.
The United States Navy has refused near-daily requests from the shipping industry for military escorts through the Strait of Hormuz since the start of the war on Iran, saying the risk of attacks is too high for now, sources familiar with the matter told Reuters. Trump has said the U.S. is prepared to provide naval escorts whenever needed.
Earlier on Wednesday, the Japan-flagged container ship ONE Majesty sustained minor damage from an unknown projectile about 25 nautical miles (46 km) northwest of Ras Al Khaimah in the United Arab Emirates, two maritime security firms said.
Its Japanese owner Mitsui O.S.K. Lines and a spokesperson for Ocean Network Express, its charterer, said the vessel was struck while at anchor in the Gulf. An inspection of the hull revealed minor damage above the waterline.
All crew members are safe, they said, adding that the vessel remains fully operational and seaworthy. The owner said the cause of the incident remains unclear and is under investigation.
A third vessel, a bulk carrier, was also hit by an unknown projectile approximately 50 miles northwest of Dubai, maritime security firms said.
The projectile damaged the hull of the Marshall Islands-flagged Star Gwyneth, maritime risk management company Vanguard Tech said, adding that the vessel’s crew were safe. Owner Star Bulk Carriers said the ship was hit in the hold area while anchored. There were no crew injuries and no listing.
Ghana Has Adequate Fuel Stocks; National Supply Remains Stable — NPA Assures
Ghana’s downstream petroleum regulator, the National Petroleum Authority (NPA), has assured the public not to panic over any possible fuel shortages due to the Middle East conflict, stating that the country has adequate petroleum stocks that can last for several weeks.
This portal understands that as of Tuesday, the country had six weeks and two days of diesel stock, five weeks and one day of petrol stock, five weeks and four days of Aviation Turbine Kerosene (ATK), and two weeks and one day of Liquefied Petroleum Gas (LPG) available.
In a statement issued on Wednesday, March 11, the NPA said the national fuel supply situation remains stable despite concerns about possible impacts from developments in the global energy market.
According to the Authority, a review of national petroleum stock levels conducted in collaboration with the Ministry of Energy and Green Transition and other industry stakeholders confirmed that Ghana has sufficient supplies of key petroleum products, including petrol (PMS), diesel (AGO), Aviation Turbine Kerosene (ATK), and Liquefied Petroleum Gas (LPG), to meet current and projected demand.
The NPA added that it continues to closely monitor stock levels and work with industry players to ensure a steady fuel supply, while strengthening strategic supply planning and price monitoring mechanisms to address any potential disruptions or price volatility linked to global market developments.
Meanwhile, the U.S.–Israel war against Iran has disrupted global oil supply, triggering a sharp surge in crude oil prices.
Crude oil prices hit $119 per barrel on Tuesday morning, but later dropped sharply to about $100 per barrel and subsequently fell below $90 per barrel.
However, as of Wednesday morning, Brent crude had risen again to around $90 per barrel as tensions continued to escalate
IEA Mulls Emergency Action To Unleash Oil Reserves
Global energy leaders are gathering to decide whether to release emergency oil reserves as production and export disruptions tied to the Middle East conflict continue to strain global markets.
The International Energy Agency hosted G7 energy ministers at its Paris headquarters on Tuesday, where Executive Director Fatih Birol warned that conditions in oil markets have deteriorated in recent days.
Shipments through the Strait of Hormuz have been disrupted, forcing some producers in the region to curtail output, creating what the agency described as “significant and growing risks” to global supply.
Birol said in a Tuesday statement that the group discussed all available options to stabilize the market, including the possible release of emergency stockpiles held by IEA member countries.
Those reserves are substantial. According to the agency, member governments collectively hold more than 1.2 billion barrels of public emergency oil stocks, in addition to roughly 600 million barrels of industry inventories maintained under government obligations.
Birol convened an extraordinary meeting of member governments later today to assess supply security and determine whether those emergency stocks should be made available to the market.
The discussion comes as oil markets react to one of the most severe disruptions to global energy trade in decades.
Tanker traffic through the Strait of Hormuz—the world’s most critical oil chokepoint—has slowed dramatically amid security concerns, effectively trapping large volumes of crude within the Persian Gulf and forcing some producers to shut in output due to storage constraints.
The supply shock has already pushed oil prices sharply higher. Brent crude recently surged toward the mid-$90 per barrel range, marking a dramatic rally since the start of the year. And prices are expected to remain elevated for the time being.
In its latest Short-Term Energy Outlook, the Energy Information Administration raised its oil price outlook significantly, citing the same disruptions to Middle East production and exports.
Global policymakers are hoping to prevent a full-blown supply crisis, and deploying emergency stockpiles could become one of the most important decisions shaping oil markets in the weeks ahead.
