Energy
Fair Competition Drives Stakeholders Brainstorm on Nigeria’s Downstream Oil Sector
Stakeholders and experts in Nigeria’s oil industry, while discussing Nigeria’s downstream sector, noted the need for stability, especially on the back of the recent deregulation of the sector in line with the Petroleum Industry Act (PIA).
In her opening remarks at a media roundtable on Nigeria’s downstream sector organised by Extractive 360 in Abuja, the Executive Director of the organisation, Juliet Ukanwosu, stressed that the downstream sector remains a vital pillar of Nigeria’s oil and gas industry.
Ukanwosu noted that this is because it directly influences the availability, pricing, and distribution of petroleum products, as well as impacting the daily lives of citizens and the broader economy.
“We have observed, in recent times, the Nigerian petroleum downstream sector is navigating a turbulent phase marked by a combination of opportunities and pressures.
“Since the removal of fuel subsidies, market forces have largely determined pump prices, triggering intense competition — often described as a price war — among operators. This has led to fluctuating product prices, sometimes creating uncertainty for both businesses and consumers.
“In addition, challenges such as high operating costs, irregular foreign exchange rates, import dependency for refined products, and infrastructural bottlenecks have added strain to the sector,” she added.
The executive director pointed out that on the positive side, the liberalisation policy has opened space for more private sector participation, investment in storage and distribution infrastructure, and conversations around refining capacity expansion.
Overall, she stated that the sector was in a state of adjustment, seeking stability and competitiveness amid shifting regulations, volatile market dynamics, and evolving public expectations.
According to her, the session was designed to provide some clarity and new insights which can be used to enlighten the general public, with experts that will provide context, trends, and current realities.
In her presentation, a legal expert, Olasubomi Chuku, highlighted threats to competitive markets, including monopolies, unstable regulatory environments as well as market ambiguities and poor consumer protection.
Despite the enactment of the PIA, she argued that the market is still fairly closed as the licensing process is not open to interrogation through the Freedom of Information (FOI) Act, plus the issue of rejected or delayed approvals to independent players, while petroleum processing is still largely run by the government.
She underlined the near or emerging monopoly in refinery and weak price competition due to limited participants as well as collusion among dominant market participants for price fixing and hoarding, saying that these remain threats to a competitive market and price competition.
She therefore urged journalists to demand transparency during licensing rounds, monitor and publish prices across petroleum products and states and establish a formal process of interaction with regulators and the legislature to track accountability.
ALSO READ: Okpebholo Credits Tinubu with Reviving Nigeria’s Failed Economy
Besides, Chuku urged the media to expose anti-competitive practices and celebrate competitive measures as well as educate the public on the benefits of competition in the oil and gas industry.
In his intervention, an Oil and Gas Governance Consultant, Ademola Adigun, who gave an overview of the industry, highlighted the need to ensure a level playing field in the downstream sector.
Adigun argued that when the sector is driven by fair competition, it makes for a healthy market, and ensuring an investment-friendly environment.
He said: “The petroleum downstream market should be driven by competition, and the competition must be fair and well regulated by its regulators to provide the benefits to the consumers.”
The Shell Nigeria Exploration and Production Company Limited (SNEPCo) has completed the turnaround maintenance on the Bonga Floating Production, Storage and Offloading (FPSO) vessel, leading to resumption of production at Nigeria’s premier deepwater field on March 6, 2026.
Biztellers reports that the project was delivered 11 days ahead of schedule and without any safety incident, reinforcing SNEPCo’s longstanding commitment to operational excellence and asset integrity.
“Completing the turnaround safely and ahead of schedule is a testament to the dedication and professionalism of our Nigerian workforce and the helpful support of our partners,” SNEPCo Managing Director Ronald Adams said. “The achievement not only secures the long‑term integrity of the Bonga FPSO but also positions us strongly for the successful delivery of the Bonga North project, which will leverage the improved reliability of the FPSO.”
The exercise which began on February 1, 2026, highlights SNEPCo’s leading role in advancing deep‑water expertise in Nigeria. Of the 55 companies involved in the execution, 43 were wholly Nigerian. Additionally, eight of the 12 international service providers maintain operational bases in Nigeria, contributing to knowledge transfer and increased local investments.
More than 1,000 personnel worked offshore during the turnaround, with over 95% being Nigerians involved in maintenance, engineering, operations, inspection and construction. Thousands more supported activities from onshore locations, reflecting the depth of Nigerian capability in offshore oil and gas operations.
Adams added: “We acknowledge the support of several stakeholders towards the successful execution of the exercise, including the NNPC Upstream Investment Management Services (NUIMS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the Nigerian Content Development and Monitoring Board (NCDMB) and our partners.”
Modupe Asudo
Sahara Group, a leading global energy and infrastructure conglomerate, has commissioned MT Asharami Ghana, a 40,000‑cubic‑metre Liquefied Petroleum Gas (LPG) carrier, expanding its fleet capacity, while strengthening Ghana’s clean energy supply chain and LPG distribution network.
The dual‑fuel vessel improves operational efficiency, enhances supply reliability, and supports lower‑emission LPG logistics as consumption grows across Ghana and the wider sub‑region.
Ghanaian President Mahama and Sahara Executive Directors
Speaking at the commissioning in Ulsan, South Korea, President John Dramani Mahama described the vessel as “a significant milestone in strengthening the infrastructure that underpins the global LPG supply chain,” noting that expanded shipping capacity is critical to improving supply security, reliability and efficiency for countries that rely partly on LPG imports.
He commended Sahara Group, WAGL Energy and all partners involved for their “leadership, technical expertise and strategic foresight,” adding that the project reflects “the power of partnership” in advancing safe, efficient, and responsible energy distribution.
