NEWS
Global Demand for Nigerian Crude Higher Outstrips Supply – FG
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has disclosed that the United States, Europe and countries in the Middle East are increasingly seeking Nigerian crude oil, but the country does not yet have sufficient production to meet the growing international demand.
Lokpobiri vented this on Wednesday in Abuja at the ongoing Nigeria Oil and Gas Energy Week, adding that Nigeria’s improving oil output has renewed global interest in its crude.
The situation is compounded because of growing complaints from local refiners that they are not getting enough domestic feedstock for their plants.
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According to Lokpobiri, “The pressure is even more on me because of what has happened in the Gulf region.”
He pointed out that there is increasing demand for Nigerian crude from across the world. “I receive delegations from across the world, from the USA, from Europe, and from the Middle East. Everybody comes to me because they want to do business with Nigeria. They want to buy Nigerian oil. Unfortunately, we don’t have enough to sell to them,” Lokpobiri said.
He, however, assured prospective buyers that the Federal Government was implementing policies aimed at significantly increasing crude production over the next few years.
“But I promise them that in the next few years, Nigeria will be able to increase our production through the ambitious programmes we are pursuing, and we will be able to meet some of those obligations to those countries,” he added.
The minister disclosed that Nigeria’s crude oil production, including condensate, has risen above 1.8 million barrels per day, compared to about one million barrels per day when the current administration assumed office in 2023.
He cited the latest weekly production report submitted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as indicating that the country is now producing more than 1.8 million barrels daily.
“When I became minister in 2023, the president told me it was unacceptable for Nigeria to be producing one million barrels per day. I made a commitment that we would remove the bottlenecks and work together as a team to change the story. Today, the latest report from NUPRC shows we are doing over 1.8 million barrels per day, inclusive of condensate,” he said.
Despite the improvement, Lokpobiri insisted that the current output remains inadequate, maintaining that Nigeria has the capacity to return to its previous production peak of 2.5 million barrels per day.
“I’ve also told them that 1.8 million barrels is not enough. We’ve done 2.5 million barrels in this country before, so we can do it again. What we need is to work together under the right circumstances,” he stated.
The minister attributed the production recovery to renewed investment in the upstream sector, revealing that the number of active drilling rigs has increased from about 14 in 2023 to more than 60. “That is what will guarantee future growth in the industry. This is where the new barrels will come from,” he said.
Lokpobiri also credited President Bola Tinubu’s approval of the divestment of onshore assets by international oil companies for boosting indigenous participation in the sector.
He disclosed that indigenous operators, including Renaissance Africa Energy, Seplat Energy and Oando, now account for more than 60 per cent of Nigeria’s daily crude production following their acquisitions of assets previously owned by Shell, ExxonMobil and ENI.
“Today, the independents account for over 60 per cent of our daily production of 1.8 million barrels per day. They are just starting. This is only the beginning of what patriotic Nigerian companies can do,” he said.
According to him, the divestments have also enabled the international oil companies to concentrate on deepwater operations, where they possess stronger technical expertise, while opening fresh opportunities to grow Nigeria’s reserves and production.
Lokpobiri also disclosed that Renaissance had recorded a significant offshore oil discovery in OML 74 following an aggressive exploration campaign, describing the development as further evidence that sustained exploration would help Nigeria unlock additional reserves and strengthen future production.
Saudi Arabian shares fell in early trading on Sunday after drone strikes targeted the kingdom’s vital East-West crude oil pipeline, raising fresh concerns over regional oil supplies and infrastructure security.
Saudi Arabia’s benchmark index dropped 1%, weighed down by declines in major companies. Al Rajhi Bank fell 0.8%, while Saudi Arabian Mining Company declined 2.4%.
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Oil giant Saudi Aramco also slipped 1.1%, while Rabigh Refining and Petrochemical Company plunged 7.3%, making it the session’s worst performer.
The sell-off followed the precautionary shutdown of the East-West pipeline after aerial strikes on Thursday hit installations across the Riyadh and Medina regions, causing several injuries.
Saudi Arabia and Iraq both traced the attacks to Iraqi territory, where Iran-backed militias operate. The Iraqi government subsequently dismissed a senior military commander on Saturday.
Riyadh has so far held off on immediate military retaliation following an appeal from Iraq’s prime minister, while asserting its right to defend its sovereignty and critical infrastructure.
The tensions escalated further after U.S. President Donald Trump directly blamed Iran for the strikes on Saturday.
The East-West pipeline is a critical route for Saudi Arabia because it provides an alternative for crude exports that bypasses the Strait of Hormuz.
The latest disruption has highlighted the vulnerability of regional oil infrastructure.
Previous attacks on Saudi energy facilities cut the kingdom’s crude production by 2.3 million barrels per day to about 6 million barrels per day, its lowest level in three decades, according to the International Energy Agency.
