Energy
FG Approved 28 New Oil Field Plans Worth $18.2bn in 2025 — Minister
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has disclosed that Nigeria approved 28 new Field Development Plans (FDPs) valued at $18.2 billion, unlocking an estimated 1.4 billion barrels of crude oil reserves in 2025 alone.
Lokpobiri disclosed this on Tuesday at the official opening of the 2026 Nigeria International Energy Summit (NIES) by President Bola Tinubu, who was represented by the Vice-President, Sen. Kashim Shettima, at the Presidential Banquet Hall, Aso Villa, Abuja.
Speaking at the event, Lokpobiri said the transformation of the sector under Tinubu’s administration marked a decisive break from years of declining production, stalled investments, and capital flight.
He said, “Between 2024 and 2025, four of the seven major Final Investment Decisions announced across Africa were in Nigeria, a development attributed to policy clarity, consistent governance, and deliberate leadership.”
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Lokpobiri said it repositioned the petroleum sector as a globally competitive and investment-ready destination following far-reaching reforms that have revived production, restored investor confidence, and unlocked billions of dollars in new investments.
“Our investment climate in Nigeria allows for free movement of capital. In line with Global best practice, companies can invest and divest at will.
“We recently enabled International Oil Companies (IOCs) to transfer onshore and shallow water assets to capable Nigerian companies. From Shell to Renaissance, ExxonMobil to Seplat, Eni to Oando.
“These are not just transfers of assets; they are transfers of confidence, capability, and ownership, which have resulted in an additional 200,000 barrels of oil per day (bpd).
“These divestments were stalled for several years, but with the leadership of President Bola Tinubu, we were able to advance them and conclude them in record time, leading to the gains made by their new operators for the benefit of all,” he said.
On the downstream segment, he said the removal of fuel subsidies had stabilised the market and improved product availability, while commending indigenous investors such as Dangote and BUA for expanding refining and midstream infrastructure.
He disclosed that licensing processes in the sector had been liberalised to ensure transparency and fairness, while Nigeria’s newly launched West African Reference Market was designed to position the country as the refining hub for the Gulf of Guinea and the wider African region.
On continental outlook, Lokpobiri said Africa spent over 120 billion dollars annually on hydrocarbon imports, describing the figure as a significant drain on the continent’s economy.
He called for greater support for the African Energy Bank, headquartered in Nigeria, to mobilise capital for Africa-focused energy development.
He said Africa’s energy strategy must prioritise availability, accessibility, and affordability, adding that global energy outlooks from the International Energy Agency and OPEC confirm that fossil fuels will remain dominant in the foreseeable future.
“The story of Nigeria’s petroleum sector is being rewritten,” Lokpobiri said, urging global investors to partner with Nigeria not just as financiers, but as long-term collaborators in driving Africa’s energy-led growth.
“The full implementation of the Petroleum Industry Act has provided a stable fiscal framework, improved licensing processes, strengthened regulation, protected host communities, and ensured predictable contractual terms,” he said.
He added that the Upstream Petroleum Operations (Cost Efficiency Incentives) Order 2025 has further enhanced competitiveness by reducing production costs through targeted tax credits.
Lokpobiri highlighted the success of Project One Million Barrels, inaugurated in October 2024, which has increased national crude oil production to between 1.7 and 1.83 million bpd, representing an incremental rise of about 300,000 bpd within a year.
He also disclosed that the number of active drilling rigs had risen sharply from 14 in 2023 to over 60, signaling renewed industry activity.
The minister said international investor confidence had returned, citing major FIDs including Shell’s five billion dollars Bonga North project, TotalEnergies’ 550 million dollars Ubeta project, Shell’s two billion dollars HI project, and Chevron’s 1.8 billion dollars investment in the Panther project.
He further revealed that Shell had announced plans for a 20 billion dollars FID, with additional projects expected in the near term.
