Connect with us

NEWS

Global Demand for Nigerian Crude Higher Outstrips Supply – FG

Published

on

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.

ALSO READ: Oil Prices Jump 5%, Stocks Slide after Trump Says Iran Ceasefire Over

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.

International News

US Military Newspaper Chiefs Sacked Over Editorial Freedom Row

Published

on

The United States Department of Defense has fired the editor-in-chief, publisher and a reporter of a long-running military newspaper amid a growing dispute over editorial independence.

The newspaper’s editor-in-chief, Erik Slavin, told CBS News that he was dismissed for “insubordination” after speaking to the network about disagreements with the Department of Defense.

SEE ALSO: Iran’s Threat Pushes Brent Over $90

The department had earlier this year said it wanted to steer the publication’s coverage away from what it described as “woke distractions.”

The newspaper’s publisher, Max Lederer, who had served in the position since 2007, was also notified that he was being terminated. His dismissal came just three days after he announced plans to retire from the publication.

Reporter Lara Korte also confirmed that she had been fired for alleged insubordination.

“Today, I was informed that the Department of Defense is firing me for insubordination after I told a CBS reporter that I work for Stars and Stripes — not the Pentagon, not any administration, and not any policy maker,” Korte wrote on X.

The dismissals came only days after the newspaper published a report detailing grim conditions faced by crewmembers aboard the USS Abraham Lincoln.

The report triggered fresh criticism of President Donald Trump’s handling of the war with Iran. The aircraft carrier had been deployed before the conflict in the Middle East began in February.

Last weekend, the US military announced that a new carrier strike group had arrived in the region, while Trump said the Lincoln would be replaced.

Slavin had also drawn attention last month after publicly opposing what he described as attempts by the Department of Defense to interfere with the newspaper’s editorial decisions.

During an interview on “CBS Sunday Morning,” Slavin was asked whether there were any editorial red lines he would not cross.

“‘Don’t run a perfectly accurate story, run this instead. Here it is, written by the Pentagon.’ That would be a red line,” he said.

Lederer had announced his retirement on Tuesday, with his departure initially scheduled for September 30.

He said his decision followed fundamental differences between his leadership philosophy and the plans the Department of Defense had for the organisation.

Meanwhile, US Secretary of Defense Pete Hegseth has faced criticism from sections of the media over his approach to journalism since taking charge of the department in 2025.

The independence of US military media outlets has increasingly come under scrutiny.

Shortly before Lederer announced his retirement, active-duty US Navy Captain William Urban was installed as military deputy to the publisher, a move interpreted by some, including Democratic lawmakers, as weakening the publication’s editorial independence.

Continue Reading

NEWS

Tinubu’s Men Bomb Atiku on Fuel Subsidy

Published

on

Nigeria’s former Vice President Atiku Abubakar’s promise of restoring petrol subsidy if elected president in 2027 has drawn attacks from the corner of President Bola Ahmed Tinubu.

The Presidency reacted sharply to Atiku’s pledge, describing it as a deceptive political jab, capable of undermining Nigeria’s economic recovery.

The Special Adviser to the President on Media and Public Communication, Sunday Dare, stated this in a statement on Thursday, following Atiku’s declaration that he would reverse the subsidy removal if elected.

Dare accused Atiku of attempting to manipulate Nigerians for political gain, saying the former Vice President’s position could halt what he described as ongoing recovery across various sectors of the economy.

“Atiku Abubakar: Your pronouncement that you will bring back fuel subsidy is drenched in hypocrisy and deceit. It is an unpardonable manipulation of the public psyche, designed to hoodwink unsuspecting Nigerians into voting for you,” Dare said.

READ ALSO: NUPRC Says Nigeria has Extracted 4.6bn Barrels from Deep Offshore

He added, “The ongoing recovery across various sectors of our national life annoys you, and will be halted if this thinking of yours is implemented. By the Grace of God, it will not happen, and all good men of conscience must rise up against you.”

Atiku had made the pledge during a Facebook Live session while responding to questions on the removal of the petrol subsidy and how the savings from the policy had been utilised.

The former Vice President said he initially did not oppose the subsidy removal but questioned how the savings had been spent.

“I initially did not oppose the removal of the fuel subsidy. But now that it has been removed, where is the money? Where has the subsidy money gone? Has it been used to improve healthcare, education or security?” Atiku asked.

He added, “If I win the presidential election, I will restore the subsidy. And anyone who stole Nigeria’s subsidy funds must return the money.”

Continue Reading

NEWS

FAAN Clears Air on Bolt, Uber Suspension, Says Services Will Resume

Published

on

Chaos at Lagos Airport, Flights Diverted Over Runway Closure

The Federal Airports Authority of Nigeria has clarified its decision to suspend the commercial operations of ride-hailing platforms Bolt and Uber at airports under its management, saying the services will resume once their licence agreements are finalised.

FAAN said the suspension was driven by safety, security and operational concerns and was not intended to prevent passengers from accessing convenient transportation options.

The clarification followed public reactions to an internal memo dated July 30, 2026, and signed by the General Manager, Commercial Services, U.R. Liman.

SEE MORE: FAAN Bans Cash Payments At Airports Nationwide

The memo directed Regional General Managers and Airport Managers to ensure that Bolt and Uber ceased commercial operations at all FAAN-managed airports pending the finalisation and execution of their licence agreements.

The memo read: “Please be informed that pending the finalisation and execution of the License Agreement with Bolt and Uber, the authority has directed Messrs Bolt and Messrs Uber to cease all commercial operations at all FAAN-managed airports immediately. Consequently, you are to ensure that all operations of both Bolt and Uber are suspended until their License Agreements have been finalised and concluded.”

However, FAAN, in a statement issued in response to the public outcry, said its position was not aimed at limiting passengers’ access to transportation services.

“FAAN wishes to clarify that its position is not, and has never been, directed at limiting passengers’ access to transportation options or undermining the important role that e-hailing services play in providing convenient mobility to air travellers,” the authority said.

FAAN explained that airports were highly regulated environments and that commercial transportation providers operating within airport premises were required to operate under an appropriate framework that would provide adequate visibility over their vehicles and drivers.

The authority said this was necessary to ensure that transportation providers were identifiable, accountable and properly integrated into the airport’s operational and security framework.

FAAN also clarified that its ACHRAMS platform was not an e-hailing application and was not designed to compete with Uber, Bolt or other ride-hailing platforms.

“ACHRAMS is not an e-hailing application and is not intended to compete with or replicate the services provided by Uber, Bolt or any other e-hailing platform,” it stated.

According to FAAN, it had received complaints and observed operational challenges linked to commercial transportation activities within and around airport premises, including passenger solicitation and touting.

The authority said it had therefore been engaging Bolt and Uber to establish a workable operational framework that would address safety, security, accountability and passenger-experience concerns while allowing the platforms to continue serving travellers.

“The current situation should therefore not be misconstrued as FAAN declaring a blanket prohibition on e-hailing services,” FAAN said.

The authority added that it recognised the convenience and additional transportation choices provided by Bolt and Uber and appreciated concerns from passengers who might experience inconvenience while the issues were being resolved.

FAAN said it was keen to conclude the discussions with the affected operators expeditiously.

“The authority and the affected operators are currently engaged in constructive discussions towards resolving the outstanding issues, particularly those relating to passenger safety and security, operational visibility, accountability and the appropriate management of pick-up activities within the airport environment.”

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x