Elsewhere in the Gulf, Qatar’s benchmark index rose 0.2%, bucking the regional trend, helped by gains in petrochemical producer Industries Qatar.
Meanwhile, Gulf foreign ministers are planning to meet their Iranian counterpart as part of an Oman-backed effort to secure an interim agreement on managing traffic through the Strait of Hormuz.
The Nigerian Correctional Service (NCoS), Cross River State Command, has raised concerns over congestion and other challenges facing custodial centres across the state, appealing to the state government for urgent intervention.
CSC Effanga Etim, psc, Public Relations Officer, Nigerian Correctional Service, Cross River State Command, disclosed this in a statement released on Sunday.
According to the statement, the Controller of Corrections, Cross River State Command, CC Aniekan Archibong Nya, psc, pcc, had concluded the Third Quarter Routine Inspection of the six custodial centres and facilities under the Command.
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The inspection covered the Calabar Medium Security Custodial Centre, Ikom Custodial Centre, Obubra Custodial Centre, Ogoja Custodial Centre, Obudu Custodial Centre and the NCoS Correctional Farm Centre, Adim.
The statement further disclosed that the routine exercise was aimed at assessing the general condition of the custodial facilities, ensuring compliance with established correctional standards, reviewing the welfare of staff and inmates, and identifying areas requiring urgent attention and intervention.
During the inspection, the Controller toured the custodial facilities, cells, sanitation and living areas, while also assessing correctional and vocational activities being undertaken by inmates.
He interacted with staff and inmates to receive first-hand reports and complaints concerning welfare and operational challenges.
The Controller emphasised the importance of maintaining a safe, secure, humane and rehabilitative custodial environment in line with the mandate of the Nigerian Correctional Service.
He assured staff and inmates that all concerns raised would be properly documented and forwarded to the appropriate authorities for necessary action.
Nya also urged staff to remain committed, disciplined and professional in the discharge of their duties, while encouraging inmates to take advantage of available educational, vocational, agricultural and rehabilitation programmes.
He reiterated that the welfare, security, reformation, rehabilitation and successful reintegration of inmates remain top priorities of the Nigerian Correctional Service.
The Command appealed to the Cross River State Government to intervene in the myriad of challenges facing the Service in the state.
These include the provision of adequate bedding, reliable water supply, operational vehicles for court duties and measures to address congestion in the facilities.
The Command reaffirmed that the Service remains committed to working to ensure the safety and protection of Cross River State through effective custodial management, reformation and rehabilitation of persons in custody.
It also appreciated the continued support and cooperation of the Cross River State Government, relevant stakeholders, development partners and members of the public in addressing identified challenges and improving custodial infrastructure and welfare across the state.
The Deputy Controller of Corrections in charge of Calabar Medium Security Custodial Centre, DCC Vitalis Ogechukwu, assured that the Calabar Custodial Centre remains committed to strengthening correctional administration and ensuring that persons in custody are treated with dignity while upholding public safety and national security.
Vice President Kashim Shettima has mourned the death of former Governor of the old Gongola State and former National Chairman of the Peoples Democratic Party (PDP), Alhaji Bamanga Muhammad Tukur.
Tukur, the Tafidan Adamawa and prominent businessman, died on Saturday, at the age of 90, three days before his 91st birthday.
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In a condolence message on Sunday, Shettima described his death as a monumental loss to Nigeria and Africa.
“I am deeply grieved by the passing of our father, mentor and one of Nigeria’s greatest institution-builders, Alhaji Dr. Bamanga Muhammad Tukur, CON, the Tafidan Adamawa.”
Shettima praised Tukur’s contributions to Nigeria’s maritime sector, recalling his leadership of the Nigerian Ports Authority from 1975 to 1982.
“He did not just clear the congestion; he built for the future.”
The Vice President said Tukur helped deliver the Tin Can Island Port Complex and modernised several major ports, including Apapa, Warri, Calabar, Sapele and Onne.
He also highlighted Tukur’s political career as Gongola State governor, Minister for Industries and PDP National Chairman between 2012 and 2014.
Shettima further described Tukur as “Africa’s pride” for his role in the African Business Roundtable and NEPAD Business Group, saying his advocacy for intra-African trade helped inspire ideas that have blossomed into the African Continental Free Trade Area (AfCFTA).
“He was a true global citizen — an Adamawa son who sat on the Ghana Investors Advisory Council, advised the President of Benin Republic, and was honoured by Côte d’Ivoire and Togo for his continental service.”
Shettima extended his condolences to Tukur’s family, the Adamawa State Government and the people of the state, praying that Allah grants the deceased Aljannatul Firdaus and gives his family the strength to bear the loss.
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