President Mahama wished the MT Asharami Ghana safe sails, expressing confidence that the vessel would inspire further investment and collaboration across Africa’s energy value chain.
According to Wale Ajibade, Executive Director, Sahara Group, the vessel supports Ghana’s clean energy ambitions through integrated infrastructure.
“MT Asharami Ghana is more than a vessel; it is part of a deliberate strategy to strengthen LPG supply security and support Ghana’s clean energy ambitions. It secures an additional 25,000-Metric-tonne stock security for the Ghana economy, alongside the soon to be commissioned 6000-metric-tonee of 12.000-metric-tonne land storage in Tema,” he said.
With the addition of Asharami Ghana, Sahara Group’s LPG carrier fleet now comprises six delivered vessels with a combined capacity of 202,000 cubic metres. Supported by partnerships with WAGL Energy, NNPC Limited and other stakeholders, an additional 270,000 cubic metres of capacity is under construction and due for delivery by September 2028.
Temitope Shonubi, Executive Director, Sahara Group, said Asharami Ghana is part of Sahara’s integrated LPG infrastructure strategy spanning shipping, storage, and downstream distribution globally, including the development of a 12,000‑metric‑tonne land‑based LPG storage terminal in Tema, with a 6,000‑metric‑tonne first phase scheduled for completion in May 2026.
He thanked Yaa Serwaa Alifo, MD of Asharami Ghana, for her resilience and insistence to dedicate a ship of “this magnitude solely to the Ghana Market and its landlocked neighbours.”
Ghana is targeting LPG adoption of 50 per cent of households by 2030, up from about 30 per cent today. Sahara’s investments will support clean energy access for more than 35 million people, while strengthening Ghana’s role in regional LPG trade to neighbouring and landlocked West African markets.
The commissioning comes in Sahara Group’s 30th anniversary year, guided by the Sahara Beyond XXX milestone, underscoring Sahara’s focus on building an enduring enterprise that delivers responsible growth, shared prosperity and long‑term impact across its markets.
Nigeria’s crude oil production dropped to 1.31 million barrels per day in February, even as local refineries continue to grapple with inadequate domestic crude supply needed to sustain operations.
The development shows that Nigeria again failed to meet its crude oil production quota of 1.5 million barrels per day approved by the Organisation of the Petroleum Exporting Countries (OPEC), as output declined sharply in February 2026.
Data from OPEC’s latest Monthly Oil Market Report, based on direct communication from member countries, showed that Nigeria produced 1.314 million barrels per day in February, down from 1.459 mbpd recorded in January.
ALSO READ: Chevron Reiterates Commitment to Niger Delta Development
The figures indicate a month-on-month decline of 146,000 barrels per day, widening the country’s shortfall from its OPEC production allocation.
Nigeria’s inability to meet its OPEC production quota is not only affecting its oil export earnings but also adversely impacting domestic refineries that are starved of feedstock for their operations.
Airfares Likely to Rise as Aviation Fuel Price Spikes by 80%
Shell Completes Turnaround Maintenance on FPSO, Resumes Production at Bonga
Sahara Group expands fleet with new 40,000 cbm LPG Carrier
NATO Shoots Down Third Iranian Missile in Turkey
Inside Tinubu’s Closed-Door Meeting With Opposition Leaders – SDP, IPAC Reveal Details
Defections Won’t Break PDP in Sokoto, Says Former Senator Gada
Trump’s Family Unveils New Cryptocurrency Platform
Reps Recommend 3-year Jail Term For Aviation minister
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Tems Sets New Record On Billboard Hot 100 Chart
kgo1d4
I truly appreciate this post. I have been looking everywhere for this! Thank goodness I found it on Bing. You have made my day! Thanks again!
Just wish to say your article is as surprising. The clearness in your post is just excellent and i can assume you are an expert on this subject. Well with your permission allow me to grab your RSS feed to keep updated with forthcoming post. Thanks a million and please continue the enjoyable work.
very nice put up, i actually love this web site, keep on it
I don’t even understand how I finished up here, but I thought this submit was great. I don’t recognise who you are but certainly you’re going to a well-known blogger for those who are not already 😉 Cheers!
Hi are using WordPress for your blog platform? I’m new to the blog world but I’m trying to get started and set up my own. Do you need any html coding knowledge to make your own blog? Any help would be really appreciated!
There are some interesting deadlines in this article however I don’t know if I see all of them center to heart. There’s some validity but I’ll take hold opinion till I look into it further. Good article , thanks and we want more! Added to FeedBurner as well
I like what you guys are up also. Such intelligent work and reporting! Keep up the superb works guys I¦ve incorporated you guys to my blogroll. I think it will improve the value of my web site 🙂
Its wonderful as your other content : D, thanks for putting up.
he blog was how do i say it… relevant, finally something that helped me. Thanks
I regard something truly special in this site.
I’m curious to find out what blog system you have been utilizing? I’m experiencing some minor security problems with my latest website and I would like to find something more safe. Do you have any recommendations?
I want foregathering useful information , this post has got me even more info! .
he blog was how do i say it… relevant, finally something that helped me. Thanks
I loved as much as you will receive carried out right here. The sketch is tasteful, your authored subject matter stylish. nonetheless, you command get bought an impatience over that you wish be delivering the following. unwell unquestionably come further formerly again as exactly the same nearly a lot often inside case you shield this hike.
Hello. splendid job. I did not expect this. This is a excellent story. Thanks!
You really make it appear really easy together with your presentation however I find this matter to be really one thing which I think I’d never understand. It seems too complex and extremely wide for me. I am having a look forward for your subsequent put up, I will attempt to get the cling of it!