Namibia’s Fuel Stock Can Last Three Months-Namcor Confirms
Namibia’s national oil company, National Petroleum Corporation of Namibia (NAMCOR), says the country currently has enough fuel reserves to cover about three months of national demand, even as the U.S.–Iran conflict continues to disrupt global oil markets.
Despite the three-month fuel cover, officials at NAMCOR say a shipment of fuel is already on its way to the country, according to a report by The Namibian Sun.
NAMCOR spokesperson Paulo Coelho told The Sun that the reserves provide a short-term buffer despite growing global uncertainty following intensified hostilities between the United States, Israel and Iran.
The crisis escalated after joint U.S. and Israeli airstrikes reportedly killed Iran’s supreme leader, Ali Khamenei, triggering retaliatory missile strikes by Iran on U.S. military installations across the region.
Donald Trump, President of the United States, has vowed that bombing raids would continue “as long as necessary,” while Iran’s president, Masoud Pezeshkian, warned that retaliation was the country’s “legitimate right and duty.”
The conflict has raised fears of disruptions in the Strait of Hormuz, one of the world’s most critical oil shipping routes, through which a significant share of global crude oil exports passes.
Benchmark crude, Brent Crude, surged to $119 per barrel on Monday during early Asian trading, while West Texas Intermediate (WTI) also rose above $100 per barrel for the first time since 2022.
Oil prices, however, eased following a statement by President Trump indicating that he foresees the conflict ending soon.
Despite the current buffer, officials warned that geopolitical shocks highlight the vulnerability of African economies that rely heavily on imported refined petroleum products.
As of Tuesday evening, Brent was trading at around $91 per barrel, while WTI was trading at about $86 per barrel.
Kenya: KenGen, NuPEA Intensify Stakeholder Engagements In Kisumu As Kenya Advances Nuclear Power Programme
Kenya’s journey toward developing its first nuclear power plant gained fresh momentum on Monday as senior leaders from the country’s energy sector held high-level consultations in Kisumu aimed at strengthening collaboration with regional leadership and key stakeholders.
The Managing Director and Chief Executive Officer of Kenya Electricity Generating Company (KenGen), Eng. Peter Njenga, led a delegation to Kisumu for strategic engagements with leaders from the Nuclear Power and Energy Agency (NuPEA) and county government officials.
The mission underscored Kenya’s commitment to advancing its Nuclear Power Programme as part of broader efforts to secure long-term, reliable, and clean energy for the country.
The KenGen delegation included Board Director Umuro Wario and joined NuPEA Chairman Prof. Larry Gumbe and NuPEA Chief Executive Officer Justus Wabuyabo in a series of consultative meetings with regional leadership.
The engagements began with a courtesy call on Peter Anyang’ Nyong’o, Governor of Kisumu County, where discussions focused on the transformative role nuclear energy could play in Kenya’s future.
Leaders explored how nuclear power could support long-term energy security, drive industrial growth, and provide reliable baseload electricity needed to sustain the country’s rapidly expanding economy.
As Kenya continues to position itself as a regional economic hub, the demand for stable and affordable energy remains a critical priority.
Nuclear power is expected to complement existing renewable energy sources such as geothermal, hydro, wind, and solar by providing consistent power generation regardless of weather conditions.
Beyond the governor’s office, the delegation also held consultations with the Kisumu County Commissioner and members of the Kisumu County Assembly, including the Speaker.
These engagements provided an opportunity to brief local leadership on the progress of Kenya’s Nuclear Power Programme and discuss the importance of coordinated planning between national and county governments.
Participants emphasised that transparency, public participation, and continuous engagement with communities will be essential as the programme moves into the next stages of development.
Ensuring that citizens are well informed about both the opportunities and safety considerations associated with nuclear power remains a key priority for the implementing agencies.
Kenya Electricity Generating Company (KenGen), as the designated nuclear power owner-operator for Kenya’s first nuclear power plant, continues to work closely with Nuclear Power and Energy Agency (NuPEA) and other stakeholders to advance the programme as part of Kenya’s broader clean energy transition and long-term energy security strategy.
Nuclear power is expected to complement existing renewable energy sources such as geothermal, hydro, wind, and solar by providing consistent power generation regardless of weather conditions.
Beyond the governor’s office, the delegation also held consultations with the Kisumu County Commissioner and members of the Kisumu County Assembly, including the Speaker.
These engagements provided an opportunity to brief local leadership on the progress of Kenya’s Nuclear Power Programme and discuss the importance of coordinated planning between national and county governments.
Participants emphasised that transparency, public participation, and continuous engagement with communities will be essential as the programme moves into the next stages of development.
Ensuring that citizens are well informed about both the opportunities and safety considerations associated with nuclear power remains a key priority for the implementing agencies.