NAN
Energy
U.S. to Tweak LNG Safety Rules for Foreign Markets
With a view to accelerating infrastructure development and reducing operating costs, the U.S. Department of Transportation is contemplating a new set of safety regulations for liquefied natural gas facilities.
This is coming as American exporters prepare for another major expansion in global natural gas markets.
It was gathered that the proposal, issued by the Pipeline and Hazardous Materials Safety Administration (PHMSA), would modernize federal LNG safety requirements by incorporating standards developed by the National Fire Protection Association.
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The changes are to address facility location, engineering, construction, operations, and maintenance, with greater flexibility to adopt newer technologies.
Transportation Secretary, Sean Duffy estimates that the updated framework could save LNG operators approximately $100 million annually while maintaining safety protections. The projected savings are an agency estimate, and the proposal has not yet become a final regulation.
The initiative comes as the United States strengthens its position as the world’s largest LNG exporter. American export capacity is expected to increase by approximately 100 million metric tons annually by the end of the decade, supported by projects already under development and additional planned investments.
Global LNG demand has also become more sensitive to geopolitical disruptions. Interruptions to Middle Eastern gas shipments associated with the conflict involving Iran have encouraged international buyers to evaluate alternative suppliers and diversify long-term procurement arrangements.
U.S. LNG developers have responded with additional investment commitments. Projects representing more than 50 million metric tons of annual capacity have reached final investment decisions since the beginning of 2025.
Major exporters, including Cheniere Energy and Venture Global, are pursuing additional development opportunities as federal policy places greater emphasis on expanding domestic energy infrastructure.
However, regulatory modernization does not eliminate the financial or operational challenges associated with LNG construction.
Developers must still secure the Federal Energy Regulatory Commission (FERC) approvals, complete environmental reviews, arrange financing, and address potential legal challenges. Pipeline connections, specialized equipment availability, construction costs, and long-term customer contracts also influence project schedules.
Delfin LNG, which is developing a floating export facility, illustrates the importance of infrastructure safety approvals. Its associated pipeline has not received publicly confirmed PHMSA clearance to resume operations following an explosion earlier this year.
Separately, FERC has proposed a streamlined authorization framework for certain modifications and expansions at existing LNG facilities, including activities that could qualify for automatic approval or shortened review periods.
For energy investors, the combined regulatory initiatives could improve development visibility and reduce some costs, although their financial impact will depend on final requirements and individual project circumstances.
Additional LNG export capacity could support demand for U.S. natural gas production, particularly from major producing regions connected to Gulf Coast terminals.
Midstream operators, engineering companies, compression equipment manufacturers, and construction contractors could also benefit from continued infrastructure investment.
At the same time, greater export demand may increase domestic natural gas price sensitivity to international markets, creating different implications for producers, utilities, and industrial consumers.
Investors will be monitoring the final PHMSA regulations, FERC permitting developments, LNG project financing decisions, and the pace at which proposed export capacity enters commercial service.
Energy
NALPGAM Preaches Innovation, Safety to LPG Operators
The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) has urged operators in Nigeria’s liquefied petroleum gas (LPG) industry to strengthen safety standards, improve regulatory compliance and adopt digital technologies to reduce operational losses and drive business growth.
The association said improved operational practices would help protect investments, enhance efficiency, build consumer confidence and support the sustainable expansion of C.
The call followed its 2026 webinar, themed “Downstream LPG Operational Excellence and Compliance,” which brought together industry operators, regulators and other stakeholders to discuss safety risks, market volatility, operational inefficiencies and regulatory requirements in the downstream LPG sector.
Speaking at the event, NALPGAM National President, Edu Inyang, said the industry’s long-term growth would depend on more than increased consumption and supply volumes, stressing the need to embed safety and operational efficiency in everyday business practices.
“The future of Nigeria’s LPG industry cannot be achieved by increasing volumes alone. We must grow safely, responsibly, efficiently and sustainably. Safety is not an occasional campaign; it must become a continuous industry culture,” he said.
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A major outcome of the webinar was a proposal for a NALPGAM Standard of Operational Excellence, anchored on four principles: safe and well-maintained facilities, competent and adequately trained operators, regulatory-compliant processes, and consumer protection.
Participants urged operators to integrate safety into routine operations, strengthen preventive maintenance and comply with licensing and incident-reporting requirements.
They also called for an end to unsafe practices, including unauthorised propane blending and illegal decanting, warning that such activities could expose businesses and consumers to avoidable risks.
Inyang said compliance should be viewed as a means of strengthening business performance rather than merely fulfilling regulatory obligations.
“Compliance is not merely a regulatory burden; it is a business advantage. Well-managed LPG operations reduce accidents, improve efficiency, protect investments and strengthen public confidence in our industry,” he said.
The webinar also highlighted the role of digital technologies in improving operational efficiency and accountability across the LPG value chain.
Participants identified smart filling systems, automated tank gauges, load cells, flow meters and vehicle-tracking systems as practical tools for monitoring product movements, reducing losses and improving inventory management.
Wider adoption of these technologies, they said, could help operators strengthen operational controls, minimise discrepancies and improve the reliability of LPG distribution.
The discussions come as Nigeria seeks to expand LPG consumption to approximately five million tonnes annually by 2030, a target that will require increased investment, stronger distribution networks and wider consumer access.
Stakeholders called for greater industry participation in the Decade of Gas LPG penetration programme, alongside stronger collaboration to expand access, improve cylinder traceability and promote certified local manufacturing.
The NALPGAM also urged regulators and programme coordinators to involve its members more actively in implementing LPG penetration and cylinder recirculation initiatives.
According to the association, its members’ nationwide presence and proximity to consumers could help improve the reach and effectiveness of programmes designed to increase LPG adoption.
Reiterating the association’s position, Inyang said the industry must establish clear operational standards that protect consumers while supporting efficient and sustainable business practices.
“Our aspiration is clear: every LPG facility must be safe and properly maintained, every operator competent and adequately trained, every process compliant, and every customer protected. This is the standard of operational excellence we must collectively pursue,” he said.
The NALPGAM reaffirmed its commitment to working with government agencies, regulators and industry stakeholders to develop a safer, more efficient and competitive LPG market.
The association maintained that embedding safety, strengthening compliance and deploying appropriate technologies would be critical to improving operational performance and supporting the long-term growth of Nigeria’s LPG industry.
Energy
Fears of Fresh US Strikes on Iran Fuels Crude Price Surge
Fears of renewed US military strikes on Iran and escalating threats to energy infrastructure across the Middle East heightened concerns about global crude supplies have pushed-up crude oil prices in the global market.
These factors pushed crude oil prices over $117 a barrel in the global market, even as oil theft and pipeline losses in Nigeria fell by 82.9 percent in five years, from 102,900 barrels per day (bpd) in 2021 to 17,600 bpd in the first seven months of 2026, amid fresh concerns about further increases in lost volumes after years of decline.
Nigeria’s oil benchmark, Brent crude, climbed by about 3.5 percent to cross $117 a barrel during trading before easing to just above $116, still up approximately 2.7 percent.
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The latest rally followed reports that Washington was considering fresh military strikes against Iran after the November 3 midterm elections, raising concerns that the conflict, now in its eighth month, could escalate further rather than move towards a diplomatic resolution.
Iran had threatened to attack oil facilities, undersea cables, data centres and artificial intelligence infrastructure across the Gulf if the United States and Israel launched a new offensive against the country.
Recall that Brent crude traded at about $72 a barrel in February, before the war began, but surged to about $126 a barrel by the end of April as the conflict intensified and concerns mounted over supply security.
Tensions rose again during the week following claims by Iran’s Islamic Revolutionary Guards Corps (IRGC) that it struck four commercial vessels in the Strait of Hormuz on Wednesday.
The US ordered some diplomats and family members of American government employees to leave Saudi Arabia, which had faced continued attacks by Houthi rebels operating from Yemen.