Kenya Electricity Generating Company (KenGen), as the designated nuclear power owner-operator for Kenya’s first nuclear power plant, continues to work closely with Nuclear Power and Energy Agency (NuPEA) and other stakeholders to advance the programme as part of Kenya’s broader clean energy transition and long-term energy security strategy.
Nigeria: Dangote Refinery Cuts Petrol Price By N100, Diesel By N190, Citing Slump In Crude Oil Prices
Africa’s largest petroleum refinery, the Dangote Refinery, has cut the gantry price of petrol by N100 per litre and diesel by N190 per litre, citing a slump in global crude oil prices.
According to a report by The Punch, the refinery is now selling petrol at N1,075 per litre, down from N1,175, while diesel is now priced at N1,430 per litre, reduced from the earlier price of N1,620 per litre.
The move follows a decline in global oil prices, with Brent Crude dropping to around $89 per barrel from over $100 per barrel on Monday.
The Punch reported the latest development, citing officials of the refinery.
According to Oilprice.com, Brent crude prices witnessed a dramatic reversal on Tuesday, plunging nearly 27 percent from the previous day’s high of $119 per barrel to as low as $87 per barrel.
The Dangote Refinery reportedly attributed the earlier price hikes to volatility in global crude markets, citing tensions arising from the U.S.–Iran conflict.
Ghana: CBOD Denies Claims Members Are Hoarding Fuel To Sell Later At Higher Prices
The Chamber of Bulk Oil Distributors (CBOD) has described as false and mischievous claims that Bulk Import, Distribution and Export Companies (BIDECs) are hoarding fuel in anticipation of a price increase at the next pricing window, which commences on March 16, 2026.
According to the Chamber, BIDECs have been supplying petroleum products at various fuel depots across Ghana since the first pricing window began on March 1, 2026.
The Chamber said its members continue to honour supply commitments to Oil Marketing Companies (OMCs) based on existing contracts, expressing surprise that some individuals would claim they are hoarding fuel to sell at higher prices during the next pricing window.
According to the Chamber, data from the National Petroleum Authority (NPA)’s Enterprise Relational Database Management System (ERDMS) shows that product distribution is ongoing, with loading patterns consistent with past trends.
In a statement issued and signed by Dr. Patrick Ofori, Chief Executive Officer of the Chamber, CBOD said the claim that “we are placing commercial profit interests above our patriotic responsibility is most unfortunate.”
CBOD said it is engaging with all stakeholders, including the Ministry of Energy and Green Transition (MoEGT), to mitigate the impact of the current surge in global market prices on consumers.
“As key players in the downstream petroleum sector, we would like to assure all stakeholders, especially consumers, that we will continue to conduct business in a fair and responsible manner,” the statement said.
It would be recalled that on Monday, two leading oil marketing companies, Star Oil and GOIL PLC, separately complained that they were unable to lift petroleum products, blaming the situation on an outage of the Integrated Customs Management System (ICUMS) operated by the Ghana Revenue Authority.
However, the claim was later refuted by Ghana Link Network Services, the operator of ICUMS, which insisted in a statement that its platform was functional and operating normally.
The Chamber of Oil Marketing Companies (COMAC), in a separate statement, revealed that the issue was traced to the Enterprise Relational Database Management System (ERDMS) hosted by the National Petroleum Authority, the regulator of the downstream petroleum sector.
COMAC said that, as part of the agreed remedial measures, ICUMS was initially decoupled from the ERDMS platform to allow manual loading.
“During this process, it was conclusively identified that the challenge was originating from the ERDMS system itself. The issue was swiftly rectified, and orders began processing successfully by 12:23 p.m.”
The Chamber assured all stakeholders that the challenge has now been fully resolved and that normal loading activities have resumed across the industry.
Nigeria: Dangote Refinery Raises Petrol Price To N1,175 Per Litre, Diesel To N1,620 Per Litre
The Dangote Petroleum Refinery, Africa’s largest petroleum refinery based in Lagos, Nigeria, has increased the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (diesel), citing rising crude oil landing costs.
The refinery raised the petrol price to N1,175 per litre, marking the third price hike within one week, while the gantry price of diesel was increased to N1,620 per litre, further heightening concerns among businesses already struggling with rising operating costs.
The latest increase represents the third surge in petrol prices within a week, following earlier adjustments that pushed the refinery’s gantry price from N774 to N874, and subsequently to N995 per litre, before the latest hike to N1,175 per litre.
As a result, retail pump prices in several parts of Nigeria have already crossed the N1,000 per litre mark, with some filling stations selling petrol at around N1,200 per litre, intensifying the cost-of-living pressures facing citizens.
Industry operators warn that the latest development will likely trigger another round of price increases at filling stations nationwide, as higher fuel costs typically translate into increased transportation fares, logistics expenses, and production costs, ultimately pushing up the prices of goods and services.
The development also comes amid efforts by the Federal Government, through the Nigerian National Petroleum Company Limited, to secure crude oil supply for the refinery via third-party international traders in order to sustain domestic refining operations.
However, officials familiar with the arrangement have cautioned that the intervention may not immediately lead to lower petrol prices for consumers, as global crude oil prices, foreign exchange volatility, and operational costs continue to influence domestic fuel pricing.
Tanzania: Energy Minister Orders Contractor To Resume Songea–Mahumbika Power Project Within 14 Days
Tanzania’s Minister for Energy, Hon. Deogratius Ndejembi, has given a 14-day ultimatum to the contractor responsible for the 220kV transmission line project from Songea to Mahumbika via Tunduru and Masasi to return to the project site and resume work immediately.
Ndejembi said the contractor should not be awarded any other government projects until the current project—whose implementation has been delayed in violation of the contract terms—is completed.
The minister has also ordered the Permanent Secretary of the Ministry of Energy to issue a formal warning letter to the contractor.
He explained that the ministry had previously met with the company’s leadership in Dodoma, where they agreed that work would resume within 25 days after the contractor received the payment they had been demanding since December 2025.
However, he noted that the contractor has not yet returned to the project site or resumed work.
He explained that the ministry had previously met with the company’s leadership in Dodoma, where they agreed that work would resume within 25 days after the contractor received the payment they had been demanding since December 2025.
However, he noted that the contractor has not yet returned to the project site or resumed work.
Nigeria: NNPC Records N385bn Profit As Oil Output Rises To 1.64mbpd
The Nigerian National Petroleum Company Limited (NNPC Ltd.) posted a profit after tax of N385 billion (equivalent of $278,176,816.91) in January 2026, as Nigeria’s crude oil and condensate production rose to 1.64 million barrels per day, up from 1.55 million barrels per day in December 2025, according to the company’s latest monthly operational report.
The state-owned oil firm generated N2.571 trillion in revenue during the month while remitting N726 billion as statutory payments to the Federation.
Despite the profit, monthly revenue declined 47 percent, falling from N4.82 trillion in December 2025 to N2.57 trillion in January 2026.
According to the report, the increase in production was largely driven by the completion of maintenance activities at key offshore assets, particularly the Agbami Field, alongside operational improvements across other upstream facilities.
However, the company noted that operational challenges still affected crude delivery volumes. “Despite the improved production profile, planned deliveries for January were reduced due to adverse weather conditions, evacuation constraints, and asset integrity challenges across some production corridors,” the report said. Natural gas production also rebounded to 7,283 million standard cubic feet per day, up from 6,914 mmscf/d in December, reflecting improved upstream performance.The company reported 24.75 million barrels of combined crude and condensate sales during the month, compared with 22.79 million barrels recorded in December 2025.
Nigeria continues to push to stabilise crude output above 1.5 million barrels per day amid ongoing challenges including oil theft, pipeline vandalism and infrastructure constraints.
G7 Nations Delay Strategic Oil Reserve Release Decision
Finance Ministers from the Group of Seven (G7) countries reached a broad agreement on Monday to hold off the release of oil from their respective strategic reserves, for now.
The ministers held a teleconference on Monday after oil prices spiked to levels last seen during the global energy crisis triggered by Russia’s invasion of Ukraine in 2022.
The G7 is an informal, intergovernmental economic and political forum comprising seven of the world’s most advanced industrialized economies including Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
“There was broad consensus on this,” one G7 official told Reuters. “It was not that someone was against it, it’s just about timing. More analysis is needed,” the official said, adding that the final decision will be made by the leaders.
Oil prices retreated in Monday’s mid-day session amid reports that G7 leaders were considering releasing up to 400 million barrels of crude from their strategic reserves.
That volume is considerably higher than the 240 million barrels that the Biden administration released from the United States’s Strategic Petroleum Reserve during the previous global energy crisis.
Brent crude for April delivery pulled back from a multi-year high of $116.23 per barrel in the early hours of Monday morning to trade at $99.63 per barrel at 12.30 pm ET while WTI crude for April delivery fell from $115.29 per barrel to $95.81.
The big release could impact oil balances in global markets negatively, with the experts still reporting surpluses.
The IEA’s Fatih Birol announced on Friday that there are no plans for emergency releases of oil from joint stocks because,“There is plenty of oil, we have no oil shortage,” Birol said after meeting European Commission president Ursula von der Leyen “There is a huge surplus in the market,” he added.
Last week, JPMorgan Chase warned that Brent crude oil prices could spike to $120 per barrel if a full-scale conflict in the Middle East leads to a sustained disruption of oil flows through the Strait of Hormuz, with Gulf producers only able to sustain normal production for roughly 25days if the Strait is completely blocked.